State Senator Kevin Eltife of Tyler has filed a proposed constitutional amendment asking voters to approve raising the state's sales tax rate by one-half of one percent to pay off all the state's Department of Transportation bond debt.
The state currently has $27 billion of TXDOT debt to pay over 30 years.
"We could pay it off 15 years early, which would save $6 billion in interest, and would put TXDOT on a pay-as-you-go plan," Eltife said in a phone interview Wednesday. "So yes, it's a tax increase, but making that decision today will save billions of dollars and get out of debt much quicker."
If two-thirds of the Senate and two-thirds of the House passes Eltife's legislation, the constitutional amendment would need to be approved by Texas voters this November before it took effect.
Tuesday, March 11 2014 10:08 AM EDT2014-03-11 14:08:27 GMT
Tyler police are looking for a suspect involved in an overnight gas station robbery.The robbery happened around 2 a.m., in the 4200 block of University Boulevard. Officers say a black male entered theMore >>
Tyler police are looking for a suspect involved in an overnight gas station robbery.
Monday, March 10 2014 9:40 PM EDT2014-03-11 01:40:43 GMT
A Portland woman with at least six criminal convictions in the last five years is accused of assaulting her 3-year-old daughter for breaking an iPad. Portland police and workers from the Department ofMore >>
A Portland woman with at least six criminal convictions in the last five years is accused of assaulting her 3-year-old daughter for breaking an iPad.More >>