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Texas Has Surplus |
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The U.S may
be already in the verge of a recession, but Texas will have a
more than $10.7 billion surplus when the legislature convenes
next January.
The Texas controller general’s office reported that much of the
extra money came from record oil prices. And oil and gas
employment in Texas has been booming. In Austin, the governor’s
office indicated that the governor would will like to return
part of the surplus money to the taxpayers in the form of tax
cuts or rebates.
In Texas, oil and?gas employment grew 7.5 percent between March
2007 and March 2008, creating an overall increase of 214,000
Texas jobs.
A lot of lawmakers in Texas believe that there will be a need
for increase spending on crucial needs such as Medicaid and
public education, instead of going for a tax rebate.
Even though the Controller’s office predicted the surplus, we
still think the rosey forecast may still be premature. |
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