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Friday, March 18, 2011

TX Budget: Billions Available Says AARP

The AARP has come up with a list of money Texas could tap to fix its budget hole. Without comment, here they are:

Eliminate Sales Tax exemptions on business, professional services (legal, architectural, real estate broker, except health care)...Would RAISE $5.6 Billion on 2012-13 biennium

Eliminate high-cost-natural-gas exemption...Would RAISE $2.3 Billion

Eliminate recognition of optional percentage homestead exemption...Would Raise $1 Billion

Eliminate freeport property tax exemption...Would RAISE $850 Million

Eliminate 10% property tax appraisal cap...Would RAISE $650 Million

RAISE sales tax 1/2%...Would RAISE $3 Billion
INCREASE Franchise Tax from 1% to 1.25%...Would RAISE $2.1 Billion
RAISE Gas Tax 5 cents....Would RAISE $1.5 Billion
RAISE cigarette tax 59 cents/pack...Would RAISE $1.2 Billion

ALLOW Slot Machines at existing gambling sites...Would RAISE $2 Billion