On Thursday, new Consumer Price Index (CPI) data was released by the U.S. Bureau of Labor and Statistics, ultimately indicating that the current historic inflation is not going away any time soon and continues to reduce the purchasing power of everyday Americans.
Inflation (measured year over year) came in at 7.7%. Though this is a trend down from the recent peak of 9% in June and 8.2% in September, it remains near the highest levels since the early 1980s.
Translated another way, the cost of living (including food prices, medical care, and energy) remains at uncomfortable rates, especially as the U.S. enters the holiday season. It also creates likely additional pain for interest rates. The federal reserve just hiked interest rates by 75 basis points last week; given the updated CPI data, it is possible more pain is forthcoming.
In Texas, this once again only hurts taxpayers. Most Texans have had a historically rough year dealing with high gas prices, historic inflation, and the sixth-highest property taxes in the nation. Despite Texas lawmakers assuring homeowners that their historic property tax reform would provide tax relief, there has been no relief. Governor Greg Abbott announced at a recent gubernatorial debate that his goal is to “end school property taxes and let people own their homes.” This is something TFR has been advocating for well over a year, and we expect Abbott to add it to his legislative priorities for the next session in his “State of the State” address.
So, what else can you do to get involved?
The next legislative session is set to begin in January 2023. Your elected officials need to hear from you.
Go read the Texas Prosperity Plan for yourself and voice your support for REAL property tax relief by signing up to support the TPP. You can also sign up for The Fiscal Note to stay updated on all fiscal issues that affect Texans, especially our broken property tax system. We CAN get real tax relief if we amplify our voices loudly enough.