Texas Sales Tax Exceed Expectations
- Feb 14, 2012 | Susan McLain
For the past 22 months, sales tax revenue in Texas has increased. Texas Comptroller, Susan Combs says, “Sales tax revenue continues to grow in almost all major economic categories….The recent monthly increase was led by the oil and natural gas-related sectors. Restaurants and services sectors also showed significant gains.”
The total “…sales tax collections topped $2 billion in January, crossing that threshold the second time in three months.” According to Statesman.com, “Before November, Texas’ take from sales tax had not exceeded $2 billion since right before the financial collapse in 2008.”
For Texas, sales tax is the main source of revenue to pay for basic services, schools and prisons. But Combs cautions the state to not get too comfortable, since this recent increase was related to oil and gas industries and the levels of purchasing are likely to drop.