Friday, January 21, 2022
27.7 F
Fort Worth

House GOP: Cut Texas sales tax rate, not property taxes

🕐 1 min read

AUSTIN, Texas (AP) – Texas would cut its sales tax rate for the first time in history under a House Republican plan that scraps homeowner tax relief sought by Gov. Greg Abbott.

The current sales tax rate in Texas is 6.25 percent. That would fall to 5.95 percent under a sweeping tax package that GOP House leaders said Wednesday is the best way to deliver significant tax cuts promised by conservatives.

On a $100 purchase, the lower rate would save a consumer 30 cents at the register.

The plan would also cost Texas more than $2 billion in revenue to spend on state services. Democrats say that money is better spent on roads or expanding prekindergarten.

The plan deepens differences with the Senate, which wants property tax cuts instead.

Related Articles

Our Digital Sponsors

Latest Articles

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

This field is for validation purposes and should be left unchanged.