A Bad Time to Raise Taxes
What to Know: Even Democrats used to believe that raising taxes while the country is in a recession is a bad idea.
The TPPF Take: The so-called “Inflation Reduction Act” is actually a massive tax hike on Americans—at a really bad time.
“The reports show that about two-thirds of the tax hike will be on those making $400,000 or less,” noted TPPF’s Vance Ginn, appearing on Fox News. “A big part of this is raising the corporate income tax, which will be passed along to consumers.
To view Vance’s Fox appearance, click here.
At the Local Level, Too
What to Know: The city of Lubbock is planning a big tax hike of its own. Its budget for the upcoming fiscal year will top $1 billion.
The TPPF Take: Lubbock residents are already struggling in today’s economy.
“Residents of Lubbock have been paying too much in taxes and fees to fund excessive government spending,” says TPPF’s James Quintero. “It is time for Responsible Local Budgets in the city of Lubbock and Lubbock County. Lubbock-area governments should limit spending to population growth plus inflation, the same standard as the Texas Public Policy Foundation’s Conservative Texas Budget.”
For more on local taxes, click here.
It’s Still Illegal
What to Know: A federal court held that Texas universities cannot legally charge out-of-state American students far higher tuition rates than illegal immigrants who attend their schools. Now, a university has appealed that decision, claiming that even if the practice is illegal, it should be able to continue because following the law will hurt university budgets.
The TPPF Take: One school, the University of North Texas, complains that the ruling will squeeze its budget.
“First and foremost, ‘I make money violating the law’ isn’t a reason anyone should be allowed to continue violating the law,” says TPPF’s Chance Weldon. “Second, less than one-tenth of 1% of UNT’s yearly revenue is an infinitesimally small price to pay for justice. Finally, that tiny fraction of UNT’s income reflects a huge financial burden on the out-of-state students affected by UNT’s illegal tuition scheme.”
For more on out-of-state tuition, click here.