HB 1545: Relating to guaranteeing that the top one percent pay too

Sponsored by Representative Lilias, HB 1545 imposes an excise tax of 2% on annual adjusted gross incomes above $1 million. It also creates the Paramount Duty Trust Fund, which is funded by the excise tax. Revenue received by the trust must be devoted to education, with the first priority being classroom size reduction in kindergarten through fourth grade.