A legislative commission studying tax reform released something that’s been in short supply these days – information.
The General Assembly’s Tax Reform Commission announced Monday that reforming the commonwealth’s antiquated tax code could help the working poor through a revision in the tax brackets.
The commission also proposed eliminating certain sales tax exemptions while extending taxes to services. The Associated Press reported that such revisions could bring in an extra $2 billion per year. This, some believe, could help fill gaps in the state budget while others believe the extra cash can help eliminate unnecessary business taxes and the remaining balance of the car tax.
Reforming the tax code will bring praise and criticism to this legislative commission, but at least it’s a beginning to a debate that’s long over due. There’s no better time to debate tax reform than during the middle of an election season.
Unfortunately, proposals and details are few and far between.