Texas News Today by carolbull 4/5/2021
Texas legislators submit bill to eliminate property tax and replace it with value-based excise tax
Texas property tax burden worst At the national level — and its strength is at the local level. A bill submitted to the State Capitol will completely abolish its use in Texas.
House Bill (HB) 3770 The purpose is to replace the ad valorem tax submitted by Congressman James White (R-Hillister) with VAT, commonly known as “VATâ€.
VAT is VAT at each stage of the product supply chain. When a product is changed from producer to packager or from packager to delivery, tax is levied on the transaction.
In VAT, which is a type of consumption tax, unlike consumption tax, consumption tax is mainly borne by the final consumer, while consumption tax is distributed throughout the product journey from point A to point B.
Sales tax is often criticized for shifting the tax burden towards poor individuals rather than the top-heavy property tax system that focuses on property owners (usually high-income people). However, property tax is paid by those who do not own the property through the rent paid to the landlord.
More:
https://texasnewstoday.com/texas-legislators-submit-bill-to-eliminate-property-tax-and-replace-it-with-value-based-excise-tax/208605/