POLS 2312 1st Edition Lecture 30 Outline of Last Lecture I. Speaker of the HouseII. The BudgetIII. Texas Tax PoliciesIV. Revenue SourcesOutline of Current Lecture I. Regressive State TaxesII. Federal FundsIII. Texas RevenueIV. Sales TaxV. Pay-as-you-go LimitCurrent Lecturel.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/ servicesit 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
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