Re: President visits Texas to laughably claim credit for its success
posted at 5/9/2013 2:56 PM EDT
In response to ComingLiberalCrackup's comment:
Texas Sen Cruz further highlighted the fact that his state “continues to outperform the nation in terms of economic growth and job creation,” noting Texas’ 6.4 percent unemployment rate in comparison to the national 7.6 percent average and the fact that eight of the 15 fastest-growing cities from 2010 to 2011 are in Texas. “[A]s states with high spending and high taxes are losing jobs, Texas is gaining them. In fact, between 2006 and 2012, Texas gained one million jobs, while California lost 359,000 jobs,” Cruz said. “Additionally, Texas continues to receive national accolades for its robust business climate, most recently in a report released this week by Chief Executive Magazine, naming Texas the best state for business for the ninth consecutive year.”
Read more: http://dailycaller.com/2013/05/09/cruz-obama-could-learn-about-job-creation-from-texas/#ixzz2Sp396AHc
But...but....the stimulus did it, the stimulus did it!
The defense industry did it!
Plus, Gov Perry bribed hundreds of businesses to come to Texas.
Plus, all the jobs are at McDonalds...
What else ya got?
Jon Shure, director of state fiscal studies at the center and one of the authors of the study, recently told The New York Times that tax flight
from high rates "is almost entirely bogus. It's a myth. The anecdotal coverage makes it seem like people are leaving in droves because of high taxes. They're not. There are a lot of low-tax states, and you don't see millionaires flocking there."
The Washington, D.C.-based nonpartisan tax policy research group analyzed the economic performances of the nine states with no income tax on wages and nine states it identified has having high tax rates.
ITEP found that residents of the high-rate states actually are experiencing economic conditions at least as good, if not better, than those living in states that don't have a personal income tax. In fact, the high-rate states have seen more economic growth per capita over the last decade than the nine no-tax states, a 10.1 percent average increase versus an average growth rate of 8.7 percent for the no-tax states. The national average was 8.1 percent.
On the income front, while the inflation-adjusted median family income amount declined in most states over the last decade, the income drops were considerably smaller in high-rate states than in those states without an income tax.
And that political bugaboo of unemployment? The average unemployment rate between 2001 and 2010 was identical across both types of states.