Texas has the 10th best economy in the World and beats our lovely neighbor, Canada, in terms of GDP. One of the core reasons in which a state that has wide open spaces yet thriving urban areas is because of freedom. Freedom to keep your hard earned dollars in your pocket by not paying state income tax as well as how to run your business. Texas has positioned itself to be a very business friendly state, which in turn has resulted in companies leaving other states to set their roots in Texas. People who lives in other state have “Gone To Texas”, a famous saying from the 1800s when people would leave their home to live in the new found land of Texas. Because of this, more and more people are moving to Texas, further enhancing the state’s GDP. Fueled by agriculture, technology and energy, Texas is on its way to keep its crown as one of on the best GDPs in the world.
Texas has no state income tax
The state of Texas does not collect income tax from its residents. Instead, the state receives funds from charging a 8.25% tax on all products. Instead of the state dictating how much you have to pay in taxes, you, the consumer, are in charge of how much you pay back to the state through your purchases.
Texas is business friendly
The state is business friendly, and has tax incentives for companies to move their headquarters and offices to Texas. Texas was once again the best state for business in 2018. Additionally, Texas has the “Small Business Program,” which helps small business owners with running their own company.
Texas provides the fuel and fiber for the world
Texas is the third largest producer of oil in the world. It is misconceptualized that a majority of oil is used to produce for cars, but oil is used to make many of the products we use everyday. Cosmetics, plastics, cell phones, and different medications are a few products that depend on oil for production. Texas produces nearly half of all cotton grown in the United States each year. The next time you put on a cozy sweatshirt or put clean sheets on your bed, you can thank a Texan for providing the cotton to make these products.
Texas’ state budget is balanced