Monday, September 26, 2011

Texas Gov Deverting Public School Funds To Big Oil Tax Refunds

APNewsBreak: Texas Refineries May Get Back $135M

Three commissioners appointed by Gov. Rick Perry may grant some of the nation's largest refineries a tax refund of more than $135 million — money Texas' cash-strapped schools and other local governments have been counting on to help pay teachers and provide other public services. Full AP Story

On June 28, 2011 Gov. Perry signed a $172 billion budget passed by the super Republican majority Texas House and Senate. The budget signed by Gov. Perry cuts $15 billion from the level of spending last authorized in the 2009-11 state budget. The largest individual cut was to public education, which lost over $4 billion over the biennium. While public education received the deepest cuts, other agencies that saw their budgets reduced, too. Other agencies cut included public universities and community colleges (with the two largest universities in the state losing $100 million in funding) and state health and welfare programs, which saw Medicaid and food stamp funds slashed by up to $2 billion. [Full story on Texas debt growth and budget cuts]

The American Petroleum Institute argues that giving oil companies government handouts will create jobs. However, a new report by the House Natural Resources Democratic Staff finds that the major oil companies have actually shed employees while reaping record profits. From 2005 to 2010, Exxon, BP, Chevron, and Shell dumped 11,200 U.S. employees while raking in $546 billion in profits.

No comments:

Post a Comment