Businesses pay more in total taxes than individuals - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Businesses pay more in total taxes than individuals

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Amarillo, TX - Texas generally has a reputation as being business-friendly, but they aren't granted many favors in the way of taxes.

The Council on State Taxation (COST) recently released their eleventh annual study of local and state taxes in relation to businesses.  According to this year's study, businesses in Texas pay about 61.5% of the total, as opposed to 45.2% nationwide.  Texas Association of Business CEO Bill Hammond says those numbers refute the public perception of big business with marginal taxes, saying,

"I think the national average for the combined state and local tax burden on business is in the low 40th percentile, and in Texas, it's almost 62 percent," says Hammond. "Clearly, businesses in Texas are, in fact, paying more than their fair share of the cost of government at all levels in the state of Texas.  We're trying to correct a common misconception on the part of many of the public that business is not carrying its share when in fact it is; and certainly any effort to increase the burden on businesses would be completely appropriate.""

The Texas Legislature approved new tax measures this session, including exemptions for franchise taxes and rate cuts for business.

To see the report and more for yourself, just follow the links attached to this story.