AUSTIN, Texas – With members of the Texas House poised to begin work on the tax bills today, the president of the Texas Public Policy Foundation urged them to make use of the state’s structural surplus – current and future.
“The most prudent, fiscally sound policy lawmakers can pursue is to dedicate current and future surpluses to tax reduction,” said Brooke Rollins. “The surplus is a structural feature of our state’s economy. By acting now to dedicate a portion of surplus revenues to tax relief signals to taxpayers that legislators are putting the taxpayer and the health of the economy over growth in government.”
Rollins said dedicating future surpluses to tax relief requires future legislatures to prioritize spending while protecting the taxpayer.
“Over the past 15 years, we have had more than $27 billion in surpluses. Only one of those years was without a surplus. That, of course, was 2003 when the Governor and legislature heroically closed a $10 billion shortfall with no new taxes. Texas has proven that the best public policy is always found in keeping the taxpayer preeminent in discussions about tax policy.
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