Texas Lawmakers Should Stick to Policies of Growth
November 14, 2014
The state of Texas continues to outperform the other 49 states, writes J.D. Tuccille at Reason.com. In September, the state saw a 3.2 percent increase in employment, compared to 2.2 percent among the country as a whole. Its unemployment rate is 5.2 percent, 0.7 percentage points below the national rate of 5.9 percent.
Why so successful? The state is routinely ranked as having one of the best environments for business. And according to a recent study from WalletHub, Texas has the seventh least burdensome tax system of all 50 states. Similarly, the Fraser Institute ranks Texas as number two for economic freedom within the United States.
However, Tuccille notes that the state has dropped somewhat in the freedom rankings in recent years. In 2009, the Mercatus Center ranked Texas number 8 for social and economic freedom; this year, it ranked 14th, based on a very average regulatory system and a number of local debt issues, which Tuccille says might lead to tax increases. He warns state lawmakers against raising taxes and encourages reforms that promote economic freedom, in order for the state to continue prospering and outperforming its neighbors.
Source: J.D. Tuccille, "Free-Market Texas Continues to Kick Economic Ass," Reason.com, November 11, 2014.
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