High property-tax rates can discourage large expansion projects, such as Texas Instruments’ chipmaking plant in Richardson. Many business leaders are pushing to replace a major tax-abatement program that expired at the end of 2022.(Texas Instruments) Texas takes pride in being a low-tax haven, thanks largely to being among the states that don’t have an individual income tax . That’s a solid proposition for most families, even if annual property tax bills take a hefty bite. But businesses are shouldering a heavier burden in Texas, paying a larger share of state and local taxes than in all except a handful of small states. In fiscal year 2021, businesses paid 59.3% of state and local taxes in Texas compared with a national average of 43.6%, according to an annual assessment led by Ernst & Young. Business’ tax burden in Texas was fifth-highest among all states and easily the highest among the most populous states. By another metric, business tax burden as a share of gross state product, Texas was also well ahead of the U.S. Texas offers many benefits for business, including a diversified economy, growing labor force, affordable cost of living and light regulation. That’s why it consistently ranks among […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
