Wednesday, May 04, 2011
No, Its Spelled Luxury Yacht
In response to the worst state budget crisis since World War II, the Texas House has proposed slashing $27 billion from the budget, including huge cuts to education, nursing homes, and health care for the poor. Yet last Friday, the Texas House Ways and Means Committee approved a tax break for those who want to buy yachts costing $250,000 or more.
The state has had a chronic shortage of revenue after years of slashing property and business taxes and creating numerous tax breaks and exemptions, just like the proposed one for yacht owners. Yet Republicans still insist on not raising taxes, and as a result have had to rely on draconian cuts to balance the budget.