Taxes
What are some examples of taxes?
Sales, property, severance, income taxes
How often is Texas' budget written?
Every 2 years
What does a budget tell us about a government?
What they prioritize because you can see where the money is going
What tax does Texas not have?
Income tax
Who is in charge of helping budget drafters?
State comptroller
When the budget is underestimated, what issue does that cause?
Leaves money left on the table that could have been funneled to a cause
What tax does Texas rely on for most of its tax revenue?
Sales tax
What does the state budget specify?
Amount of revenue received and how expenditures will be made
What are some other sources of state government revenue?
federal grants, fees/licenses, interest on investments, direct sales, gambling/lottery
What is tax shifting?
The revenue gained from taxing people outside of state or local area
What does ESF stand for?
Emergency Stabilization Fund
How do states rely on taxes differently?
Many options lol
What is a severance tax?
Tax on mineral wealth
Is budgeting an easy or difficult process? Why?
Hard to expenses/revenue estimate far out, unknown future that could impact economy
How did the founding of Medicare and the Great Recession impact state revenues and taxes?
Medicare increased payroll taxes; the Great Recession allowed for more federal support for state and local governments