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post #1 of 9 (permalink) Old 06-14-2008, 06:16 PM Thread Starter
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Texas tax

I know that most of the discussion here is about federal issues, or gas prices But lets have quick talk on a recent Texas fuck up...

I know we have some business owners on this board and I'm sure you've felt the effects of the recent franchise tax "margin tax". This is the most fucked up tax law that Texas has imposed on us, and if you were affected speak up and get some changes made! At our firm we had clients go from never owing a penny in state tax to having tax liabilities of thousands. We had several companies that had multi-million dollar losses on their federal returns, yet owed tens of thousands to the state of Texas under this new law. I know most on here could care less, but this change is really bad for a lot of businesses big and small and there needs to be some changes

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post #2 of 9 (permalink) Old 06-15-2008, 09:33 AM
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The franchise tax on small businesses presupposes that small businesses can make up the difference on property tax savings. However, since many small businesses rent instead of owning real estate this premise fails. Levying taxes on small businesses is a bone headed move that will kill many of them. Many small businesses are just getting by and are struggling already with the increase in energy prices and other costs.
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post #3 of 9 (permalink) Old 06-15-2008, 10:22 AM
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Public education has to be paid for by taxes. Tell your clients to shut up and pay up for the kids.


Governor Perry signed the law on May 18, 2006. The first taxable period begins on January 1, 2007 with the first returns due in May of 2008.

As a general statement any legal entity that does business in Texas and is organized to have some form of limited liability protection must pay the margin tax.

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post #4 of 9 (permalink) Old 06-16-2008, 10:22 AM
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Quote:
Originally Posted by jones4stangs
Public education has to be paid for by taxes. Tell your clients to shut up and pay up for the kids.


Governor Perry signed the law on May 18, 2006. The first taxable period begins on January 1, 2007 with the first returns due in May of 2008.

As a general statement any legal entity that does business in Texas and is organized to have some form of limited liability protection must pay the margin tax.
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post #5 of 9 (permalink) Old 06-16-2008, 10:36 AM
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Quote:
Originally Posted by jones4stangs
Public education has to be paid for by taxes. Tell your clients to shut up and pay up for the kids.


Governor Perry signed the law on May 18, 2006. The first taxable period begins on January 1, 2007 with the first returns due in May of 2008.

As a general statement any legal entity that does business in Texas and is organized to have some form of limited liability protection must pay the margin tax.
Like public education doesn't get enough money already.
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post #6 of 9 (permalink) Old 06-16-2008, 11:38 AM
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Originally Posted by AL P
Like public education doesn't get enough money already.
My school taxes dropped about 30% so they had to make the difference up somewhere.

Here is a good summary of the tax and effect on the competitive advantage of locating your business in Texas from the Dallas Fed.

http://www.dallasfed.org/research/swe/2008/swe0802b.cfm

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post #7 of 9 (permalink) Old 06-16-2008, 11:47 AM
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Quote:
Originally Posted by 01WhiteCobra
My school taxes dropped about 30% so they had to make the difference up somewhere.

Here is a good summary of the tax and effect on the competitive advantage of locating your business in Texas from the Dallas Fed.

http://www.dallasfed.org/research/swe/2008/swe0802b.cfm
Supposedly on cigarettes. It just amuses me when I hear people talk about how much money education should get when I know how much money the average office building has to pay each year. I just wonder where all that money goes and why private schools can do ten times more with the same amount of money.
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post #8 of 9 (permalink) Old 06-16-2008, 11:57 AM
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Originally Posted by AL P
I just wonder where all that money goes and why private schools can do ten times more with the same amount of money.
Because the privates get to pick and choose their students. Unfortunately most public education dumbs down to the lowest of students which is why when choosing a house you need to visit the schools your children will attend.

Even in mighty PISD there are schools I wouldn't want my children attending.

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post #9 of 9 (permalink) Old 06-16-2008, 01:29 PM
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Originally Posted by 01WhiteCobra
Because the privates get to pick and choose their students. Unfortunately most public education dumbs down to the lowest of students which is why when choosing a house you need to visit the schools your children will attend.

Even in mighty PISD there are schools I wouldn't want my children attending.
No shit, the special ed requirements are a huge drain and mandated.

If a brain-gimp is not able to read and write by age 25, why in the hell did they ever get past the 2nd grade? When someone has 6 years as a high school senior with straight A's, something is broken.
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