Excerpted from the article. For the full article, click here.
Under the new House Republican plan first detailed last week, the personal income tax rate would decrease from the current 4.35 percent to 4.25 percent, effective Oct. 1. That is three months ahead of the scheduled rollback now called for in state law and would result in relatively small savings for taxpayers, particularly those of middle or low income.
The personal exemption would be increased from the current $3,700 per person to $3,950 per person, also effective on Oct. 1. It would then increase to $4,000 per person on Jan. 1, 2014 and could move higher in future years. Republicans say those changes would result in larger, longer-term savings.
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