08 May '11, 12pm

During budget crisis, Texas House committee passes tax break for yacht owners

During budget crisis, Texas House committee passes tax break for yacht owners May 8, 2011 In response to the worst state budget crisis since World War II, the Texas House has proposed slashing $27 billion from the budget, including huge cuts to education, nursing homes, and health care for the poor. Yet last Friday, the Texas House Ways and Means Committee approved a tax break for those who want to buy yachts costing $250,000 or more. A Think Progress has the story of Texas subsidizing the biggest gas guzzlers owned by the richest people at a time of high oil prices and record income inequality. The bill, HB 2187, was proposed by Houston Republican Rep. John Davis, and would cap the sales tax the state could collect on the sale of a personal boat. According to AP , Davis authored the bill out of fear that yacht owners would start buying their boats in Florida, which has a ...

Full article: http://climateprogress.org/2011/05/08/during-budget-crisi...

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