Texas Governor Greg Abbott plans to cut taxes on business by nearly $4 billion-with-a-B over the next two years:
Already playing from a position of strength, the governor shored up Texas’ positive reputation even further this week, by securing a new business tax cut. In the legislative session that ended in Austin last week, legislators approved a 25 percent reduction in the state business franchise tax.
Of course, this newly approved cut is not the only economic enticement luring new businesses to Texas. The Lone Star State levies no personal income tax and no corporate income tax. Additionally, the franchise (or “margins”) tax will be cut by $2.56 billion over the next two years, according to Governor Abbott. Texas is also making new investments in roads and education.
In a legislative-session recap for reporters, the Governor told reporters, “When you consider what we achieved during this session, as well as the challenges other states are facing, I think we have a tremendous opportunity to capitalize on our current position.”
Then — and this is the really great bit — Abbott will travel the US and the world touting Texas’ business climate, on a trip paid for with private dollars.
It’s impossible not to like this guy.