Skip to comments.Texas not the only state with a budget surplus
Posted on 01/09/2013 6:48:07 AM PST by SeekAndFindEdited on 01/09/2013 6:51:11 AM PST by Admin Moderator. [history]
With a $500 million budget surplus and $2 billion in reserves, Indiana Governor-elect Mike Pence has pledged to give back some of that money when he takes office next week by cutting personal income taxes.
“An across-the-board tax cut for all Hoosiers would send a strong signal that we are managing our funds wisely and also reducing the tax burden on our taxpayers and businesses,” the former U.S. Congressman said while campaigning to replace outgoing fellow Republican Mitch Daniels as governor.
(Excerpt) Read more at hotair.com ...
Pence would make an awesome POTUS. Not that he could get elected in what is now the “USA”.
When Gov. Perry spoke at the opening session of our legislature yesterday, he reminded the representatives and senators to be frugal when spending money even though we have a surplus.
Based on the poor condition of our federal goverment, continuing to spend and raise the debt which we can't pay, I think our Texas is better off keeping that surplus for whatever lies ahead. Some here have said give it back to the people, but I think letting the surplus sit there is better.
We could have a devastating hurricane this year, we never know, and that surplus could be needed.
Texas deferred some payments last time to meet budget and hit the rainy day fund also. Thus things need to be adjusted and like you I think keeping the rainy day fund viable is a worthy endeavor.
The big problem with rainy day funds is usually Democrat politicians who can’t stand the thought of unspent “government” money while there is a “need” for another social welfare,i.e., vote buying program.
I would love to know where all the cigarette money went that states received....I think an audit of all that money is needed for all 50 states.
In Texas it is supposed to be allocated as follows but I can’t tell you the yearly amount or how it was directly spent.
SUBCHAPTER H. ALLOCATION OF TAX
Sec. 155.241. ALLOCATION OF TAX. Revenue collected under this chapter shall be deposited to the credit of the general revenue fund.
Acts 1981, 67th Leg., p. 1685, ch. 389, Sec. 1, eff. Jan. 1, 1982.
Sec. 155.2415. ALLOCATION OF CERTAIN REVENUE TO PROPERTY TAX RELIEF FUND AND CERTAIN OTHER FUNDS. Notwithstanding Section 155.241, the proceeds from the collection of taxes imposed by Section 155.0211 shall be allocated as follows:
(1) the amount of the proceeds that is equal to the amount that, if the taxes imposed by Section 155.0211 were imposed at a rate of 40 percent of the manufacturer’s list price, exclusive of any trade discount, special discount, or deal, would be attributable to the portion of that tax rate in excess of 35.213 percent, shall be deposited to the credit of the property tax relief fund under Section 403.109, Government Code;
(2) the amount of the proceeds that is equal to the amount that would be attributable to a tax rate of 35.213 percent of the manufacturer’s list price, exclusive of any trade discount, special discount, or deal, if the taxes were imposed by Section 155.0211 at that rate, shall be deposited to the credit of the general revenue fund; and
(3) 100 percent of the remaining proceeds shall be deposited to the credit of the physician education loan repayment program account established under Subchapter J, Chapter 61, Education Code.
Added by Acts 2006, 79th Leg., 3rd C.S., Ch. 3, Sec. 4(b), eff. September 1, 2006.
Acts 2009, 81st Leg., R.S., Ch. 285, Sec. 16, eff. September 1, 2009.
Vote buying isn't just the purview of the Democrats. The Republicans find ways to spend it with vote buying intent, imo. The Texas Constitution requires a balanced budget each two year cycle but that doesn't keep the gov't from using unique methods to achieve that requirement.