So Jason Pye just sent me a link to a powerpoint of the Speaker’s new tax plan. The powerpoint is a bit short on useful details, but it gives a general overview of the problem, and two proposed solutions.
I’ll accept the problem of too many taxing jurisdictions and the fact that property tax revenue growth exceeds personal income growth (meaning that property taxes take a bigger bite out of people’s budgets).
The Speaker’s plan will eliminate all taxes on property: real, inventory and vehicular. It will lower the income tax and sales taxes to 4%, but eliminate most of the exemptions and add services to what is taxes. So if you get your house painted, then expect an extra 4% of that bill to go to the state.
It borrows and idea from the FairTax and would offer a refundable credit to cover the extra sales taxes to filers who meet certain (undefined) criteria.
There is another plan that would do much the same but leave income taxes untouched.