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.
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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.
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.
#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
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.
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.
Nice figure showing how Texas remains a global leader in oil production.
U.S. ECONOMIC AND FISCAL SITUATION
More evidence that Biden’s Build Back Better (BBB) agenda kills prosperity.
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/EVemveBdq7What are the proportional effects of BBB on debt and job losses in your state?
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
Labor market continues to have problems as noted by recent weak jobs report.
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.
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
And it’s not just because people are concerned about the novel coronavirus, but more likely because they’re paid to not work.
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
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/Lh1m5EllYvMore evidence from the FY21 federal budget data that spending is the problem.
Here’s a way to solve the excess spending problem.
The debt limit is important, especially when it has teeth.
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
We need a monetary policy rule.
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
TheMoneyIllusion @MoneyIllusion
A bad economy doesn’t mean monetary policy is off course https://t.co/OPySzvCboJ
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.
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
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
Why aren’t media outlets reporting this?
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
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
Closing Thoughts
Good quote by the late economist Walter Williams:
My prayers this week are focused on the following:
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,
Vance Ginn, Ph.D. | www.vanceginn.com | #LetPeopleProsper
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