A Senate Bill That Makes Sense: SB 6482
This is the Bill Digest description for Senate Bill 6482:
Assesses a two percent marginal tax on annual income exceeding one million dollars.
Establishes a new state trust fund dedicated to meeting the paramount duty for the education of all children.
Requires only taxpayers with adjusted gross income of one million dollars or more to file a tax return with the department of revenue.
This bill taxes adjusted gross income of above one million dollars at a rate of 2%. In other words, no income below 1 million dollars would be subject to the tax at all, if your adjusted gross income is $1,001,000 you would pay 2% of $1,000 into the education trust. The money in the education trust could only be used for education,