The more we find out about Republicans plan to dig themselves out of the financial hole they have created, the less we like it. It is now clear that Republicans are pushing a 1 cent increase in the sales tax, and want to dedicate 20% of that tax revenue to more government spending. 80% of the tax revenue will go to buy down your property taxes, which will also continue to grow at 2.5-3.5% annually.
It just doesn’t seem like many Republicans believe that Texans are overtaxed. Their current solution will absolutely lead to an increase in the overall tax burden of Texans while providing some relief in high property valued communities. Luckily for taxpayers, the Texas Senate seems to be holding the line against such a tax increase.
Last week I testified in front of the Way and Means committee. The testimony got a little testy, to say the least. You can watch it below:
As a result of this interaction, I decided to forgo the interview we had lined up and simply use this week to give another news update. I wanted to make sure that it was fully explained to each of you just how this plan increases taxes.
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