NFIB discusses ‘Cut the Inventory Tax’ campaign with radio host Chad Hasty
Following the launch of the ‘Cut the Inventory Tax’ campaign, NFIB State Director Annie Spilman appeared on the ‘Chad Hasty Show,’ to talk about the Texas State Legislature’s opportunity to stabilize the small business recovery by passing needed tax relief.
CLICK HERE to listen to the full interview. Excerpts are below.
When asked about the inventory tax, Spilman outlined the burden the tax places on mom-and-pop shops:
“The inventory tax is one of those taxes that hurts almost every single small business in this state. And that’s because anything that the small business owner has in their business whether it be furniture or a mixing bowl to make cakes to sell to their customers, they have to pay a tax on. It’s a very regressive tax, it’s very burdensome, and it’s a ‘taxpayer active’ tax meaning that the small business owner, who already doesn’t have enough time on their hands, has to value every single item in their business and then remit it to their local tax appraiser, who most of the time comes back and tells them they owe more money.”
Describing how employees and consumers shoulder the cost of the inventory tax, Spilman said:
“Every single dollar that goes to the government in the form of taxes or the cost of implementing a regulation, is a dollar out of the pockets of the people that they employ and ultimately of the customers. You can’t get on the road of recovery if you’re continuing to shell money out and you’re not getting any money in.”
Spilman concluded, noting that with a nearly $33 billion state budget surplus, now is the time to cut the inventory tax:
“The Comptroller just announced that Texas is sitting on a $32.7 billion surplus. We’ve got some wiggle room. The state is blessed, and we have a lot of people coming in and spending a lot of money. To be frank, this inventory tax is a small piece of the pie, that if we were to either reduce it or repeal it, it is not going to put a hole in our Texas budget.”
To learn more about the campaign, visit NFIB.com/TexasTaxCut