Basic economics explains that taxes on businesses are simply passed onto taxpayers in the form of higher prices, lower wages, and fewer jobs. In other words, businesses do not pay taxes; taxpayers do. This has been at the heart of the discussion about the business tax in Texas known technically as the franchise tax but commonly called the “margin tax.”
Taxes & Spending
Bigger in Texas: Sizing Up the State’s Finances
Every even-numbered year, the state’s Legislative Budget Board (LBB) publishes a helpful, user-friendly summation of the General Appropriations Act (GAA), otherwise known as the state’s two-year budget. On Wednesday, the LBB published the next iteration—its 2024-25 Fiscal Size-Up. From a 30,000 ft. level, this new report provides “a comprehensive review of how tax dollars were...
August 2, 2024