Wayne Allen Root
Jun
27, 2012
Not
only do my ex’s live in Texas,
but your ex’s, and pretty much everyone else’s ex’s as well. All of America is moving to Texas. Especially the ex-residents of high
tax states like California and New York. And, I'll
betmany of the ex-residents of Big Brother tax and spend Massachusetts,
Illinois and Michigan are there too.
The
fact is Texas led the nation in net population
growth for the past decade, while New York and
California
led the nation in net population loss. Interestingly, the most new Texans (over
550,000) came from one state- California.
They brought with them a remarkable $14.3 billion inincome, but even that paled
to the almost $1 trillion in assets and income that re-located New Yorkers
brought to the Lone
Star State.
From
2000 to 2010 a staggering 3.4 million people moved out of New York resulting in a net loss of 1.3
million residents. California
was a close second with a net population loss of 1.2 million during the same
decade.
So
why is everyone running for their lives from New York
and California?
And why are so many of them heading to Texas?
The answer is taxes, regulations, and quality of life. Americans have figured
out that high taxes and excessive regulations kill jobs and quality of life.
People simply want to have more opportunity for success and keep more of the
money they work so hard to earn.
It’s
no coincidence that New York
has ranked first or second in the nation for tax burden every year since 1977.
That includes state income taxes, property taxes, and sales taxes. There is also
gas tax of a whopping 49 cents per gallon, and the highest estate and gift
taxes in the nation. After grabbing more of your money than any state while
you’re alive, New York
also steals more of your money after you’re dead. I should know- I left New York 25 years ago
and never looked back.
California
now ranks first (ie worst) for highest state income tax. Add to that the mantle
of worst state in the nation for excessive rules and regulations. It’s no
wonder the Milken Institute ranks California
as having the worst business environment in the nation. I shouldknow- I left California too.
Lest
you think this is some kind of fluke, or that taxes are not the determining
factor in this “escape from NY and California,”
it isn’t just Texas
that is gaining all these fleeing residents. The U.S. Census reported that all
of the top 15 states for population growth during the past decade are no tax or
low tax states like Nevada, Florida,
Arizona, Utah,
Georgia, North
Carolina and South
Carolina. It seems Americans are smarter than
politicians give them credit for- they are voting with their feet for
lowertaxes, pro business attitude, and more economic freedom.
Because
no state in the union has a better economy, let’s look "up close and
personal" at the Texas
miracle. Texas
practices what I proudly call “Wild West Cowboy Capitalism.” And it works!
Texas
has zero state income tax, zero capital gains taxes, and zero death taxes. It
is a “right to work” state where employees may choose to join a union, but are
never forced to. It is pro business and anti-lawyer (discouraging class action
lawsuits and the first state to pass a “Loser Pays” law). Texas
is also tight-fisted with welfare and entitlement benefits- unlike New York and California.
The result of this limited government attitude is people with high incomes,
assets, and ambition are moving into Texas, while those who lack work ethic,
and feel entitled to handouts are moving out. Good riddance.
But
the most important attribute of Texas
is that its constitution limits the time that politicians can meet. The Texas
Legislature is limited to meeting only 4 months every other year. That pretty
much explains everything. Texas and my state
of Nevada have no state income taxes and the
fastest growing populations in America…not
in spite of, but because the politicians aren't allowed to sit in their seats
all year long thinking of new ways to re-distribute income, impede business,
and destroy jobs.
Let’s
look at the remarkable results of favoring hard working job-creators over
entitlement addicts, and business owners over lawyers. Texas
now has more Fortune 500 headquarters than New York. It tied for the highest state
economic growth in America
over the past 50 years, while displacing New
York as the second largest state economy. The annual Texas economy has passed $1 trillion, accounting for 8.3%
of the entire U.S.
economy. In the last three years one third of all jobs in America were created in Texas,
and in the past decade, more jobs were created in Texas than in the other 49 states COMBINED.
One
smart businessman, Andrew Puzder, sums it up. Mr. Puzder, CEO of
California-based CKE Restaurants with over 3000 restaurants including Carl’s
Jr. and Hardees was recently quoted in the Wall Street Journal. He calls his
home state of California
“the most business-unfriendly state…” Opening one of his restaurants in California takes 2 years and costs $200,000 more than
opening one in Texas,
where it takes only 6 weeks. Is it a surprise that CKE has stopped opening new
restaurants in California, but plans to open
300 in Texas?
So
there you have it. Now you know why everyone’s ex’s live in Texas (or soon
will), and why businesses, as well as people, choose states that treat them
better, give them more freedom, and allow them to keep more of their own money.
Imagine that? The results of smaller government, restrained politicians and
lower taxes is dramatically increased wealth, happier citizens with a higher
quality of life, and far higher job creation.
PS.
My Texas friends want everyone to know, “Come on down, ya’ll are welcome. Just
leave your liberal politics at home.”
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