Good news for Texas millionaires debating whether to buy a fancy yacht: The state House of Representatives is considering a tax break for people like you. The measure, which was approved by the House Ways and Means Committee last week, would cap the maximum sales tax Texas could collect on yachts costing $250,000 or more, Raw Story reports.10 Fascinating Facts About The World's Richest People
Opponents aren't sure how this would help with the state's $27 billion deficit ("With all due respect, sometimes I'm not sure what planet my Republican colleagues live on," said one Democratic representative), but supporters say it will keep yacht buyers from buying in Florida, which already has such a cap.
The income made by, and the taxes paid by, the rich, in one graph
I think the implication of the orthodox GOP take on taxes would be that the lower rates faced by the most productive members of society should have unlocked some dramatic economic benefits, but I think it’s very hard to detect those benefits in the economy’s performance over this period.
This graph is also worth keeping in mind when you hear that the rich are paying a greater proportion of federal income taxes than they have in previous years. That’s true, but it’s also true that the reason they’re paying more in taxes is that they’re making much more money. If you look at the taxes they pay on any given dollar of income, that’s been falling, and for most of us, that’s what’s actually relevant in terms of our tax burden.
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