Posted By LambChop
Most Texans will remember voting to approve lottery sales in Texas more than two decades ago, with the promise (mostly told in television advertisements) that 100% of the profits would go to public education. From its inception in 1992, not one penny went to education – the Foundation School Fund did not receive a lottery payment until 1998.
The reality is that more Texans may be contributing by paying the stupid tax (buying lottery tickets) but the percentage of funds actually going to fund public education has been decreasing for 15 years. This actually caused the Texas House to vote to abolish the lottery last spring, but, they changed their mind.
The fact is about 63% of revenues from the lottery is paid out in prizes; 5% goes to administrative costs; retail outlet commissions are about 5%; 2% to legislature (unclaimed prizes) and about the 25% left goes to the Foundation School Fund.
Meanwhile textbook sales account for 2.6% of revenues more than the 1.77% of revenues from lottery proceeds. And what do the schools use this money for? The schools use their dollars to finance the debt service, pay fund outlays and payroll. Very few of these dollars are actually seen by the individual student.
Voters bilked again.