Governor Little: Tax relief on the way as inflation hits new historic high

FOR IMMEDIATE RELEASE

March 10, 2022

Gov. Little: Tax relief on the way as inflation hits new historic high

Boise, Idaho – Governor Brad Little commented today on the news that Bidenflation just hit another 40-year record high.

The Bureau of Labor Statistics today released new inflation data showing a nearly 8-percent increase from this time last year. The bump marks another 40-year record high increase in annual inflation.

The price index jumps mean consumers are paying more across every sector of the economy, with the most painful increases in the following areas:

• Gasoline index is up a whopping 38.8-percent since last year
• Food index is up nearly 8-percent since last year
• Energy index is up 25.6-percent since last year
• Used cars and trucks are up 41.2-percent since last year
• Utility gas is up nearly 24-percent since last year

In his January 10 State of the State and Budget Address, Governor Little said given the soaring inflation we need to deploy immediate tax relief for Idahoans, and the Legislature quickly passed Governor Little’s “Leading Idaho” plan for historic income tax relief.

Governor Little’s comment on the country’s worsening inflation follows:

“The Biden Administration’s failed economic policies, failed foreign relations policies, and failure to control national spending have all contributed to the soaring costs of all things Idahoans need to simply live their lives.

“Thankfully, at the state level we are sending immediate tax relief to help counter soaring Bidenflation. Idahoans can expect a 12-percent income tax cut as soon as this month, and we also secured long-term income tax relief this year so Idahoans can keep more of what they earn in future years.  

“My ‘Leading Idaho’ plan provides this historic tax relief and strategic investments in schools, roads, water, and other areas that impact daily lives. Idaho is once again leading the country in responsible, accountable government that works for the people.”

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NEWS MEDIA CONTACT: Marissa Morrison Hyer, Press Secretary 

208-943-1686 or marissa.morrison@gov.idaho.gov