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Home >> Research >> Taxes

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• The Benefits of a State Personal Income Tax

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House Ways & Means Bill Would Raise Sales and Cigarette Taxes to Cut Property Taxes, Make Little Change in Business Taxes

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Author:
Dick Lavine /(512) 320-0222 x 101

July 5, 2005

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On Wednesday the House Ways and Means Committee voted out a tax bill that would rely heavily on raising consumption taxes to fund property tax cuts. Although no tax equity note is yet available, this type of tax swap would undoubtedly increase taxes paid by lower and middle-income families, while benefiting only families with the highest incomes. In addition, a portion of any future increase in state revenue would be dedicated to property tax cuts, crippling our ability to meet our needs for public education and health and human services.