We’ve set some pretty high goals for Texas’ budget for the upcoming biennium. And to achieve them, Texas need to overhaul its arcane and opaque budget-making process.
Ultimately, a carbon tax is based on flawed assumptions and carries high economic costs. Let’s not resort to a carbon tax that’s simply social engineering. Instead, the focus should be on reducing government barriers so entrepreneurs can innovate in order to continue cleaning the environment and increasing human flourishing in a way that makes energy more affordable for everyone.
There’s certainly room for improvement in Texas — the state should expand education freedom and structurally reform property taxes, for example — but overall the American Dream is alive and well here. Before people write-off the Texas model as some miracle based on oil and gas activity, they should do their homework.
While there are only a few beats left in the heart of the current special session, the 85th Legislature can still equitably fund education and direct more dollars to classrooms so quality teachers receive higher merit-based pay.
If the Legislature actually passes bills on the 20 charges specified in the call by Gov. Greg Abbott, Texans could see a return on their investment in the special session far surpassing their wildest expectations.
Given the evidence of a positive relationship between higher economic freedom and greater prosperity, Texans should remain vigilant and pursue policy changes that will move Texas to be the most free.
Legislators will be tempted to tap the Economic Stabilization Fund for many reasons, but restraint should be exercised.
For Texas families to continue flourishing under a responsible model of no personal income tax and relatively low taxes overall, government spending must be restrained. The Texas Legislature can do this next session by passing a conservative spending limit.
When it comes to basic government services, state lawmakers have met Texans’ needs — and then some. Now it’s time to let taxpayers keep more of their hard-earned dollars.
Given the potential for big economic benefits, Texas lawmakers would be wise to use every available dollar this year to fully repeal the state's business tax, also known as the margins tax.