Skip to comments.Texas Legislature to Wrestle Over What to Do with Unexpected Budget Surplus
Posted on 01/08/2013 6:57:39 AM PST by rightwingintelligentsia
Bloomberg reports that when the Texas Legislature begins its 2013 session it will face a problem that most states will kill for. Texas will likely have a budget surplus of around $8 billion. The question arises, how to spend it?
How Texas arrived at a surplus
In 2011, when it looked as if Texas was facing a multi-billion-dollar budget deficit, the Texas Legislature cut spending, especially funding for education, Bloomberg notes. However, partly because of the fracking boom, revenues from the sale of oil and gas soared, bringing in unexpected tax revenues. The jobless rate also declined sharply, currently down to 6.2 percent. Revenue from sales taxes has increased as well. Steve LeBlanc, co-founder of CapRidge Partners LLC in Austin, is quoted as suggesting that Texas has the financial strength of Germany and the cost competitiveness of China.
Democrats: restore education cuts
Democrats in the Texas Legislature sense an opportunity to spend the surplus. The Burnt Orange Report, for example, reflecting Democratic thinking, suggests restoring some or all of the 2011 cuts that were enacted on education funding. Health care funding is another area Democrats are keen to increase.
(Excerpt) Read more at news.yahoo.com ...
I am counting down the days until other States try to sue us for stealing their businesses and taxpayers.
No Texas is not a good place to live. Nobody should move here, I am trying to leave...
First, replenish the rainy day fund. Then we’ll talk.
Why don’t they spend more time in learning how to return it to the overburdened taxpayers , or in how to save it, instead of how to spend it.
Texas being a revenue negative state, meaing this state gives MORE tax dollars to the Feds that what it gets back in highway funds, education dollars, etc etc etc...
And all the media and liberal idiots want to do is spend a surplus...Even some of the republicans in the state house want to spend it...
I kinda think this is a lot of BS anyway...the Texas Legislature had an influx of Tea Party rookies taking up space in Austin this time...I’m thinking it is not going to go the way that this article and some of those liberals want it to go...
Now if we can just get rid of Joe Strauss from the speakership...That would go a long way to lessen the nonsense this session...
Just my opinion...
You guys are convincing me. I may not move there myself.
Give it back, assholes!
sarcasm will get you everywhere!!! hehe
Better return it or spend it before it is confiscated to bail out states like California. I would like to see them lower or eliminate the tolls on our growing number of toll roads and use up the surplus.
Who runs the Texas Legislature? RATS or Pukes?
Big time. If they have a $8 billion surplus it means that they took in $8 billion too much.
It’s not their money.
I saw you scoping out that beachside property down in Corpus a while back!!! hehehe
Here in Ohio, Ted Strickland’s governance (meaning looting and pillaging) left with only 89Cents in the Rainy day fund. John Kasich now has $482million stashed away.
Also, if only the Federal Government could corral specific taxes to specific tasks, instead of the general fund.....
Ohio Supreme Court rules CAT revenue from fuel sales must be used for highways
$140 million more annually for highways
Commercial Activity Tax revenue collected from the sale of motor fuels must be spent for highway-related purposes and not diverted to the state’s general fund, the Ohio Supreme Court ruled Friday.
The high court’s 6-1 decision could make an additional $140 million available per year for the Ohio Department of Transportation’s highway construction program, which currently amounts to about $1.5 billion annually......
“Why dont they spend more time in learning how to return it to the overburdened taxpayers , or in how to save it, instead of how to spend it.”
We do need to save it. We will need it to help fund our army when we finally secede.
In reality, the legislature is preparing for a big battle over many issues with the fed. And, we needed to cut some education spending anyway. We do need to shift some money over to the criminal justice system, and increase spending on border security since the fed gives us very little assistance there.
I would never want to live there. ;)
What to do with unexpected surplus?
Buy Illinois. PUHHHHHlease, buy Illinois, quick, before we turn into California. Or Greece. Or Albania. . .
And by "restore cuts", they mean restore the budgeted, higher rate of increase.
You’re right—living here really sucks.
Don’t nobody move down here—it’s really awful........