What state and local Taxes do Texans pay?
In 2007, nearly 80% of all state and local taxes paid by Texas taxpayers went to just two taxes- local property and sales taxes. The property tax was the largest tax paid by the average family. All other state taxes, such as the state sales tax of 6.25%, the motor vehicle sales tax, the franchicse tax, and the sin tax constitue the remaining amount of collected taxes. Texas does not have an income tax, or a state-wide property tax, as both are deemed unconstitutional.
Where do state revenues come from?
About half of total state revenue comes from axes. Another third comes from the federal government. The remaining amount comes from Gross Lotery collections.
How much revenue will we have for the 2008-2009 biennium?
General Revenue collected in 2008-2009 is expected to total $78.4 billion--only $2.4 billion more than in 2006-2007. Combined with $7 billion in balances unspent at the end of the fiscal year 2007, this yields $85 billion available for the 2008-2009 biennium.
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