Corporate income tax in Texas does not exist; instead, corporations are taxed based on a complex formula with some abatements. The system includes various forms of taxation like property tax and payroll tax. Efficiency in taxation is crucial as the corporate income tax can create market distortions and impact large corporations.
Corporate income tax in Texas follows a structure where corporations are taxed based on a complex formula, granting some abatements. While there is no corporate income tax in Texas, the tax system includes various forms of taxation such as property tax and payroll tax. Efficiency in taxation is also an important consideration, with experts noting that the corporate income tax can lead to market distortions and challenges for large corporations.
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