AUSTIN – Texas Public Policy Foundation’s Center for Fiscal Policy Economist Dr. Vance Ginn testified today before the Texas Senate Finance Committee for House Bill 32, relating to decreasing the franchise tax rates.
“For the largest economic boost to Texans, whereby families of four could have $2,400 more in in their pockets and 130,000 more private sector jobs within five years, the almost $5 billion in tax relief being discussed should be used to put the franchise tax on a path to elimination,” said Ginn. “House Bill 32 would take a major bite out of the franchise tax by cutting both rates by 25 percent, raising the EZ filing revenue level to $20 million at a lower rate of 0.331 percent, and creating mechanisms to phase out this onerous tax. By passing substantial tax cuts this session, Texans will be the winner, especially from eliminating the franchise tax in the second year of the biennium.”
To schedule an interview with Dr. Ginn, please contact Caroline Espinosa at firstname.lastname@example.org 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.