Tax Cuts for Texans on the Horizon if Governor Perry Gets His Way
AUSTIN, TX. -- Americans for Prosperity-Texas applauds Gov. Rick Perry’s plans to cut taxes in Texas.
“Texans deserve to keep more of the money we work hard to earn,” said Peggy Venable, AFP-Texas director. “While other states like California are looking more like Greece every day, Texas is leading the nation in job creation and in exporting goods. It is thanks to lower taxes and common-sense regulations that businesses find Texas an attractive state to move to and to invest in.”
“With these tax cuts, we can anticipate even more job creation in Texas,” said Ben Streusand, AFP-Texas Advisory Board Chairman.
Gov. Perry promised Texans tax cuts in his State of the State speech early this year. He announced his proposed tax cuts today at 3 pm at the Austin Chamber of Commerce.
The proposal includes a series of business tax cuts which are part of fulfilling the commitment he made in his State of the State speech.
His agenda includes:
--5% tax cut on franchise tax rates;
--$1 million for businesses w revenues under $20 million and will make that exemption permanent;
--And lowering the rate for those who EZ file would drop from 5.57 to 4.8%
--Threshold for using EZ file would go from $10 to $20 million
--Deduct moving costs for companies moving to TX the first year they pay the franchise tax. No estimate on this deduction is available now.
All together, it is estimated these cuts might total $1.565 Billion for the biennium.
Gov Perry called for $1.8 billion in his State of the State speech, so we might anticipate some additional tax cuts before session ends.
Americans for Prosperity (AFP) is a nationwide organization of citizen-leaders committed to advancing every individual’s right to economic freedom and opportunity. AFP believes reducing the size and intrusiveness of government is the best way to promote individual productivity and prosperity for all Americans. For more information, visit www.americansforprosperity.org