by Greg Abbott, Governor of Texas.
When Gov. Phil Murphy unveiled his budget proposal in early March, it left people throughout New Jersey shaking their heads in frustration–and for good reason.
Under his plan, Gov. Murphy is calling for a $2.7 billion increase in the state’s previous budget, the majority of which will be funded by higher taxes. These tax hikes include raising the sales tax and applying that tax to everything from ride-sharing services like Uber and Lyft to online room booking. It also includes raising income taxes on anyone making more than $1 million.
That’s why I’d like to throw a lifeline to businesses and families throughout New Jersey who are looking for greater economic opportunity and relief from high taxes. Come to Texas and be a part of our economic success story.
In Texas, we’re focused on lowering taxes, not raising them. We believe that free enterprise, not top-down government policies, is the key to a prosperous economy. That’s why we are committed to ensuring that families and businesses in the Lone Star State keep more of their hard-earned money.
The first thing Garden Staters will notice when they come to our state is that unlike New Jersey, Texas does not have a state income tax. But it doesn’t stop there. Since I was elected Governor, we have cut taxes in the Lone Star State by nearly $4 billion.
This tax cut included a 25 percent cut to our business franchise tax, sending a message to job creators across the country and around the world that Texas is open for business.
But it’s not just lower taxes that set the Texas economy apart. We’re also focused on reducing the regulatory burden and speeding up the permitting process so businesses aren’t buried under a pile of costly red tape.
Combine our low taxes and reasonable regulatory environment with our access to global markets and our robust infrastructure, and it’s easy to see why the Texas economy continues to flourish.
Due to our tremendous economic climate, which Forbes has ranked No. 1 in the nation, Texas continues to attract investment from around the world and from across all industries. In fact, less than a week before Governor Murphy released his tax hike plan, Texas was awarded the Governor’s Cup, which is given to the state with the most economic development in the past year. Texas has now won that award for six years in a row.
This growth in investment has elevated the Texas economy to new heights. The Lone Star State is now home to 50 Fortune 500 headquarters, we’ve led the nation in exports for 16 years in a row, and our economy is the tenth largest in the world.
But the most important statistic of all is 2.18 million, which is the number of jobs created in Texas over the past decade. In fact, since I took office as Governor, Texas has added more than 600,000 new jobs.
The Texas economy is truly the envy of the nation and we’re just getting started. Texas and New Jersey are on two different paths. While Governor Murphy is trying to raise taxes, we’re focused on lowering taxes and growing the economy.
I encourage companies and people throughout New Jersey to come to the Lone Star State and be a part of our success story. You’ll find that in Texas, anything is possible.