I've been running the numbers on the TCBA's proposal to replace the current city property taxes with an additional one-cent sales tax, trying to see if it is a tax increase in sheep's clothing, or a simple redistribution of the tax burden.
For me, it's a BIG TIME tax increase. We're talking almost TEN TIMES as much per year.
I'm currently trying to find out how much money Thayer brought in through property taxes last year, to compare with the amount a one-cent sales tax would bring in.
The half-cent tax increase they tried to push through would generate $175,000 per year in revenue, they claimed. That means a one-cent tax increase would generate $350,000 per year. Is this an increase over the amount the city gets through property taxes?
Stay tuned, and I'll let you know.
# posted by The Last American @ 8:55 AM
