Texas

Texas

Texas owes more than it owns.  Truth in Accounting’s (TIA) thorough analysis of state finances (below) shows Illinois 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

  • Texas has the 26th worst Taxpayer Burden of all 50 states
  • 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 has the 26th worst per Taxpayer Burden
  • Texas has only $67 billion to pay the state's bills totaling $117 billion
  • To fill its $49 billion financial hole, each taxpayer would have to send $6,700 to the state
  • The Texas financial statements clearly report $8 billion of retirement liabilities, but in reality the state has nearly $81 billion of unfunded retirement promises
  • The Texas Taxpayer Burden is 15% of an average citizen's personal income of $43,552
  • Outbound moves from Texas were 44%, which usually means more people are moving into the state
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