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Joe Garza Explains Benefits of Texas Tax System (1)

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Joe Garza explores the benefits of the “Texas Miracle” – the way in which Texas businesses have created jobs and attracted migrants from all over the United States. From 2001 to 2011, when job creation across the country was faltering or even at a net negative, Texas saw an increase of over 730,000 private sector jobs. Various tax breaks and subsidies have attracted a plethora of business to relocate to Texas, as businesses both large and small have much to gain from Texas’ policies. For instance, a new law concerning a reformed margins tax that was initiated by the Texas Tax Reform Commission has granted over 40,000 small businesses exemption from the franchise tax. Texas’ business-friendly policies, low government spending, and favorable business regulations have proven to be some of the main contributors to the state’s consistently high quality of life for all its residents. – PowerPoint PPT presentation

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Title: Joe Garza Explains Benefits of Texas Tax System (1)


1
When it Comes to Job Creation, Texas is in a
League of Its Own
  • Tax Trends Weekly

2
Governor Perry is fond of talking about
the Texas Miracle.
  • The states businesses have created jobs and
    attracted migrants from all over the country in
    the last two decades.
  • From 2001 to 2011, when job creation in other
    states was anemic or even a net negative, Texas
    saw an increase of more than 730,000 private
    sector jobs.

3
The data in Texas favor is impressive.
  • The average wage for these newly created jobs was
    solidly in the middle of rankings compared to
    other states.
  • This rebuts the claim that Texas was simply
    creating low-wage McJobs for low-skill workers.
  • While Governor Perry has faced criticism for
    attracting businesses to Texas with various tax
    breaks and subsidies- what critics charge is
    corporate welfare at the expense of the poor-
    there is no doubt that businesses have taken
    these tax breaks into account when relocating to
    Texas.

4
How Texas Got Ahead
  • Perrys primary initiative for attracting out of
    state business is the Texas Enterprise Fund, a
    grant of over 410 million.
  • Awards from the fund are offered to businesses
    conducting searches for a new location that have
    attracted the interest of other states.
  • Eligible businesses must be able to guarantee the
    creation of high paying jobs and community
    involvement. In the past, awards have ranged from
    194,000 to 50 million.

5
Far Reaching Benefits
  • Though large businesses have a lot to gain from
    Texas policies, small businesses have it better
    there too.
  • The Texas Tax Reform Commission initiated a
    reformed margins tax that significantly lowers
    the franchise tax rate.
  • Under the new law, over 40,000 small businesses
    have been granted an exemption from the franchise
    tax.

6
How Money Walks
  • In his book How Money Walks, Travis H. Brown
    examines the way that Americans migrate to states
    with low taxes and favorable business climates.
  • Emphasizing Texass success at attracting
    job-seekers, Brown used IRS data to calculate
    that the state gained roughly 25 billion in
    adjusted gross income from 1992 to 2010.
  • That shouldnt come as a shock when you look at
    how much individuals have to gain from moving to
    Texas.
  • A person in the highest tax-bracket who moves
    from California to Texas and maintains the same
    salary effectively gets a pay raise by avoiding
    Californias onerous income taxes (13.3 percent
    in the highest tax bracket).

7
A Higher Quality of Life
  • Texas business-friendly policies have allowed
    the states quality of life to remain high.
  • The states economy has had measurable benefits
    for more than just top executives.
  • Austin, Dallas, and Houston repeatedly top
    lists of cities with notable job growth, low cost
    of living and booming real estate market.
  • Dallas has been hailed by Bloomberg as one of the
    best cities for new college grads, and Austin
    gets major points for its thriving startup
    culture.
  • While critics may rail against the Texas
    philosophy of low government spending and
    favorable business regulations, an honest critic
    will acknowledge that this philosophy has had
    important benefits for the state.

8
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