Although no one likes to pay taxes, they are an inevitable part of funding core government functions. A policymaker’s challenge is to develop an efficient tax system that provides necessary revenue while doing the least economic harm. A policymaker should take care, however, as not all methods of raising revenue are created equal.
Without True Local Control, Pension Problems Spiral
The 45th Legislature established the Texas Local Fire Fighters Retirement Act (TLFFRA) in 1937 to create local retirement systems for the benefit of full-time, part-time, and volunteer firefighters in participating cities. At the time, lawmakers intended to create a general governance structure while still “leav[ing] administration, plan design, contributions, and specific investments to each system’s...