February 25, 2015      10:52 AM
Texas earns dubious distinction, 3rd worst state for taxes inflicted on average Americans
Current tax cut bidding war means nothing to most Texans
While
the Senate and House are in a bidding war for the biggest headline number of
tax cuts that most Texans will not feel, the online financial publication “Marketwatch” named Texas the third worst state for
taxes inflicted on average Americans.
The
analysis reports that the Lone Star State has the fifth highest effective tax
rate on the state’s bottom 20% at 12.5% and the 8th lowest rate on
the top 1% at an effective tax rate of 2.9%.
From
the story, “…the state relies heavily on sales and
excise taxes. These consumption taxes accounted for nearly 32% of the state’s
revenue, the ninth highest nationwide in fiscal 2012. The state also doesn't
provide low-income residents with any tax credits, which help offset sales,
excise and property taxes in other states.”
The story can be found here.
Lest these numbers be dismissed as delirium from some left wing
think tank, it should be noted that Marketwatch is owned by Rupert Murdoch’s Newscorp and is a sister
publication of the the Wall Street Journal and Barron’s
By Harvey Kronberg
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