Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Yeah, we got a little cash surplus in the state
of Texas. Right now, we're flush with cash. Doctor Vance again,
the economist that again, economic consulting, joins us. Of course,
it's always I know, the state has fun trying to
figure this out. Who gets money, who, how should we
spend the money? Nobody ever, just says give it all back?
And I never I guess I understood, understand to a
(00:22):
certain extent why government is that way.
Speaker 3 (00:24):
Bans.
Speaker 1 (00:24):
But you know, when you have when you pay too
much in property taxes to your escrow account at the bank,
they send the money back. You pay too much. Here,
here's your money back. Why can't we do that as
a state? Yeah, Jimmy, you're right.
Speaker 2 (00:40):
I mean, there's twenty four billion dollars in surplus, meaning
excess money that's being collected from us in taxes, from
taxes and for sales taxes, franchise taxes, and a whole
bunch of other things.
Speaker 3 (00:50):
And we also have twenty eight billion dollars.
Speaker 1 (00:55):
He disappeared. You disappeared there for a second, Go ahead, bance,
I hear you again. Nope, I guess he's in a
bad cell. Of course, the worst sell will be HM
would be in the county jail, but in a bad cell.
Can you hear me, dvance, Yep, I can't hear him.
Try to reconnect real quick, Marco, see if we can
(01:16):
get him back up on the line.
Speaker 3 (01:17):
Jimmy, can you hear me? Nope?
Speaker 1 (01:18):
Now I can hear you. Now I can hear you.
Speaker 3 (01:19):
Okay, great, Yeah, no, I was just saying that.
Speaker 2 (01:22):
But you know, we have twenty four billion dollars in surplus,
and there's twenty eight billion dollars in the Rainy Day
Fund too, so there's fifty two billion dollars total that's
on the sidelines.
Speaker 3 (01:31):
They should all be returned to us in some way.
Speaker 2 (01:33):
I think property tax relief would be the best way
to go, but ultimately should be back in our pockets.
Speaker 1 (01:37):
Yeah, I know, property tax relief is certainly something that
is on the table. But they're not going to spend
it all on property tax relief, are they.
Speaker 3 (01:43):
No, No, they're not.
Speaker 2 (01:45):
There's already talk about putting five billion more dollars into
the Texas Energy Fund, two and a half billion dollars to.
Speaker 3 (01:50):
The Texas Water Fund.
Speaker 2 (01:52):
There's five hundred million dollars talked about giving to the
film incentives to get more.
Speaker 3 (01:57):
I guess movies if you made in Texas, and a
whole of other things.
Speaker 2 (02:01):
So yeah, they're already talking about spending most of it
instead of giving.
Speaker 3 (02:04):
It back to taxpayers.
Speaker 2 (02:06):
There's about three and a half to the six billion
dollars that it is going to be given in property
tax relief that are in these budgets, so that means only.
Speaker 3 (02:13):
About a quarter would go back to taxpayers. Their rests
would go for spending.
Speaker 1 (02:17):
So how do we end up with this big of
a surplus? By the way, the rainy day fund. I
have no problem with having bunning in a rainy day
fund because someday we're going to need that for you know,
if the economy gets real bad. But but what you know,
what led to such a massive surplus? What are we
doing right?
Speaker 2 (02:33):
Well, the economy is growing and we have people that
are moving here every day. About eleven hundred people are
moving to Texas on average every day. And so if
you have more people, you have a growing economy, you're
going to get more in sales taxes, and so sales
taxes brings in about you know, it's almost fifty five
percent of our overall tax revenue that comes in, so
as the economy grows, tax revenues grow as well, and
(02:56):
spending has been up quite a bit of the last
couple of sessions. And so even with all that additional spending,
which I've been saying, hey, we've been spending way too much,
the revenue is coming in faster because of a growing economy,
and people are wanting to leave places like California and
New York and move to places like Texas.
Speaker 1 (03:11):
Yeah, how about spending some of the money on trying
to fix our electric grid or expand our electric grid
to the point. You know, we have this new AI
program the President has proposed, much of which will happen
here in Texas. But we keep adding businesses like bitcoin
and AI and all these big energy users, and we're
not going to be able to produce enough electricity in
order to keep these businesses coming unless we hurry up
(03:33):
and do something about it.
Speaker 3 (03:35):
Well, it's a great point, Jimmy.
Speaker 2 (03:36):
I mean, I think we really need energy abundance in Texas.
Whenever you look at what's going on and the growth
of the economy, the data centers and everything else. I
don't want to stifle the innovation and the growth of
the economy. Instead, I want to figure out ways to
get more energy across the economy as well, and so
I think by rolling back a lot of the regulations
that Trump did in some of these executive orders in
his first few days will help out tremendously. And in addition,
(03:59):
Texas has a lot to do too of rolling back
a lot of the regulations and getting government out of
the way. I'm actually pretty excited, Jimmy about these small
modular reactors that many of these data centers can use
to to provide electricity for themselves and maybe even add
more to the grid. I mean, that seems like a
great opportunity for more energy abundance.
Speaker 1 (04:18):
Yeah, it does. Bence, thanks for joining us. Ben's Again
Economists at Again Economic Consulting six twenty seven.
Yeah, we got a little cash surplus in the state
of Texas. Right now, we're flush with cash. Doctor Vance again,
the economist that again, economic consulting, joins us. Of course,
it's always I know, the state has fun trying to
figure this out. Who gets money, who, how should we
spend the money? Nobody ever, just says give it all back?
And I never I guess I understood, understand to a
(00:22):
certain extent why government is that way.
Speaker 3 (00:24):
Bans.
Speaker 1 (00:24):
But you know, when you have when you pay too
much in property taxes to your escrow account at the bank,
they send the money back. You pay too much. Here,
here's your money back. Why can't we do that as
a state? Yeah, Jimmy, you're right.
Speaker 2 (00:40):
I mean, there's twenty four billion dollars in surplus, meaning
excess money that's being collected from us in taxes, from
taxes and for sales taxes, franchise taxes, and a whole
bunch of other things.
Speaker 3 (00:50):
And we also have twenty eight billion dollars.
Speaker 1 (00:55):
He disappeared. You disappeared there for a second, Go ahead, bance,
I hear you again. Nope, I guess he's in a
bad cell. Of course, the worst sell will be HM
would be in the county jail, but in a bad cell.
Can you hear me, dvance, Yep, I can't hear him.
Try to reconnect real quick, Marco, see if we can
(01:16):
get him back up on the line.
Speaker 3 (01:17):
Jimmy, can you hear me? Nope?
Speaker 1 (01:18):
Now I can hear you. Now I can hear you.
Speaker 3 (01:19):
Okay, great, Yeah, no, I was just saying that.
Speaker 2 (01:22):
But you know, we have twenty four billion dollars in surplus,
and there's twenty eight billion dollars in the Rainy Day
Fund too, so there's fifty two billion dollars total that's
on the sidelines.
Speaker 3 (01:31):
They should all be returned to us in some way.
Speaker 2 (01:33):
I think property tax relief would be the best way
to go, but ultimately should be back in our pockets.
Speaker 1 (01:37):
Yeah, I know, property tax relief is certainly something that
is on the table. But they're not going to spend
it all on property tax relief, are they.
Speaker 3 (01:43):
No, No, they're not.
Speaker 2 (01:45):
There's already talk about putting five billion more dollars into
the Texas Energy Fund, two and a half billion dollars to.
Speaker 3 (01:50):
The Texas Water Fund.
Speaker 2 (01:52):
There's five hundred million dollars talked about giving to the
film incentives to get more.
Speaker 3 (01:57):
I guess movies if you made in Texas, and a
whole of other things.
Speaker 2 (02:01):
So yeah, they're already talking about spending most of it
instead of giving.
Speaker 3 (02:04):
It back to taxpayers.
Speaker 2 (02:06):
There's about three and a half to the six billion
dollars that it is going to be given in property
tax relief that are in these budgets, so that means only.
Speaker 3 (02:13):
About a quarter would go back to taxpayers. Their rests
would go for spending.
Speaker 1 (02:17):
So how do we end up with this big of
a surplus? By the way, the rainy day fund. I
have no problem with having bunning in a rainy day
fund because someday we're going to need that for you know,
if the economy gets real bad. But but what you know,
what led to such a massive surplus? What are we
doing right?
Speaker 2 (02:33):
Well, the economy is growing and we have people that
are moving here every day. About eleven hundred people are
moving to Texas on average every day. And so if
you have more people, you have a growing economy, you're
going to get more in sales taxes, and so sales
taxes brings in about you know, it's almost fifty five
percent of our overall tax revenue that comes in, so
as the economy grows, tax revenues grow as well, and
(02:56):
spending has been up quite a bit of the last
couple of sessions. And so even with all that additional spending,
which I've been saying, hey, we've been spending way too much,
the revenue is coming in faster because of a growing economy,
and people are wanting to leave places like California and
New York and move to places like Texas.
Speaker 1 (03:11):
Yeah, how about spending some of the money on trying
to fix our electric grid or expand our electric grid
to the point. You know, we have this new AI
program the President has proposed, much of which will happen
here in Texas. But we keep adding businesses like bitcoin
and AI and all these big energy users, and we're
not going to be able to produce enough electricity in
order to keep these businesses coming unless we hurry up
(03:33):
and do something about it.
Speaker 3 (03:35):
Well, it's a great point, Jimmy.
Speaker 2 (03:36):
I mean, I think we really need energy abundance in Texas.
Whenever you look at what's going on and the growth
of the economy, the data centers and everything else. I
don't want to stifle the innovation and the growth of
the economy. Instead, I want to figure out ways to
get more energy across the economy as well, and so
I think by rolling back a lot of the regulations
that Trump did in some of these executive orders in
his first few days will help out tremendously. And in addition,
(03:59):
Texas has a lot to do too of rolling back
a lot of the regulations and getting government out of
the way. I'm actually pretty excited, Jimmy about these small
modular reactors that many of these data centers can use
to to provide electricity for themselves and maybe even add
more to the grid. I mean, that seems like a
great opportunity for more energy abundance.
Speaker 1 (04:18):
Yeah, it does. Bence, thanks for joining us. Ben's Again
Economists at Again Economic Consulting six twenty seven.
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