Texas

Texas

New 2014 Data (Released 6/9/15)

Financial State of Texas

Press Release

2013 TIA Data

Financial State of Texas

Texas owes more than it owns.  Truth in Accounting’s (TIA) thorough analysis of state finances (below) shows Texas does not have enough available assets to cover its debt.  

  • Taxpayer Burden is each taxpayer's share of state debt, after available assets are tapped
  • TIA analyzes both state assets and liabilities, not merely pension debt
  • Most state debt in the “Taxpayer Burden” is unpaid retirement promises

  • Retirement debt is essentially a state’s ‘credit card balance,’ showing unpaid retirement contributions from prior years

  • Unfunded pensions leave future taxpayers with the bill for services they did not receive

For a comprehensive look into the state's financial position, read the Texas Financial State of the State
 
Publishing Entity:  Texas Comptroller

Truth in Accounting’s methodology is unique, analyzing all state assets and liabilities, including unreported pension and retirement health liabilities.

  • Texas is a Sinkhole State and haD the 26th worst per Taxpayer Burden in 2013.
  • Texas has only $68 billion to pay the state's bills totaling $130 billion in 2014
  • To fill its $63 billion financial hole, each taxpayer would have to send $8,300 to the state
  • The Texas financial statements clearly report $8 billion of retirement liabilities, but in reality the state had nearly $81 billion of unfunded retirement promises in 2013
  • The Texas Taxpayer Burden is 18% of an average citizen's personal income of $45,426 in 2014
  • Outbound moves from Texas were 43% in 2014, which usually means more people are moving into the state
IN THE NEWS
Report: Texas has $81 billion in hidden debt

JUNE 17, 2015 | WATCHDOG.ORG TEXAS BUREAU

“Texas has $81 billion in hidden debt that doesn’t show up on balance sheets, according to a new study by Truth in Accounting. … "

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