Description
Take a look at your state's (Texas) revenue generation for this forum. As an example, see the Ohio Department of Taxation website (http://www.tax.ohio.gov/Government.aspx).
Please review your state site (Texas. Next, choose one aspect of revenue generation and analyze it in detail. Focus on revenues and NOT expenditures.
The Volcker Alliance has assembled in the following pages a valuable set of tools for achieving a greater understanding of the budget process and state government finances. This guide serves as a convenient repository of connections to budget and financial information for state governments in general and for each state. You can access it at https://www.volckeralliance.org/news/volcker-alliance-launches-analysis-50-state-budgets
4 pages, double-spaced; minimum 3 scholarly sources
Explanation & Answer
Attached.
Texas State Revenue
Thesis Statement: Petroleum revenue is sensitive to Texas since the taxes and royalties are an
essential service, and their unpredictable nature is inspiring the government to make
considerations to increase reserve funds deposits.
(I)
Introduction
(II)
Revenue Contribution from the Petroleum Industries
(III)
State Policies and Tax Revenue Changes
(IV)
The Future of Oil and Gas industry in Texas
(V)
Conclusion
Running head: TEXAS STATE REVENUE
1
Texas State Revenue
Name
Institution Affiliation
Date
2
TEXAS STATE REVENUE
Introduction
Revenue collection is an essential factor that enhances service delivery within a state.
The statistics obtained from the Volcker Alliance the State delivery of services can be highly
dependent on petroleum revenues. Although the analysis shows that petroleum revenues are
unpredictable, they contribute significantly toward service delivery. Between 2016 and 2018,
Texas followed the best practices in revenue growth projections. There is a high level of
volatility in the oil and gas markets, and Texas is not an exception. There are specific state
policies that tend to pressure tax rates downwards when the value of the property rises. Any tax
rates, which would cause an 8% growth in revenue, to require the approval of local governments
through an election (Raimi, 2017 May 17). As the taxable value increases the tax rate
significantly decreases. When the property values decrease, the property tax is increased
although sometimes it is not enough to hold the revenues steady. This discussion is thus based on
an analysis of petroleum revenues as one of the critical source of funds in service delivery within
the state. Petroleum revenue is sensitive to Texas since the taxes and royalties are an essential
service, and their unpredictable nature is inspiring the government to make considerations to
increase reserve funds deposits.
Revenue Contribution from the Petroleum Industries
Tax and roya...
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