Businesses Pay the Majority of Taxes, Again
Jul 18, 2013 | 755 views | 0 0 comments | 11 11 recommendations | email to a friend | print
Businesses Pay the Majority of Taxes, Again 

New COST study puts business tax share over 60 percent 

 
AUSTIN, TX— The Council On State Taxation (COST) and Ernst and Young LLP have joined together again to figure out business share of the tax burden, and again Texas businesses are picking up the majority of the bill. 



“This latest study shows the total business tax burden in Texas is over 60 percent,” said Bill Hammond, President and CEO of the Texas Association of Business. “Anyone who says Texas businesses don’t pay their fair share should take a look at these numbers. It is clear that Texas businesses are making a significant financial contribution to the operations of state and local governments.” 



The study shows the business’ share of state and local taxes is 61.5 percent. If you break that down, it shows the business share of state tax revenue is 60.2 percent and the business tax share of local tax revenue is 62.9 percent. These numbers look at 2012 taxes and do not include any of the state tax relief passed by the legislature in 2013. 



“One thing that I see as a danger is that local taxes will continue to go up no matter what tax relief the legislature approves,” said Hammond. “My fear is the total tax burden will remain around 60 percent in the coming years because of those local taxes. 



“We all know that businesses also benefit from the taxes they pay,” Hammond continued. “We need to strike a better balance, however, between the large tax burden and the benefits of those taxes. Like we do in our personal lives, businesses need to know that their money is going to programs that will benefit them and is not being wasted on the latest and greatest boondoggle. Businesses want to support programs that will improve education, transportation and water supplies to keep the business climate in Texas strong and provide an educated workforce for the future.” 



The full COST report is here: http://www.cost.org/WorkArea/DownloadAsset.aspx?id=84767 

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Founded in 1922, the Texas Association of Business is a broad-based, bipartisan organization representing more than 3,000 small and large Texas employers and 200 local chambers of commerce.

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