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More Research against the Texas Margin Tax, New Kansas Pass-Through Carve Out Data, and Capital Gains Taxes in Washington

1 min readBy: Scott Drenkard

Here are some great links from this week:

  • The Texas Public Policy Foundation has a new report about repealing the Texas Margin Tax. They find repeal would produce $10.8 billion in new real personal income in the first year and $16 billion over 5 years. The state would be one of just four states without direct business taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. or individual income taxAn individual income tax (or personal income tax) is levied on the wages, salaries, investments, or other forms of income an individual or household earns. The U.S. imposes a progressive income tax where rates increase with income. The Federal Income Tax was established in 1913 with the ratification of the 16th Amendment. Though barely 100 years old, individual income taxes are the largest source of tax revenue in the U.S. . We have some similar findings in our paper on the Texas Margin Tax here.