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Bring Balance To Texas Taxes
 

Bring Balance To Texas Taxes

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A quick analysis of how sales, property, and income taxes impact low- to moderate-income Texans and what opportunities we have to better balance our tax system.

A quick analysis of how sales, property, and income taxes impact low- to moderate-income Texans and what opportunities we have to better balance our tax system.

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  • Using the data in your work: Reports and presentations Needs assessment portions of grant applications Promote Awareness in Community Program planning Create and evaluate public policy
  • Here you see how regressive: the family in the bottom quintile has a much higher tax rate (as a % of income) than does the family at the other extreme. More than 2.5 times as much of their income goes to state/local taxes. “Services funded by poor people will be poorly funded.”
  • Using the data in your work: Reports and presentations Needs assessment portions of grant applications Promote Awareness in Community Program planning Create and evaluate public policy
  • Texas Has High Sales and Property Taxes Because It Has No Income Tax
  • Using the data in your work: Reports and presentations Needs assessment portions of grant applications Promote Awareness in Community Program planning Create and evaluate public policy
  • Using the data in your work: Reports and presentations Needs assessment portions of grant applications Promote Awareness in Community Program planning Create and evaluate public policy

Bring Balance To Texas Taxes Bring Balance To Texas Taxes Presentation Transcript

  • Bringing Balance to Texas Taxes Lonny Stern, Outreach Director 512.320.0222 ext 107 [email_address]
  • Who pays the most taxes?
    • Rich?
    • Middle Class?
    • Poor?
  • Those with the Lowest Income Pay the Most in State and Local Taxes Source: Comptroller of Public Accounts
  • One-Fifth of Texas Households Pays Less Than Their Fair Share Source: Comptroller of Public Accounts
  • Why do we pay taxes?
    • Roads/bridges/ports (commerce)
    • Education (research, workforce development)
    • Health Care (productivity)
    • Public Facilities (quality of life)
    • Technology (efficiency & commerce)
    • Public Safety (first responders & oversight)
  • What are we Funding with Taxes? (TX State Budget 08-09) Texas State Budget ’08-’09 | Source: Comptroller of Public Accounts
  • Texans Pay High Sales & Property Taxes Because we have No Income Tax…
  • What’s Wrong with JUST Sales & Property Taxes?
    • Sales Tax
    • Very regressive
    • High impact on poor and young
    • Doesn’t capture services
    • Property Tax
    • Regressive
    • Impacts renters
    • Dependent on reported values
    Regressive lower income families pay larger % of their income Progressive higher income families pay larger % of their income Tax Balance
  • A State Income Tax Would Build a More Balanced Tax System for all Texans
  • How Would An Income Tax Work?
  • More Ways to Better Balance Texas Taxes
    • Circuit Breakers – a targeted tax credit to protect low to moderate-income Texans from a property tax “overload”
    • Sales price disclosure – all commercial & private property sales prices must be reported to the state
    • Sunset review – all tax breaks and credits should be reviewed periodically by the Legislature.
    Tax Balance
  • Use of This Presentation
    • The Center for Public Policy Priorities encourages you to reproduce and distribute these slides, which were developed for use in making public presentations.
    • If you reproduce these slides, please give appropriate credit to CPPP.
    • The data presented here may become outdated.
    • For the most recent information or to sign up for
    • our free E-Mail Updates, visit www.cppp.org .
    • © CPPP
    • Center for Public Policy Priorities
    • 900 Lydia Street
    • Austin, TX 78702
    • Phone 512-320-0222 | Fax 512-320-0227