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No, because not only did the real estate market not implode in Texas as it has throughout California, but Texas has been gaining newcomers while California has been losing residents for several years running, with no end in sight.
California's unemployment rate remains substantially higher than the Lone Star State, and that's not going to change anytime soon as long as Califorbnia continues to be dominated by unions, a stark contrast as opposed to right-to-work states such as Texas, which welcome the entrepreneurial spirit that California used to encourage, but has despised for decades.
Why wouldn't they. We give out more taxpayer money and breaks for companies to relocate yet we are still 20 billion in debt.
If Texas gave $20B in taxpayer money to compensate companies to relocate, then $20B would be a temporary "deficit" until payroll taxes start to come in. Thats probably not the situation, but just explaining how one could give money to relocate, run a deficit, and it would be considered an investment because $20B deficit would come back through sales taxes, payroll taxes, etc. Often times they are tax increment financing which means the state borrows on behalf of the businesses, and the businesses pay back the deficits..
Its not an apple to apple comparison in the OP and without knowing the cause of the deficits, its ridiculous to speculate..
If Texas gave $20B in taxpayer money to compensate companies to relocate, then $20B would be a temporary "deficit" until payroll taxes start to come in. Thats probably not the situation, but just explaining how one could give money to relocate, run a deficit, and it would be considered an investment because $20B deficit would come back through sales taxes, payroll taxes, etc. Often times they are tax increment financing which means the state borrows on behalf of the businesses, and the businesses pay back the deficits..
Its not an apple to apple comparison in the OP and without knowing the cause of the deficits, its ridiculous to speculate..
Texas doesn't collect a payroll tax, does it? At least i don't think they do. The only way the state gets revenue is sales taxes, property taxes and fees. I don't know how much business or corporate tax they get, but i'm no so sure that those tax breaks for businesses to relocate ever really pays off big. That's always just seemed like a boon for the companies and a rotten deal for the state.
One thing i do know...they tax the hell out of property. Everyone i know that lives there tells me it's brutal.
One thing i do know...they tax the hell out of property. Everyone i know that lives there tells me it's brutal.
It's only brutal if you're in a large metro area where people vote idiots into city office who then raise property taxes, I live on 2.5 acres of land in a 2300 sq. foot home and pay about $1500 total in property taxes which I feel is pretty fair since we pay no state income tax.
I grew up in the Dallas-Ft Worth area and although I've lived in other parts of the country since then, I have yet to find a place with the same livability trifecta: vibrant economy, low cost of living, and friendly people.
It feels good to finally be back in the lone star state.
Texas doesn't collect a payroll tax, does it? At least i don't think they do. The only way the state gets revenue is sales taxes, property taxes and fees. I don't know how much business or corporate tax they get, but i'm no so sure that those tax breaks for businesses to relocate ever really pays off big. That's always just seemed like a boon for the companies and a rotten deal for the state.
One thing i do know...they tax the hell out of property. Everyone i know that lives there tells me it's brutal.
Property taxes is method of Tax increment financing..
unfortunately the deficit is high in most states, but at least in Texas the unemployment rate is not anything like Ca and salaries are going up, not down. There are many ways to measure the success of a state, in almost all, Texas comes out ahead of California. Just can't state a couple of locations and think that proves your point.
Nita
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