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Texas ranks 10th in the nation in tax structure according to a new index released by The Tax Foundation.
The 2015 index ranked states based on corporate tax rate, individual income tax rank, sales tax rank, unemployment insurance tax rate, and property tax rate, although, many other variables were taken into consideration.
Texas received high marks compared to other states mostly because it lacks a personal income tax. Texas ranks sixth overall in individual income tax rate and 15th in unemployment insurance tax.
While Texas has always been considered a business friendly state, The Tax Foundation gave Texas low scores on corporate and property taxes. Texas ranks 39th and 36th respectively in these categories.
The Houston Chronicle reported, “The tax burden on Texas businesses is particularly severe. In addition to paying the franchise tax, businesses also pay sales and property taxes. The Texas Association of Business points out that ‘businesses in Texas pay 63.1 percent of state taxes, 63.9 percent of local taxes and 63.5 percent of both state and local combined. This is well above the national average of 44.9 percent of both state and local taxes combined.’”
Businesses still continue to thrive in Texas despite its poor corporate tax rankings. “This is evidenced by the fact that blue state transplants continue to flock to Texas,” Breitbart Texas reported.
A recent list released by Bloomberg Businessweek detailed the fastest growing metros in the nation. Texas cities lead the way with Austin at number one, San Antonio at number three, Houston at number nine, and Dallas/Ft. Worth at number ten.
Featured photo from Taxfoundation.org
Tags: corporate taxes, income taxes, property taxes, sales taxes, tax rankings, Texas tax climate, unemployment insurance taxes
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