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A Texas-Sized Tax Cut

Speaking of Texas, here’s a headline that brought a smile to our faces:

We always prefer cutting income tax rates over property taxes, but Texas is already a no-income-tax state. The Texas economy is so strong that a surge in revenues has created the biggest budget surplus ever in Austin.

So congrats to Governor Greg Abbot and Lt. Governor Dan Patrick (who runs the Senate) for a major victory for taxpayers.

The bill does the following:

  • Saves Texans $12 billion by slashing property tax rate for all homeowners and business properties.
  • Every homeowner who homesteads their home (approximately 5.7 million homeowners) will get a $100,000 homestead exemption.
  • Cuts the franchise tax on small businesses.

Next up: this Fall Abbott and Patrick need to adopt their sweeping education choice bill for FIVE MILLION Texas school kids. If that happens, this will be one of the most productive state legislative sessions in any state in American history.

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