Thursday, March 10, 2005

Steal from the Poor, Give to the Rich

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!

1 comment:

Anonymous said...

And the march to eliminate the middle class 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...