Begins planning process for returning tax revenue back to taxpayers
AUSTIN – Today, Dan Patrick, authentic conservative candidate for Lt. Governor, announced the creation of a new Tax Reform Task Force. The Task Force will be comprised of conservative grassroots leaders, business leaders and tax policy experts. Members will be tasked with determining the best way to return projected revenue surpluses to taxpayers.
According to early estimates from the Texas Comptroller’s Office, when the Texas Legislature convenes in 2015, we will have a surplus of tax revenue of at least $2.6 billion. Oil and gas activity, and the Texas economy in general, is expected to continue to flourish and provide ample revenue for the next budget cycle as well. The Economic Stabilization Fund is also projected to hold more than $8 billion by the fall of 2015.
“The taxpayers of Texas tend to be the last ones invited to the table when revenue projections are good and tax coffers are full,” said Dan Patrick. “My pledge is to put taxpayers at the front of the line so they get served first.
“The Comptroller has put everyone on notice that Texans are paying more taxes than we need to pay for the current budget. We need to begin planning now on how to return that surplus before the special interests start spending it.”
The task force will begin work immediately after the members are selected. Available resources will be used to gather data and ideas as a plan is produced to return surplus tax revenue to taxpayers.
“The Senate Finance Committee has been without a chairman since October, 2013, and the committee hasn’t met since August, 2013,” said Patrick. “David Dewhurst has put politics before policy and has failed to handle the fiscal business of the state of Texas. We must start addressing these issues today.”
As a State Senator, Dan Patrick has proposed legislation to limit the growth of state spending to a rate below population growth and inflation as well as cutting taxes. Those bills cut the appraisal cap on homesteads, lowered the revenue cap on local governments and reformed the rollback rate process to help voters. In addition to returning surplus tax revenue, as Lieutenant Governor, Patrick is committed to lowering property taxes and forming this task force is a reflection of that fiscal philosophy.