Cut Texas inventory tax | Opinion
Texas is among a small number of states that levies an arcane inventory tax on goods stored in the state, writes contributor Annie Spilman.The phrase “Don’t California my Texas” has become its own anthem here in the Lone Star State. And for good reason. Our recipe of pro-growth policies, including a regulatory environment that’s rooted in common sense, paired with our growing workforce, has unbridled the entrepreneurial spirit.
To make matters worse, the onus is on the business owner to determine just how much these items are worth and how much they owe — which makes the cost of compliance even greater.Not only is this tax burden felt by business owners, it’s shouldered by consumers. The tax incentivizes small to mid-size firms with large inventory needs to buy less, resulting in fewer options and longer wait times for Texans, on top of historically high prices.
As one of the few remaining states that taxes inventory, this tax hammers job creators, their employees and our competitive edge.
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