Tax Cuts Benefit Business More Than Consumers
July 22, 1999
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The major state tax bill of the 1999 legislative session, SB 441 by Ellis, will cut franchise taxes and state and local sales taxes by $574.1 million in fiscal 1999-2001 and up to $2.29 billion through fiscal 2004. Although the benefits in the next biennium will be split almost equally between consumers and businesses, by fiscal 2004, business breaks will account for nearly 60 percent of total benefits. Another overlooked aspect of the bill is the cost to local governments, which could lose up to $244.6 million in sales tax revenues in fiscal 2000-04.