currently retailers and contractors in our municipality are taxed as follows:
1. retailers: 400,000 or less - 2.2%
more than 400,000 - 1.1%
2. contractors: more than 2,000,000 - 63.25% of 1%
then i went through book II of local government code and taxes mandated are as follows:
1. retailers: 400,000 or less - 2% ; >400k - 1%
2. contractors: >2M - not more than 50% of 1%
What's more concerning is the above taxes are computed quarterly and not per annum. so for a gross income of 3.9M, i was taxed 93K for the business permit.
Im no lawyer but i feel i might be wrongly taxed.