Use Surplus for Tax Reduction
AUSTIN, Texas – Comptroller Carole Keeton Strayhorn today announced $4.3 billion in estimated surplus. This money should be used to buy down the state’s property tax rate according to the Texas Public Policy Foundation president.
“Lawmakers can provide taxpayers up to 39 cents in meaningful property tax cuts, and do so without hurting anyone. Everyone comes out ahead: taxpayers get a significant property tax reduction, schools get meaningful discretion in setting their tax rate, and our economy will strengthen as a result of the property tax cut,” said Brooke Rollins.
The Texas Public Policy Foundation is an Austin-based research institute that studies many facets of state government including fiscal policy.
“As we move toward a special session later this spring, it is imperative to remember that Texas has the 7th highest business tax burden in the country. Using this surplus and moving our tax structure to more of a consumption base will propel Texas forward and provide a brighter economic future for all our citizens.”