By Gov. Greg Abbott
(In June), Gov. Maggie Hassan vetoed a fiscally responsible budget that reduced the tax burden on job creators while funding critical services in the Granite State. New Hampshire already has high business tax rates when compared to surrounding states — and especially when compared to Texas.
When it comes to doing business, there really is no place like Texas. That’s why the nation’s top CEOs again selected the Lone Star State as the best state for business — for the 11th year in a row — according to Chief Executive magazine’s annual survey.
In Texas, we don’t have a corporate income tax. We don’t have an individual income tax. We don’t have a state-level property tax. And we just permanently cut the franchise tax by 25 percent, freeing businesses to invest more in new jobs, higher wages and stimulating the economy.
Texas is wide open for Granite State businesses looking to escape a restrictive tax burden that drives up costs and hurts job creation.
In Texas, we’ve built a framework that allows free enterprise to flourish. Less government, lower taxes, smarter regulations, and right-to-work laws — these are the pro-growth economic policies attracting employers to Texas from states that overtax and overregulate.
Named by Forbes as the “best state for future job growth and economic climate,” Texas is already home to 54 Fortune 500 companies. And we continue to welcome business from all across the country and around the world. Just last year, Texas attracted Toyota’s world headquarters from California, one of the least business-friendly environments.
In Texas, we know that keeping corporate taxes low allows employees and employers to keep more of their hard-earned dollars. We know that less red tape allows businesses to be more efficient and innovative, to expand and grow in our great state. And we know that a thriving economy and a prosperous citizenship make the Lone Star State one of the best places to live and work.
That’s why hardworking Texans grew more jobs last year than any year in the history of our state. With more than 13 million workers, we have the nation’s second-largest civilian labor force. And if Texas were a nation, we would rank as the 12th largest economy in the world based on our GDP.
But Texans are not complacent; we are relentless. We are keeping our state strong and prosperous with an overall budget that is below the state’s spending limit, while investing in our transportation infrastructure, elevating our university research programs, and clearing obstacles in the path to career and technical training. Moreover, while already No. 1 for exports, we are focusing on attracting more foreign direct investments to make Texas a hub for global commerce.
By unleashing the power of entrepreneurs and innovators — and securing the freedom to aspire — Texas will long remain the best state for business.
Gov. Hassan has sent a strong message to New Hampshire employers that she is unwilling to support the fiscally responsible policies needed to create good-paying jobs and greater prosperity for all. I invite New Hampshire business owners to come to the Lone Star State. Check us out, and compare how you and your employees can flourish in Texas.