Putting aside that I didn't use the word "designed" in my post, you are contradicting yourself. Texas designed its tax scheme, and you are admitting that we know what the result of that tax scheme will be. Are you arguing that policymakers in Texas are too stupid or ignorant to know what we both do?
Interesting idea. People would have to save every receipt for every purchase for an entire year and then file a return to get the money back. I guess for proof of income they can just submit their federal tax return. It would call for setting up an entire state tax bureaucracy that doesn’t exist.
oh, I don't know, they could tax income progressively & drop/cut a lot of other taxes. I don't care if their taxes are regressive, progressive or whatever. But, why play dumb? YOU know it is well known how to construct progressive tax schemes.
use a standard deduction....this is done all over. People would not even have to submit anything...send em sales tax refunds based on income. DUH
DUH? No need to get snarky. How do you send someone a sales tax refund if you don’t know how much sales tax they paid? Or do we just assume that everybody pays the same amount of sales tax based upon their income?
I didn't get snarky cuz it was needed...it just turns me on. I made it very clear. Yes, based on income. It's pretty darn easy.
So it’s not really a refund of anything. It’s just sending people money at the end of the year based upon their income. I’ll take some of that.
so, you're poor. sorry to hear that. it is an estimated refund meant to reduce BIG GOV spending & bureaucracy. Ever heard of the standard deduction for income taxes...same idea. Standard Deduction 2021-2022: How Much It Is - NerdWallet.
Actually most of the southern states have higher regressive sales taxes than u would think. Last I checked Bama, Tenn, La and Ark led the nation with combined local and state rates over 9%. At least Tenn has no state inc tax.
Texas has one too, but it’s 10% a year. Even with that our assessed value for 2022 is about $370k and market value about $500k.
Using the numbers from the 2nd post, it takes 7 low income earners to equal the amount in taxes 1 high income earner will pay. Low income 2700 in taxes, high income 19,000 in taxes. More than fair.
Are you referring to the general homestead exemption that homeowners apply for? EDIT: nvm, figured out you're referring to the "Homestead Cap Loss" that limits the tax growth to 10%.
Some of the article… very interesting. Basically regressive taxes with wealthy loopholes. ——————————-///—————————— Those coming to Texas for a tax break may want to turn around if they are not in the top 1 percent of earners. This graphic is of data from the sixth edition of the Institute of Taxation and Economic Policy's "Who Pays" series, which tracks tax data for all 50 states and Washington, D.C. The last time the nonprofit released data was in 2018, but it is expected to release updated findings later this year. Texans in the bottom 20 percent of income earners — those earning less than $20,900 — pay 13 percent of their income in state and local taxes, while those in the top 1 percent of income earners — those earning $617,900 or more — pay only 3.1 percent. In California, the bottom 20 percent of income earners — those earning less than $23,200 — pay 10.5 percent in state and local taxes, while the top 20 percent — those earning $714,400 or more — pay 12.4 percent.
Yep, worked for 2 different companies that opened offices in mobile. There were a few unpleasant surprises tax wise.
top 10 states for local and state sales tax: 1. Louisiana 2. Tenn 3. Ark 4. Wash 5. Alabama 6. Oklahoma 7. California 8. Illinois 9. Kansas 10. New York State and Local Sales Tax Rates, 2022
