Thursday, July 2, 2020

Budget Hole Grows Deeper

"Son of man, when a land sins against Me by persistent unfaithfulness, I will stretch out My hand against it; I will cut off its supply of bread, send famine on it, and cut off man and beast from it."
It’s the beginning of another month, which as of late has meant another report from the comptroller’s office showing a decline in sales tax collection in Texas compared to last year.

On Tuesday, Texas Comptroller Glenn Hegar said state sales tax revenue totaled $2.67 billion in June, 6.5 percent less than in June 2019.

Sales taxes remitted to the state in June consist mostly of taxes collected by businesses in May.

“The decline in state sales tax collections was driven principally by steep drops in remittances from oil- and gas-related sectors,” said Hegar. “Collections from the construction and amusement service sectors were also sharply down.”

The state’s sales tax is the biggest source of revenue for the state government—accounting for more than 57 percent of Texas’ total tax collections.
Bottom Line: Budget cuts, they are a-comin'!!!!

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