Tuesday, July 26, 2005

Tax bill may fall short by half-billion, board says

HoustonChronicle.com - Tax bill may fall short by half-billion, board says: "Unless approved by an unlikely two-thirds vote to put it into immediate effect, a tax bill in the Texas House would fall about a half-billion dollars short of paying for the school property tax cuts it would impose over the next two years, according to a legislative analysis.

The higher sales and other consumer taxes in House Bill 3, scheduled to be debated by the full House today, also would mean a net tax increase for all income groups below $100,000.

Texans with annual incomes of more than $140,853 would see an average net tax cut of 2.57 percent under the tax trade-off, while people earning $13,415 or less would get hit with a 3 percent tax hike, the Legislative Budget Board estimated."


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