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Incentives and Disincentives for Corporations entering the Texan financial industry compared to other U.S. states in general - Research Paper Example

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Incentives and Disincentives for Corporations entering the Texan financial industry compared to other U.S. states in general

The outstanding leadership of Governor Rick Perry has promoted the growth of the Texas State and eventual recognition of the Texas model for economic development. The no income tax policy, minimal government interference, and maintaining fiscal discipline has promoted an increase in population and newly created jobs. Texas State has been so successful that Governor Perry has been flaunting the Texas economic benefits and openly luring businesses from California, Maryland and other states to “think Texas” and relocate to the Lone Star State. Introduction In the United States of America, Texas State is the second largest and has the second highest number of inhabitants out of all the 50 states.  (Hess and Sauter, 2013) observe that the 2012 US national economy grew, and Texas and California, some of its largest state economies grew more rapidly. California has the largest state economy, closely followed by Texas. According to the International Monetary Fund 2011 rankings, Texas has a GDP of $1.2 trillion, that is, 8 percent of the total U.S. GDP. It is further recorded that the 2012 Texan GDP went up by almost twice the 2.5% of the total U.S. GDP. ...
compared to other states, it leads in the agriculture , space and biomedical sciences, computers and computer electronics, energy and petrochemical firms. The mining industry, the largest in the U.S. that consists of oil and gas extraction has energy firms such as ConocoPhillips, Exxon Mobil is based there. American Airlines is based in Fort Worth while Southwest Airlines is based in Dallas. The Lone Star state is the pillar of the U.S. Air Force and lots of others all over the world as it makes its own fighter jets and has massive quantities of weapons-grade plutonium near Amarillo. The NASA Johnson Space Center, an aerospace center, the Dallas Cowboys and the Houston Texans football teams, the Texas Rangers and the Houston Astros baseball teams and the Houston Rockets, the San Antonio Spurs, and the Dallas Mavericks basketball teams and the Dallas Stars hockey team are all based in Texas State.  Population growth and energy manufacture in Texas have increased the Texan GDP rate by 4.8%. In 2012, population grew by about 1.7% and the energy industry accounted for $123.3 billion of the nation's $285.2 billion output (Hess and Sauter, 2013). Just like Florida, Nevada, South Dakota and Washington, Texas is a no income tax state (Wood, 2013). Among the 50 states, Texas ranks relatively low in terms of tax burdens and taxation on consumption. Texas Governor Rick Perry has always been enticing Americans to relocate to Texas using the “no state income tax” tag line and pointing out the benefits of residing in the Lone Star State. The Texas’ economy is entirely diversified and not reliant on any one industry. As countless states are still tussling to develop their finances, Texas not only has all it needs for its critical roles, but also upholds a fiscally ...Show more

Summary

The Financial State of Texas State Name: Course: Lecturer: Institution: Date: Abstract Evidently, Texas is an economic powerhouse in the United States of America as it makes up 8 percent of the total U.S. GDP. The over $200 billion exports in a year, robust and diverse industries together with ­­the favorable tax policy promotes its economic growth…
Author : oconnerxzavier
Incentives and Disincentives for Corporations entering the Texan financial industry compared to other U.S. states in general essay example
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