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Tax Equity Note on Senate Version of HB 3, the "Tax Relief Bill," Shows Slight Improvement Over House Version

  

Author:
Dick Lavine /(512) 320-0222 x 101

May 8, 2005

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The Legislative Budget Board has calculated that the Senate Committee Substitute for HB 3, which is expected to be considered by the Senate on Tuesday, May 10, would increase taxes paid by 80% of Texas families. On average, only families with incomes over $140,000 a year would save more from property tax cuts than they would pay in higher sales, cigarette, and alcohol taxes or absorb in higher prices, lower wages, or lower profits due to the proposed business tax. Significantly, families with incomes under $13,400 would see a smaller net increase in taxes than all but the highest-income families, due to rebates made through the Lone Star Card used by food stamp and TANF recipients.