Monday, March 14, 2005

Tax burden shifts: Biggest tax breaks would go to the largest political donors

says the Houston Chronicle:

Time and again in the House's proposed tax bill, which will be debated Monday, the largest political donors are the businesses that receive the biggest tax breaks or have their taxes left untouched.

...

People and companies' political committees in the biggest losing industries -- construction, services and trade -- also made millions of dollars in political donations but rarely in the concentrated amounts of the potential winners. They will pay $1.4 billion in increased state taxes.

...

A legislative study of the tax bill found that people earning less than $100,000 a year would pay a combined $1.1 billion a year more in taxes while those earning higher wages would receive a $437 million annual tax cut.

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Industry/Business

Increase/Decrease

Agriculture-$72.8 million
Mining, oil and gas-$169.1 million
Utilities and transportation-$222.2 million
Construction+$205.6 million
Manufacturing, petrochemical-$230.6 million
Trade+$102.8 million
Information-$91.4 million
Finance, insurance, real estate-$896.5 million
Services+ $1.1 billion
Subtotal of all businesses-$235 million

Individuals/consumers

Increase/Decrease

Residential, single family-$2.6 billion
Sales and excise taxes+$3.1 billion
Subtotal on individuals+$449 million

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