Texas funds much of its public education system through property taxes imposed by local governments. But many homeowners complain that property taxes are simply too high, and they want them lowered. Now, lawmakers at the Texas Capitol have been discussing the possibility of increasing the state sales tax as a way to bring in revenue for education, while giving homeowners some of the relief they’re looking for.
“The basic idea is to raise the sales tax, and take the revenue that’s collected from all those purchases of Snickers bars, toilet paper, televisions, etc., and help pay down property tax across the state,” Price says.
What you’ll hear in this segment:
– Who benefits when property taxes go down
– What a “regressive tax” is and whom it affects
– How it’s unlikely that the legislature will pass a sales tax increase
Written by Caroline Covington.