Contributing Factors to the Lone Star Success
Do you like to keep more of your hard-earned money? In Texas, you can because there is no personal income tax. Compared with Oregon (9.9 percent), the District of Columbia (8.9 percent), New York (8.8 percent), Minnesota (9.8 percent), and California (13.3 percent), Texans start with more money in their pocket. For those in the Golden State, workers paying the highest personal income tax rate will end up paying 2 ½ months worth of their income towards this tax, which is even longer if you include federal income taxes according to the Tax Foundation’s Tax Freedom Day. Check out the video below for a brief explanation of how the Lone Star State doesn’t break your piggy bank.
Any financially independent individual will agree saving money is the key to financial stability and success. No one can predict the future, so it’s important to keep a rainy day fund for when money is most needed. The same idea should translate over to governments; however, most states do a poor job of managing their money. Money set aside for emergencies in Illinois, California, New York, and Texas are $0, $1, $1, and $6 billion, respectively. Watch the video below to learn how only one state is making financially sound decisions—Texas.
Would you rather live in a cramped apartment with a view of the building next door or a spacious home with a view of green plains? Since 2006, more people are moving to Texas attracted by a lower tax burden, friendly business atmosphere, and affordable home prices. Check out the video below to see how there is more bang for your buck when it comes to housing in Texas.
Since the last recession, Texas has had a robust recovery creating an environment for entrepreneurs to add over one million new private sector jobs in the process. Watch the video below to see how Texas is the leading example of success for other states to follow.
With all this success, there is no doubt that Texas is the land of opportunity. Let’s continue to build on this success by implementing sound fiscally conservative policies next session.