- John Foster expresses disappointment in Jay Dean’s proposal to introduce a value added tax (VAT) in Texas to replace school property taxes. While VAT is common in other countries, it is not used in the U.S. due to its regressive nature, potentially burdening lower-income families more than wealthier ones. The proposed 6.72% VAT would apply to goods and services, with consumers bearing the cost. Concerns include the impact on the homestead exemption, administrative challenges, and potential inflation. However, VAT could provide a steady income and encourage savings. Dean’s bill faces significant opposition and lobbying efforts.
Source: news-journal.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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