Comptroller Glenn Hegar reports tax revenue for fiscal year 2022 alone jumped more than...
Texas Comptroller Glenn Hegar, shown speaking during the 2022 Republican Party of Texas Convention in June.Texas lawmakers are returning to Austin this week with an overflowing budget surplus, thanks to the pandemic recovery, inflation and high energy prices, Comptroller Glenn Hegar said Monday.
Inflation has been a major factor over the past year, driving up sales and other state tax revenue. Sales taxes account for more than half of the dollars collected by the state, and Hegar said he expects that to grow slightly over the coming biennium. "Inflation is no longer accelerating, but it remains well above the Federal Reserve’s policy target," Hegar noted."If the Federal Reserve again significantly increases interest rates to try to control inflation, this could deepen an expected mild recession in 2023."
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