TOPEKA, KS – Filing your tax return sucks, but can you imagine having to file two different returns?
Fortunately, Texas is one of seven states that have no state income tax. Many believe that’s why the Lone Star State has fared better than other states during these tough economic times.
It’s said; ‘Imitation is the sincerest form of flattery’ so Texans should be flattered that a few of our neighbors are copying our success by dropping their state income tax. Kansas, Louisiana, Nebraska and North Carolina are considering dropping their state income tax in an attempt to boost their economies. Their proposals have caused a ruckus from skeptics who suggest this move will lead their state to economic devastation. Supporters say this move is needed to reverse economic stagnation and increase private sector growth.
If these copycat states can find a way to fill the financial hole that will be left if the State Income Tax was dumped, both parties would likely endorse the plans. For now, Texas will just wait and see if we’re going to have any competition when it comes to luring companies to our great state.