3. HB 4 2nd Reading

Passage. RV #242, 4/26/97, p 1596 CSHB 4 passed 94-49.

YCT Nay. Passage of the governor’s tax proposal to engrossment. The plan called for a 20-cent property tax reduction and a new 4.5 percent net earned surplus tax levied on corporations. In effect, this bill is a tax increase. The revenue that is expected to be collected will be greater than presently raised. YCT firmly stands against all new taxes, tax increases, or “sneaky” tax shifting. The government did not cut taxes, it merely shifted them into other forms. This hidden agenda gives a false belief that a tax cut was provided to the citizens of Texas.