“Today’s Biennial Revenue Estimate is further validation of the Texas Model of limited government, low taxes and spending, and a fair legal system. Texas’ principled approach to governance has created an ideal environment for the state’s economy to thrive and prosper, which has spurred strong and broad-based revenue growth.
“The strong growth in state revenues confirmed today eliminates any argument for tapping the state’s rainy day fund to cover unpaid bills in the current budget or ongoing obligations in the 2014-15 budget. There will be enough money in the general fund to cover the Medicaid shortfall and undo many of the delayed payments and tax accelerations used to balance the budget last session.
“The positive revenue and economic outlook sets the stage for the Legislature to eliminate the margin tax, which is one of the few deterrents to private-sector investment and job creation in Texas.
“State lawmakers must take care not to make Texas a victim of its own success. The path to robust revenue growth runs through strong private sector activity and investment, not big government. Keeping the cost of government low and the focus on basic services allows for the tax burden to remain light, which provides a more reliable revenue stream to support those basic services.”
Signatories include:
Talmadge Heflin – Director, Center for Fiscal Policy at the Texas Public Policy Foundation;
Michael Quinn Sullivan – President, Texans for Fiscal Responsibility;
JoAnn Fleming – Executive Director, Grassroots America-We The People;
Peggy Venable – Director, Americans for Prosperity-Texas; and
Patrick Gleason – Director of State Affairs, Americans for Tax Reform.