UT Arlington POLS 2312 - State Taxes (2 pages)

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State Taxes



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State Taxes

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Talks about state taxes


Lecture number:
30
Pages:
2
Type:
Lecture Note
School:
University of Texas at Arlington
Course:
Pols 2312 - State and Local Government
Edition:
3
Unformatted text preview:

POLS 2312 1st Edition Lecture 30 Outline of Last Lecture I Speaker of the House II The Budget III Texas Tax Policies IV Revenue Sources Outline of Current Lecture I Regressive State Taxes II Federal Funds III Texas Revenue IV Sales Tax V Pay as you go Limit Current Lecture l Regressive means that the poor are taxed at a higher rate than the wealthy Sales and use taxes are regressive Flat taxes are also generally categorized as regressive ll Federal funds match grants for Medicaid temporary aid to needy families education and roads With matching funds the more a state spends lll Texas also takes revenue from interest on bonds and other investments sales of goods services it provides income from public lands that re rented state lottery tobacco settlement lV The sales tax is the largest source of income for the Texas government Hawaii has the highest income tax rate at 11 and Texas has the lowest with none The Legislature makes a two year budget and only meets 140 days every 2 years and a large portion of the budget is dedicated These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute V The pay as you go limit means that the state budget must always be balanced Any bill to be appropriated must be cleared by the comptroller who must certify that there are funds


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