Most taxpayers are aware of the federal government's national debt, but new study aims to shed light on state and local tax burdens many of us take for granted.
Houstonians owe a total $8 billion just to balance the city's budget, but the watchdog group Truth in Accounting found their individual tax burden goes far beyond that with school districts, Metro, port and other entities.
“You have to add Houston's numbers plus all those underlying governments, plus the Texas taxpayer bill which is $8,600 to come to a total of $21,130 per taxpayer,” says CEO Sheila Weinberg.
By comparison, Dallas taxpayers shell out $32,000 a year. Still much better off than other large cities.
“The worst one is the city of Chicago if you add up their city, plus their school district and state debt, you get to $126,000,” says Weinberg.
She says it's good information for residents to know when asked to approve a tax hike or bond issue.