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22 Cards in this Set
- Front
- Back
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What is a regressive Tax? |
imposed in such a manner that the tax rate decreases as the amount subject to taxation increases. |
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What tax does Texas government depend on? What is its percentage and what is the county percentage? |
Sales. 6.25% Bexar county: 8.25% |
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What is Texas ranked when it comes to state spending per capita? What mindset does spending reflect? What has great support of spending and what does not? |
48th - 50th. Conservative mindset. Great support for spending on infrastructure, little support for social/welfare programs |
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*How much (percentage) is federal income in out of our total funds? What 3 programs get 95% of federal grants in aid? |
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What 3 programs get 95% of federal grants in aid? |
1. Health and Human Services 2. Business/economic development 3. Education |
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What is a progressive tax (with an example)? |
tax rate increases as the taxable amount increases. Wealth or property tax. |
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What and when was the Rainy Day fund established? When it its intended use? What is it used for? What fraction of votes is required to use the fund? |
Established in the constitutional amendment of 1988, used primarily to prevent or eliminate temporary cash. Allows states to set aside excess revenue. 2/3 vote. |
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What is the Comptroller of Public Accounts responsible for? What has been a common trend regarding programs and taxes? |
Tax Collection. |
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How many members are on the Legislative Budget Board, what do they do and what do they help draft? |
10, Development of recommended legislative appropriations for all agencies of state government. Prepare a General Appropriations Bill draft. |
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What is a general sales tax? How much of state revenue does it make up? What is the current rate? What are some exemptions? |
Tax on sales/goods, 55% of state revenue, current rate: 6.25% for state. Exemptions: Grocery food, water, telephone, goods sold via internet. |
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What is a selective sales tax? |
Highway user taxes, sin taxes. |
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What is included in Business Tax (3 types, what do they do?) |
Franchise- Business try to limit personal liability of owners, imposed on business for doing business in Texas. Payroll- Provides funds for payment of unemployment insurance. Selective Tax- Severance Tax, Highly volatile. |
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What is a severance tax (with example)? |
when non-renewable natural resources are extracted (or severed) within a taxing jurisdiction. Example: Coal, Uranium, Oil. |
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What is a payroll tax (whom does it benefit)? |
Provides funds for payment of unemployment insurance, unemployed. |
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How many state participate in state run lotteries? |
43 |
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Who administers the lottery and where do the profits go? |
Texas Lottery Commission, profits used to support Texas public schools |
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Who controls tax collection and what percentages of taxes are collected? |
Comptroller- 90% of states taxes |
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What are the budget preparations? |
Begins with development of mission statement, agencies must submit plan to GOBPP and LBB |
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What agencies submit 5 year plans? What must the budget agree with? |
Public housing agency. Must agree with Comptroller's revenue estimate |
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Who do we get our 2 budgets from? Which holds more weight? |
Legislative Budget Board and Governor's Office of Budget Planning and Policy |
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*Why do we look at the governors budget? |
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What are the 3 major state expenditures and what percentage are for each? |
Education (28.1%), Human and Health Services (36.9%), Intergovernmental payments. |
