The Texas economy is the envy of the country. Businesses flock here because of our educated workforce, low regulatory environment, and relatively low tax burden. Individuals and families come for the opportunities and quality of life an economically healthy, wealthy, and prosperous society provide. Texas leaders routinely tout the state’s success, and it’s justified.
For decades, Texas policymakers have generally been good stewards of economic policy by following the Texas Model: spend only what we need to, don’t spend more than we take in, and put some away for a rainy day. Since taxes and debt are driven by spending, Texas’ fiscal responsibility has served taxpayers well.
This impressive track record could be put at risk this year if the Texas Legislature decides to blow past responsible spending limits. Current proposals spend billions more than what is necessary to keep Texas’ economy in good shape and protect taxpayers from future tax increases.
The good news is that there is still time to fix the budget and put Texas back under spending limits. The budget is currently over by $5 billion. The Legislature should allocate 100% of this excess to real lasting permanent property tax relief by abolishing the “Robin Hood” school tax. Returning money back to taxpayers not only alleviates the crushing burden property taxes are having on Texans around the state, it also ensures that Texas continues to follow the Texas Model that has made our state so successful.
In other words, if it ain’t broke, don’t fix it. Texas has the strongest economy in the country. There’s no good reason the Texas legislature should mess with success.