In 2302 we will be spending most of our time on the US Budget. Currently we are at some midpoint in the budget past past year by the Texas Legislature, but a study by the Center for Public Policy Priorities criticizes changes made in Texas' tax code in 2006, arguing that it has created a structural deficit in the state which will make it difficult for the state to meet it obligations, especially in education.
In brief, caps were placed on property taxes and the lost revenue was to made up by a new franchise tax. The study suggests that the new tax has not made up the revenue lost from the property taxes, and schools are bearing the brunt of the loss.
- How to Fill the Hole in the Texas Revenue System.
