If you live in a household that brings in under 100 grand per annum, the Texas Legislature is fixin' to put a hurtin' on your ass with House Bill 3.
In order to lower property taxes, a measure that disproportionately benefits the wealthy, HB3 would raise the state sales tax to a national-high 7.25% and create a payroll tax for all employees earning under $90,000 a year. There would also be new "sin" taxes on cigarettes, snack foods and newspapers (since you're better off not knowing).
According to the Lege's own budget board, households earning more than $100,593 per year will collectively pay an estimated $437 million less in state taxes, while households earning under $41,963 will pay $532 million more. Using census data, the Houston Chronicle estimates households earning over $100,593 would save $591 per year, while households earning under $41,963 would be asked to fork over an additional $236. Even if you own property, you'd still wind up paying more unless you're pulling in six figures.
That'll teach you to be poor, sucker. God bless Texas!
Thursday, March 10, 2005
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1 comment:
And the march to eliminate the middle class continues...do the rich and influential just get off on making the rest of us suffer?
My god, I already owe almost $400 in taxes, now I'm going to have more to fork over? So much for any raises I might earn the next year...
Michael
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