Tax-swap bills aid state's wealthiest
DallasNews.com | News for Dallas, Texas | Latest News: Only top 10% get relief in Senate plan, legislative analysts say.
"The Senate's version of a huge tax-swap bill would protect the poorest Texans more than the House's, but it would still raise the tax burden on all but the wealthiest households, according to a nonpartisan legislative analysis.
Only the richest 840,000 households – those with annual incomes of more than $140,000 – would receive a net tax cut under the Senate plan, which the full chamber is expected to debate today.
According to the Legislative Budget Board, an agency that helps lawmakers track the budget, the state's other 7.5 million households – 90 percent – would see their tax burden rise. Increased sales taxes, higher prices and lower wages and profits from a broadened business tax would exceed what most save in property tax cuts."
Let's call this what it is--a huge GOP tax increase.
"The Senate's version of a huge tax-swap bill would protect the poorest Texans more than the House's, but it would still raise the tax burden on all but the wealthiest households, according to a nonpartisan legislative analysis.
Only the richest 840,000 households – those with annual incomes of more than $140,000 – would receive a net tax cut under the Senate plan, which the full chamber is expected to debate today.
According to the Legislative Budget Board, an agency that helps lawmakers track the budget, the state's other 7.5 million households – 90 percent – would see their tax burden rise. Increased sales taxes, higher prices and lower wages and profits from a broadened business tax would exceed what most save in property tax cuts."
Let's call this what it is--a huge GOP tax increase.
posted by Unknown at 6:35 AM
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