How's That Proposed 1-cent Rise in Texas Sales Tax Sitting With You?

Since the state's leadership in Austin floated a 1-cent state sales tax increase last week, most Texans are still absorbing what it means.While Texas Gov. Greg Abbott and his team have calculated that a penny increase would raise billions of dollars in additional revenue to stem rising property taxes, consumers have a hard time putting a pencil to a personal impact.Quick, how much do you spend on taxable merchandise in a year?Most people respond with a shrug. But ask them how much they've been paying in property taxes and the discussion turns animated.The necessities of life -- food, prescriptions and over-the-counter medicines -- presumably would continue to be exempt from all sales taxes, but the specifics of a sales tax increase haven't been decided.  Continue reading...