Texas Budget Texas receives revenue from many different sources. 1.Federal Income Tax 2.State Sales Tax 3.Local Property Tax 4.Fines and Fees 5.Lottery.

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Presentation transcript:

Texas Budget Texas receives revenue from many different sources. 1.Federal Income Tax 2.State Sales Tax 3.Local Property Tax 4.Fines and Fees 5.Lottery 6.Windfall or unexpected income

Federal Income Tax Citizens who have a job pay income tax from the money they make. Income taxes are automatically deducted from your pay check. By April 15 of each year you need to file an Income Tax report to the Federal Government. You may owe them more money or you could get some back.

State Sales Tax Texas charges 6.25% sales tax on every dollar citizen spend. Local governments can add 2% sales tax to make a total of 8.25%. Items not taxed when sold are foods that have not been prepared for immediate consumption.

Local Property Tax When you buy property, land or building, you will pay property taxes on that item each year you own it. The home you live in permanently can be Homesteaded. That means your tax rate is lower than your vacation house rate.

Fees, Fines and Windfall Fees – Drivers License – Hunting & Fishing License – Marriage License – State Park Fees – Vehicle Registration – Handgun License – Boating License – Home title Fees Fines – Traffic Violations – Littering – Loitering – All Misdemeanors – Most Felonies Windfall – Lawsuits

Texas Expenditures 1.Executive Agencies receive most of the revenue. – TEA (Texas Education Agency) receives the most. 2.Local Governments receive revenue from the state. – Conroe (city) – Montgomery County 3.Special Districts receive revenue from the state – C.I.S.D. (Conroe Independent School District) – M.U.D. (Municipal Utilities District)

Governments supply services with revenue collected. Police/Military Protection Fire Protection Waste Management Education (#1 expense) Road construction and repairs. Parks Libraries Health and Human Services