The budget shortfall of the 1980s in texas was caused by drops in oil prices and was worsened by the state's tax structure.
The revenue shortfall is a problem for the Texas tax system because the system is based closely on spending among low- and middle-class people. The state takes in over $250 billion a year in revenue coming from over 60 distinct taxes, fees, and assessments. Most of that money goes out to pay for services and activities which include road construction, professional licensing, prisons, and university research.
Texas does not have an individual income tax. Texas does no longer have a corporate income tax but does levy a gross receipts tax. Texas has a 6.25% state sales tax price, a max local sales tax rate of 2.00%, and a median combined state and local sales tax rate of 8.20%.
Texas has a dual budgeting system. A nation with a dual budgeting system calls for each the government branch and the legislative branch to put together and post proposed budgets to the legislature. In Texas, both the governor and the Legislative Budget Board submit proposed budgets.
Learn more about the dual budgeting system here brainly.com/question/28118255
#SPJ4
