While the Texas legislature convenes to address the state's budget crisis, lawmakers are considering spending cuts across all sectors in order to balance what could be a $15 billion shortfall.
However, Governor Rick Perry has made it clear that he will not raise taxes, arguing the state's tradition of limited spending and taxation can be used to tackle the crisis.
Meanwhile, Lieutenant Governor David Dewhurst announced Thursday that the state will propose a budget plan that strikes 8,000 state jobs.
"This past election showed people do not want their government, ours or the federal government, to be spending more money than they take in," Dewhurst said in an interview on Bloomberg Television.
The Lieutenant Governor added that the cuts would not raise unemployment, as the majority of the targeted positions are vacant. The state currently holds a below-national-average unemployment rate of 8.2 percent.
While the Perry administration tendered its budget proposal, Texas lawmakers met to offer their own plans - a common theme of which suggests large-scale reform of the Texas franchise tax - a levee imparted on all enterprises doing business in the state, including Texas LLC formation.
Tags : Incorporation, Taxes, TX
Posted: Jan 14th, 2011