• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 days Does Toyota Know Something That We Don’t?
  • 3 days America should go after China but it should be done in a wise way.
  • 9 days World could get rid of Putin and Russia but nobody is bold enough
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 18 hours Even Shell Agrees with Climate Change!
  • 11 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 12 days Putin and Xi Bet on the Global South
  • 13 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
ZeroHedge

ZeroHedge

The leading economics blog online covering financial issues, geopolitics and trading.

More Info

Premium Content

Texas Sees 25% Tax Revenue Surge As Oil Firms Boom

  • Texas saw a 25% surge in tax revenue for the 2022 fiscal year.
  • Oil and gas firms led the charge, paying as much as $10 billion in taxes.
  • The increase in tax revenue is almost double the largest increase seen since 1988.

Tax revenue in Texas grew by a record 25.6 percent for the 2022 fiscal year through August, according to the latest tax collection data released by the state Comptroller of Public Accounts, Glenn Hegar.

All-funds tax collection for fiscal year 2022 until August came in at $77.2 billion, beating projections made in the Certification Revenue Estimate by nearly $841 million, the data show.

Since 1988, the growth in the all-funds tax collections has exceeded the prior fiscal year by double digits just five times. And even then, the increases were only in the range of 10 to 13 percent. The 26 percent increase in fiscal 2022 until August is almost double the largest increase seen since 1988.

In a Sept. 1 press release, Hegar credited the higher sales tax collections to economic growth and inflation. As demand remains strong, both individuals and businesses continue to pay elevated prices for goods, he pointed out.

State sales tax receipts tend to spike during periods of high inflation. The 12-month Consumer Price Index (CPI), a measure of annual inflation, has remained above 7 percent for every single month in 2022, hitting a peak of 9.1 percent in June.

The CPI was only at 1.4 percent in January 2021 when President Joe Biden took office. In a recently published survey conducted by The Dallas Morning News and the University of Texas at Tyler, 48 percent of respondents blamed Biden and Congress for inflation and the rising cost of living.

Texas does not have a corporate income tax or state income tax meaning the state is highly reliant on sales taxes for its revenue. Sales tax accounts for 56 percent of all tax collections in Texas and is the largest source of government funding.

Sector-Wise Tax, Future Collections

The strong growth in August came from receipts remitted by the oil and gas mining sector, which were up by nearly 80 percent compared with a year ago,” Hegar said in the release.

“Receipts from the construction, manufacturing, and wholesale trade sectors showed double-digit growth for the ninth consecutive month, demonstrating continued strong spending by businesses in the state.”

By Zerohedge.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • DoRight Deikins on September 21 2022 said:
    No corporate or state income tax? And full of Texans and the prettiest women this side of the Rio Grande. But be careful. Open gun laws in Texas and those ladies know how to shoot. And if they aren't packin', there's bound to be some caballero close by that is.

    Whoop! What a place to do business!

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News