Gov. Greg Abbott announced that the state earned a $33 billion surplus in Texas tax revenue and has surpassed the combined state budget in Connecticut, Delaware, and Vermont.
$33 Billion Surplus in Texas Tax Revenue
An amount of $33 billion surplus in Texas tax revenue has surpassed the combined state budget of Connecticut with $20 billion, Delaware with $5 billion, and Vermont with $8 billion. The state is now debating on how to efficiently spend this state budget.
In a published article in New York Post, Texas Comptroller Glenn Hegas said, “The increase is a direct result of vigorous economic growth since the end of COVID-19 pandemic restrictions, spikes in energy prices and, unfortunately, the highest rate of general price inflation in 40 years.”
Moreover, the state is cited as one of the most popular places to move in the country. This also means that more people are paying their taxes and it is not a surprise anymore why it has reached a $33 billion surplus in Texas tax revenue.
Lawmakers Need to Decide How to Spend the $33 Billion Surplus in Texas Tax Revenue
According to a published article in BLOOMBERG, state Gov. Greg Abbott and Republicans are already debating on how to spend the extra fund. State lawmakers should now decide on how to spend this huge amount of surplus in Texas tax revenue.
Meanwhile, Texas Gov. Greg Abbott wants to spend half of the money to give back to the homeowners. On the other hand, Lieutenant Governor Dan Patrick wants to invest a portion of the $33 billion surplus in Texas tax revenue into the electric grid.