State tax swap isn't even, with $5 billion shortfall

AUSTIN – Lawmakers passed a tax swap four years ago that has turned out to be a tax swamp.


The Legislature's top budget-writing staff member told a panel Wednesday that the built-in fiscal gap the state faces is nearly $5 billion a year. While they knew that a reworked business tax meant to make up for a large chunk of property tax cuts has sputtered, legislators hadn't been told in such precise – and stark – terms how big the problem was.

Garrett reports.