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48. Achieving Success: Providing Property Tax Relief and Stopping Bad Policy
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48. Achieving Success: Providing Property Tax Relief and Stopping Bad Policy

In this newsletter, I discuss what's needed in the waning days of the 3rd special session in TX, how weak the U.S. labor market is because of Biden's bad policies, and the improving COVID situation.

Vance Ginn, Ph.D.
Oct 13, 2021
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Hello Friend,

This Let People Prosper newsletter gives my latest takes on what’s going on with Texas (would rank as the 9th richest country in the world excluding California), the U.S., and COVID-19. These takes are based on my belief that free-market capitalism best lets people prosper. Please subscribe and share.

  • Personal take: We’ve been doing well. Baby Parker has been keeping my wife nauseated so I’ve been doing more around the house while she gets some much-needed rest. That’s tough to do with two rambunctious boys running around, having soccer practices, going to swimming lessons, fishing, doing homework, both working, and accomplishing other things in our everyday routine. But somehow she does so much! I’m very thankful for her. Because with all of this going on, there is a third special session going on at the Texas Capitol where I’m working diligently to keep lawmakers from overspending so they can provide property tax relief, which is the major tax problem in Texas. One of my ways to relax is to read books while on the elliptical and listen to books on my 45-minute commute to and from work. Check out the books that I’ve been reading lately and more of them on my Goodreads page.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Fishing is therapeutic. #RepublicofTexas #memories #BrushyCreekLake
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    October 12th 2021

    8 Likes
  • Hot take: The third special session ends next week. There is much not accomplished yet with time running out. This includes redistricting, which Gov. Abbott recently said at a TPPF event that there could be a fourth special session to do it. This includes no property tax relief passed yet, though there are bills moving through the process (SB 1 and HB 90) but recent differences between the House and Senate versions of SB 1 could blow things up. And if there isn’t a combination that provides real relief for taxpayers (see TPPF CEO’s tweet below), then this may be another reason for a fourth special session. This includes no passage of allocating the $16 billion in funds to Texas through the American Rescue Plan Act (ARPA) sent by Congress, which there are good things like paying UI debt to avoid a business tax hike, border security, and TRS-care, but there is no property tax relief and lots of pork to universities and hospitals. Again, this could be another issue pushed to the fourth special session if the two chambers can’t agree. If these issues aren’t going to be good for Texans, then the Legislature should start over. However, I’m an optimist and believe they can come together to do what’s best for Texas.

    Twitter avatar for @KevinRobertsTXKevin Roberts @KevinRobertsTX
    #TXlege has a great opportunity to deliver real property tax relief in the next few days. This would be success: 1) Broad-based property tax cuts 2) Structural reform to phase out property taxes 3) Responsibly using ARPA funds, namely by returning any surplus to taxpayers

    Vance Ginn @VanceGinn

    Given #txlege is allocating $16B in #ARPA funds & has multi-billion $ GR surplus in #Texas, they should fully fund UI, address border crisis, & provide broad-based property tax cuts to remember taxpayers. @TPPF https://t.co/Ejd6lKiQB2 @DrGregBonnen @TeamBettencourt @MorganMeyerTX

    October 12th 2021

    2 Retweets3 Likes

Now for the latest on Texas, D.C., and COVID-19 in Texas.

TEXAS ECONOMIC AND FISCAL SITUATION

  • Here’s my take on what Texas should do with ARPA funds.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    3/3 Watch my testimony at 3:54:00 before #Texas #House Approps on need to remember the taxpayers when using $16B in #ARPA funds, which was my message before Senate Finance earlier in the week. @TPPF Video:
    tlchouse.granicus.com/MediaPlayer.ph… @DrGregBonnen @SenJaneNelson
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    October 11th 2021

    1 Retweet2 Likes
  • Here’s more on what to do with ARPA funds from TPPF’s Livestream event with my friends Jonathan Williams at ALEC and Patrick Gleason at ATR.

  • More on how to allocate ARPA funds so we can remember the taxpayers.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Given #txlege is allocating $16B in #ARPA funds & has multi-billion $ GR surplus in #Texas, they should fully fund UI, address border crisis, & provide broad-based property tax cuts to remember taxpayers. @TPPF
    thecannononline.com/remember-the-t… @DrGregBonnen @TeamBettencourt @MorganMeyerTXRemember the TaxpayersTexas and football go hand-in-hand. There is nothing like the two-minute drill at the end of a game with increased adrenaline pushing you on to victory. Texas lawmakers are likely feeling a similar jolt in an effort to appropriate the remaining $16 billion of the $40 billion that Congress sent to Te…thecannononline.com

    October 12th 2021

    2 Likes
  • Nice figure showing how Texas remains a global leader in oil production.

    Twitter avatar for @Mark_J_PerryMark J. Perry @Mark_J_Perry
    If Texas were a separate country, it would be the No. 3 largest oil-producing country in the world behind only Russia and Saudi Arabia. @VanceGinn @GovAbbott @MarkPMills #SaudiTexas
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    May 26th 2021

    42 Retweets101 Likes

U.S. ECONOMIC AND FISCAL SITUATION

  • More evidence that Biden’s Build Back Better (BBB) agenda kills prosperity.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Whether it’s our @TPPF effects or @danieljmitchell’s at @club4growth effects, #Biden’s #BuildBackBetter plan will crush the American dream for millions of people. @Comm4Prosperity #killthebills #letpeopleprosper @Heritage @CatoInstitute @TaxFoundation @BudgetHawks @AFPhq

    Dan Mitchell @danieljmitchell

    Given that Biden wants to copy the fiscal policies of nations that are poorer than the United States, we shouldn't be surprised to read estimates that the President's fiscal agenda will significantly reduce America's long-run economic vitality https://t.co/EVemveBdq7

    October 10th 2021

    2 Retweets1 Like
  • What are the proportional effects of BBB on debt and job losses in your state?

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    How many jobs would your state lose if #Biden’s “#BuildBackBetter” agenda passed? Find out:
    texaspolicy.com/reversing-the-… @TPPF #congress #txlege @FoxBusiness @ALEC_states @RepublicanStudy @Sen_JoeManchin @SenatorSinema @RepCuellar @AOC @POTUS @PressSec @GroverNorquist @SpeakerPelosi
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    October 9th 2021

    18 Retweets29 Likes
  • Labor market continues to have problems as noted by recent weak jobs report.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Two million more job openings than unemployed in August is indicative of less incentive for people to return to work. No surprise that if you pay people not to work that they won't. Also, there was a large jump in quits (mandates?). The Beveridge Curve remains unusually high.
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    BLS-Labor Statistics @BLS_gov

    See our interactive graphics on today’s new job openings and labor turnover numbers https://t.co/i0dnmT48xn #JOLTS #BLSdata #DataViz

    October 12th 2021

    1 Retweet3 Likes
  • And it’s not just because people are concerned about the novel coronavirus, but more likely because they’re paid to not work.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Fewer people are blaming #COVID19 for not wanting to go to work. Bad policy paying people to not work should end. #BuildBackBetter plan would pay people to not work more thereby hurting Americans and the recovery. #killthebills @TPPF https://t.co/fhBHrBW5ar
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    Real Time Economics @WSJecon

    Many women have yet to return to the labor market, leading to a smaller pool of labor and driving the unemployment rate lower https://t.co/Lh1m5EllYv

    October 10th 2021

    1 Retweet2 Likes
  • More evidence from the FY21 federal budget data that spending is the problem.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Federal revenues hit a record $4T in FY21. The problem is spending hit a record $6.8T. The deficit hit $2.8T. Tax increases (out of envy or otherwise) to reach a "fair share" won't balance the budget because spending is the problem.
    wsj.com/articles/boom-… @WSJopinionOpinion | Boom Times in the BeltwayFederal revenue hits a record $4 trillion. Who needs a tax increase?wsj.com

    October 13th 2021

    2 Likes
  • Here’s a way to solve the excess spending problem.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    "Irresponsible govt spending damages the productive private sector through redistribution of resources, higher taxes, higher price inflation, & higher interest rates, reducing Americans’ real incomes, job opportunities, & prosperity." We need a Responsible American Budget! @TPPF
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    October 8th 2021

    3 Retweets3 Likes
  • The debt limit is important, especially when it has teeth.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Terrible idea. We have a credit card debt limit. Given Congress is more dysfunctional than families & spends other people’s money, their debt limit should be more restrictive. Need fiscal rules. #ResponsibleAmericanBudget @TPPF @housebudgetGOP @BudgetGOP @RepublicanStudy #

    The Hill @thehill

    NEW: Growing number of Democrats endorse abolishing debt limit altogether https://t.co/Bmr0TpJ3Ze https://t.co/6uKUZRcIlf

    October 9th 2021

    2 Retweets7 Likes
  • We need a monetary policy rule.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Other indicators like the #Taylor rule indicate that monetary policy is well off course. @EconomicsOne Return to normal monetary policy and let labor markets clear after major fiscal, regulatory, and monetary distortions. Need monetary rule.
    atlantafed.org/cqer/research/… https://t.co/167E6INth5
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    TheMoneyIllusion @MoneyIllusion

    A bad economy doesn’t mean monetary policy is off course https://t.co/OPySzvCboJ

    October 9th 2021

    2 Likes

WHAT’S UP WITH COVID-19 IN TEXAS AND BEYOND

  • Latest: TX DSHS Covid-related data here. First 2 major waves had restrictions in place, but people forget and hospital data aren’t always best. Gov. Greg Abbott lifted state restrictions on Mar. 10, 2021, and blocked local restrictions on May 21, 2021. Things are improving in Wave #3 without shutdowns and mandates. Choose freedom over fear, mandates, and control.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    NEW 10/11/21 #COVID19TX Wave #3 Improving: Rt=0.72, 7-dy avgs, hospitalizations Available staffed beds=16.9% (#Austin=19.6%) Case-Fat Rate: Wave #1=2.5%, #2=1.8%, #3=1.9% Since 3/2020: Fat/Pop=0.2%, Case/Pop=11.6%, CFR=1.9% Freedom>Fear #txlege @therealarod1984 @aginnt @TPPF
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    Vance Ginn @VanceGinn

    NEW 10/5/21 #COVIDTX19 Wave #3 Improving Rt=0.68, 7-day avgs, hospitalizations Available staffed beds=14.7% (#Austin=16.6%) Case-Fat Rate: Wave #1=2.5%, #2=1.8%, #3=1.8% Since 3/2020: Fat/Pop=0.2%, Case/Pop=11.3%, CFR=1.9% Freedom>Fear/Control @TPPF #txlege @GregAbbott_TX https://t.co/0wq6wxzrZH https://t.co/VRARJexmcz

    October 13th 2021

    1 Like
  • Why aren’t media outlets reporting this?

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Similar scenario in #Texas without mask mandates or shutdowns in wave #3 which TX had both in the first two waves. Where are media outlets in reporting these stories instead of fearmongering? Freedom > Control Freedom > Fear @GregAbbott_TX @GovRonDeSantis #txlege @TexasDSHS
    Image

    IM @ianmSC

    Cases in Florida are down 88% in the past 1.5 months with no new statewide policy — no mask mandate or vaccine passports In fact, they’re now tied for 48th in the country in current case rate I’m sure any day now the media will be crediting DeSantis for bringing the curve down https://t.co/vSQhQCh9Yq

    October 11th 2021

    4 Retweets5 Likes

Closing Thoughts

Good quote by the late economist Walter Williams:

Twitter avatar for @IndependentInstIndependent Institute @IndependentInst
#Capitalism has contributed to significant gains in economic growth and prosperity throughout its history.
Image

October 10th 2021

5 Retweets15 Likes

My prayers this week are focused on the following:

Twitter avatar for @VanceGinnVance Ginn @VanceGinn
#TrustHim #Amen
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October 12th 2021

Thank you for reading and sharing this newsletter. I pray that we continue to trust in the Lord through whatever we’re going through so that we can be prosperous in all we do. This is how I remain so cheerful and optimistic no matter the circumstances. Many blessings to you and yours,

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Vance Ginn, Ph.D. | www.vanceginn.com | #LetPeopleProsper

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