If you make less than $100,000 per year, you could save some bucks under tax cuts proposed by Governor Bob Riley. Those making less than $100,000 could save between $25 and $375 depending on a person's marital status, number of dependents and income. If you make more than $100,000 per year, Riley's plan won't lower your taxes, but it won't raise them either. The two-term Republican governor has given the Legislature a thick package of tax cuts worth $320 (m) million annually when fully phased in. The biggest part of the tax plan is raising the threshold where a family of four starts paying state income tax from $12,500 to $15,000. Riley said the Legislature helped the working poor last year by raising the income tax threshold from $4,600 to $12,500, but now something should be done to help middle-class families struggling to pay for braces and save for college. But many legislators say Riley's tax cuts would come out of taxes dedicated to public education, and now is not the time for another tax cut.
By WKRG Staff
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