Quote from Covertibility:
Capping taxes sounds like a gimmick. If I'm a state and I cap property taxes, I can still increase spending by relying on increases in the revenue from income taxes and fees to have a balanced budget. When a recession hits, the revenue from income and fees will disappear but the spending will still be there. Voila, deficit.
This is why ya need a cap on spending, say capped at the rate of inflation and suspend the cap in times of an emergency.
Except my proposal is specific to Texas. There is no income taxes and certainly no municipal levy of income taxes.
Capping property taxes keeps municipalities from getting too greedy and bloated and will force them to cut budgets when the times are rough. All good things.