AUSTIN – Texas Public Policy Foundation Economist Dr. Vance Ginn testified today before the Texas House Ways & Means Committee on House Bill 32, relating to decreasing the rates of the franchise tax.
“Given the substantial compliance costs and devastating nature of the business franchise tax, the Foundation’s research finds that by immediately repealing this tax Texans could benefit from $16 billion in new personal income and 130,000 net private sector nonfarm jobs within five years,” said Ginn. “This translates into $2,400 more in the hands of Texas families of four and many more job opportunities to help Texans prosper. The Committee Substitute for House Bill 32 would be an excellent down payment towards repealing this tax by cutting it by 25 percent and reducing the compliance cost by raising the EZ filing revenue level to $20 million.”
More information about the hearing can be found at: http://txpo.li/1EvzsMo
To schedule an interview with Dr. Ginn, please contact Caroline Espinosa at [email protected] or 512-472-2700.
Vance Ginn, Ph.D. is an Economist in the Center for Fiscal Policy at the Texas Public Policy Foundation.
The Texas Public Policy Foundation is a non-profit, free-market research institute based in Austin, Texas.