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  • About
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Institutions Matter Presentation-Texas Model Works But Needs Improvement: LPP EP 21

7/25/2018

 
In this episode (YouTube channel Vance Ginn Economics), I explain how institutions matter from an economic, social, and political perspective. This episode is longer than usual (30 minutes) to go through these institutions and explain how the Texas Model supports prosperity while highlighting how it could be improved by limiting spending and eliminating property taxes--starting with school property taxes.  

Given how federal institutions have failed for so long, though they are improving now, there is a need to look at the states.

A good comparison is the largest four states in terms of economic output and population of California, Texas, New York, and Florida. These states have very different institutions, whereby Texas and Florida have primarily inclusive (liberty-related) institutions and California and New York have primarily extractive (redistributionary) institutions. The economic results from these are clear over the last decade-plus with Texas and Florida leading the way in most economic indicators, even when considering income inequality and poverty. 

I highlight how the Texas Model has led the way in terms of prosperity, but there is more that needs to be done, specifically limiting state and local government spending. Specifically, there is no education spending problem in Texas, as noted by data from the Texas Education Agency, and the state share of education spending hasn't declined. So, the state spending more, as education lobbyists request, will not lower property taxes.

I then go through the option of eliminating school maintenance & operations property taxes over 11 years by limiting spending and using state surplus dollars to permanently buy school property taxes down until they are eliminated. As often asked at these events, I also briefly discuss the option of swapping school property taxes with a sales tax that has a broader base so the rate doesn't increase much if at all then cut taxes with surpluses dollars thereafter. 

I discuss other ways to improve the Texas Model as well, such as passing a stronger state spending limit and eliminating the business margins tax. These steps will allow Texas to be even more prosperous by getting government out of the way with an institutional framework that support entrepreneurial activity and human flourishing today and far into the future. 

Thank you for watching! Please share as you see fit. Have a prosperous day!
Institutions Matter Presentation: Texas Model Work But Needs Improvements
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    Vance Ginn, Ph.D.
    Chief Economist
    ​TPPF
    ​#LetPeopleProsper

    Dr. Ginn is a free-market, classical liberal economist with  a passion for providing abundant opportunities for people to prosper, which includes promoting policy rules and removing government barriers.

    He grew up in South Houston, Texas where he attended private school, public school and home school, was a hard rock drummer, and was a first generation college graduate from Texas Tech University.

    Dr. Ginn's a recovering academic and a public policy nerd. 

    Follow me on Twitter: @vanceginn. 

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