DEEP IN THE HEART OF TAXES….A few days ago Kevin posted on the tax reform bill percolating through the Texas state legislature. As he put it, “this is literally a tax bill that openly cuts taxes on the rich and raises them on both the poor and the middle class.” At any rate… it just passed:
The Texas House tentatively approved a sweeping $10.8 billion tax bill that will force all businesses to pay, including those that now evade the franchise tax, while levying a host of new consumer taxes on Texans.
The sweeping bill approved on a 78-70 vote is part of a package to overhaul the way Texas pays for public K-12 education. It includes various consumer taxes to help replace property taxes used for schools that would be cut by one-third.
The Chronicle‘s lede, by the way, makes the bill sound much more benign than it really is?read Kevin’s old post for more background. But to find out who the big winners are here, Charles Kuffner sums it up pretty nicely.