June 4, 2008

… or at least tax filings.

Ben Franklin couldn’t have been more right when he penned those words in a 1789 letter to Jean-Baptiste Leroy.

My campaign CPA just emailed me to say “the Texas franchise tax applies to political candidates/officeholders and their specific-purpose committees and also to political action committees” and that political campaigns are not exempted under the new law.  So by June 15, I and every other Texas politico will be filing tax reports with the Comptroller.  

But it’s not all bad.   Since the tax report is based on my federally taxable gross receipts – and since I have none – it looks like I won’t actually have to make a tax payment.

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