CLOSING TIME
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What to Know: A popular Austin eatery and music venue is closing because of the city’s high (and rising) tax rate.
“Threadgill’s World Headquarters, a landmark Austin restaurant, will close its location just south of downtown after Thanksgiving, owner Eddie Wilson said Wednesday,” the Austin American-Statesman reports. “’Flummoxed and bludgeoned by property tax increases, the grim truth is that we can’t afford it on the slim margins you make on meatloaf and chicken-fried steak,’ Wilson said of his restaurant at 301 W. Riverside Drive, known for its Southern home-style cooking.”
The TPPF Take: Tax hikes have a real and measurable effect on businesses like Threadgill’s.
“While much of the focus of a tax increase is on the homeowner, businesses pay property taxes as well,” says TPPF’s James Quintero. “One irony of Austin’s newest push for a nearly $1 billion bond election in November is that city officials say it will help preserve Austin’s culture – but in reality, cultural landmarks like Threadgill’s are driven out by their tax bills.”
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