While Texas somehow can't seem to afford to restore cuts to education, Republican State Senator Larry Taylor is back with his “tax cuts for yachts” bill, which would cap the amount of sales tax paid on a yacht.
Taylor's initial bill would have capped boat tax at $15,625, which is the amount of tax paid on a $250,000 (as I am sure all of our readers are well aware!). He has now offered a substitute to cap it at $25,000, which is still good news for people who want to buy over a half-million dollars worth of boat.
Basically, Larry Taylor thinks the best use of our state funds isn't restoring cuts to public education or expanding Medicaid — it's giving tax breaks to million-dollar-boat buyers.
Taylor stated that the bill, SB 862, “is not about giving tax breaks to the rich. It is all about jobs and protecting our Texas economy. If you believe that, I've got some ocean-front property in Arizona to sell you where you can dock your million-dollar yacht.
Meanwhile, Progress Texas is backing a bipartisan effort by Sens. John Carona and Rodney Ellis to scrub the tax code and free up dollars to invest in education, healthcare, transportation, water infrastructure, and public safety. Click here to send a letter to your State Senator urging them to support SB 140 and scrub the budget.
Texas can do better for everyone, not just yacht owners!