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An $11 billion budget surplus
Why can’t California be like Texas, with an $11 billion state budget surplus? Despite — or because of — having no income tax. Instead, California has a $20 billion budget deficit. Our governor, supposedly an “action hero,” whines to Washington to get a bailout; Texas’ governor, despite similar problems of paying for social services for immigrants, doesn’t. The states have a lot in common: a lot of high tech industries (bigger in Calif.), oil industries (bigger in Tex.); a large immigrant population, especially from Mexico; large populations. What’s the difference? In Texas, they welcome businesses. In California, businesses are treated like pariahs. AB32, the greenhouse gases/global warming bill that Gov. Schwarzenegger made the keystone of his legacy 4 years ago, is ripping up the state’s businesses — even as a record snow blankets the Northeast of the USA, especially Washington, D.C., the center of the global-warming cargo cult.
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February 04, 2012
Another reason that won’t get mentioned on a right-wing blog: Texas taxes oil production. So does every other oil-producing state in the nation…except for California.
You are right on. Currently, Texas enjoys an above-average economy. There have been frequent reports in the news of numerous companies moving from California to Texas because of our business-friendly environment. (For more information, see http://www.texaswideopenforbusiness.com/news/CEOs-rated-Texas-as-the-1-state-to-do-business-four-years-in-a-row.html )
God bless Texas!
Is it not amazing how Texas was fabricated with a surplus only a year ago but now must admit to a $25 billion deficit. We have a regressive tax system in Texas. The poor pay the highest proportion of their income in Taxes, over 300% more than the 3% paid by the richest 1% in Texas.
Texas would now have a budget surplus if all Texans paid the same percentage of their income in state and local taxes as do the 40% of Texans with the lowest incomes!