Despite these economic concerns and the difficulty of estimating economic and fiscal measures for two years in the future, the Comptroller’s certification provides evidence that the Legislature can fund essential government functions within population growth plus inflation and provide substantial tax relief.
Long term, Texans would be best served by abolishing local property taxes and replacing them with a reformed sales tax.
Collectively, the Texas model of low taxes, including no individual income tax, less regulation, and a good lawsuit climate provides an essential path to greater prosperity.
It’s a good day to be a Texan and to have the opportunity to prosper from a conservative budget and historic tax relief this session.
Governor Greg Abbott set the stage in his State of the State speech that he would veto any budget that didn’t include business tax cuts.
To put this in perspective, imagine that you budget for the next two years so that you meet all your necessary expenditures with available income and save for a rainy day.
Bottom line: It’s a good day to be a Texan and benefit from less growth in government spending and historic tax relief this session.
There’s much to accomplish during the remaining weeks of the 84th Texas Legislature. Fortunately, if legislators hold state funds — and all funds below population growth plus inflation, to provide a conservative budget and follow through on significant tax cuts — Texans will be the winner this session.
The 84th Texas Legislature may break that mold by restraining spending to needs rather than wants while providing historic tax relief.
Today, the Texas Senate passed their version of the Committee Substitute for House Bill (CSHB) 1, otherwise known as the 2016-17 budget.
With the end of the 2015 Legislative Session quickly approaching, there is no clear tax cut package that will prevail. We’ve shown in a recent study the substantial economic gains in prosperity and job creation from eliminating the margin tax.
"Testimony: Time for Tax Relief" includes The Honorable Talmadge Heflin's testimony before the House Ways and Means Committee on Committee Substitute House Bill 31.