Taxes
According to the Tax Foundation, Texans' state and local tax burdens are among the lowest in the nation, 7th lowest nationally, with state and local taxes costing $3,580 per capita, or 8.7% of resident incomes. Texas is one of only 7 states not to have a state income tax. The state sales tax rate, 6.25%, is above the national medium, with localities adding up to 2% (8.25% total). Texas does have a "back to school" sales tax holiday once a year (generally around the first weekend in August) on clothing and footwear under $100.
As for Texas's business tax climate, the state ranks 8th in the nation. Property taxes are exclusively collected at the local level in the state, and are generally at rates above the national average. As a whole, Texas is a "tax donor state" with Texans receiving back approximately $0.94 per every dollar of federal income taxes collected in 2005.
Read more about this topic: Economy Of Texas
Famous quotes containing the word taxes:
“Note, besides, that it is no more immoral to directly rob citizens than to slip indirect taxes into the price of goods that they cannot do without.”
—Albert Camus (1913–1960)
“As I went about with my father when he collected taxes, I knew that when taxes were laid some one had to work to earn the money to pay them.”
—Calvin Coolidge (1872–1933)
“The goof man, in dealing with his people, taxes them with luxury.”
—Ralph Waldo Emerson (1803–1882)