GOVT 2306-140 - Week 7 - Fiscal Policy

These flashcards cover essential terminology and concepts related to Fiscal Policy as discussed in the GOVT 2306-140 lecture.

Ad valorem taxes

Taxes that multiply the appraised value of the property by a tax rate set by local government.

Sales tax

The largest source of revenue for the State of Texas.

Excise tax

A tax levied on specific goods or services, often used as a source of revenue.

Health Services and Education

The two largest areas of state spending in Texas.

Governor's Office of Budget, Planning, and Policy (GOBPP)

The office responsible for preparing the initial draft of the budget in Texas.

Biennial Revenue Estimate

A detailed forecast of the revenue that the state is expected to take in over the next biennium.

Cost of higher education

An ongoing issue in state financing in Texas.

Line-item veto authority

The governor's power to veto individual items in the appropriations bill.

Sales tax

A tax that burdens low-income families more than higher-income families, based on spending.

$320 billion

The budget passed by the 88th Texas Legislature for the upcoming biennium.