Vows to continue his efforts to make small business tax cut permanent and reform spending limit
Texas Insider Report: AUSTIN Texas - Today Senator Dan Patrick (R)-Houston joined Governor Perry in announcing a new budget compact for Texas. The compact lays out five principles that will ensure the continued growth of the Texas economy.
Truth-in-budgeting: Putting an end to budgetary tricks and maneuvers and delaying payments. Using fees and dedicated accounts for the purpose for which they are collected and ending the collection of fees if they are not used in the way they are intended; Strict Constitutional limits on spending: Limiting the growth of any increase in state spending to the growth of our population combined with the rate of inflation rather than growth in personal income; Low taxes: Opposing any new taxes and any increases on taxes currently in place. Making the small business tax exemption permanent which leaves more money in the pockets of 40000 small business owners to invest in new hires or new equipment; Preserve a strong Rainy Day Fund: Maintaining an adequate Rainy Day Fund to respond to unforeseen circumstances and emergencies whether natural or man-made.
Keeping any payouts of the Rainy Day Fund exclusively for one-time-only uses and never using it for ongoing expenses; and Cut unnecessary government programs and agencies: Targeting and eliminating wasteful and redundant government programs and agencies. Always looking to cut expenses first whether tax receipts meet expected projections or not.
The State of Texas is leading the country economically but our success is not guaranteed said Senator Patrick. Adopting these economic policies will allow Texas to lead the United States into the future.
Senator Patrick is the primary proponent and author of the small business exemption to the Texas franchise tax. Patrick has also filed bills in 2007 2009 and 2011 that would have reformed Texas constitutional spending cap.
I am proud to be the first legislator to endorse Governor Perrys Texas Budget Compact and look forward to continuing our fight on these critical economic issues said Patrick.
