Texas increased by 114,000 taxpayers, $ 4 billion in gross income – Corridor News
Texas welcomed new residents of all ages and income in the years leading up to the COVID-19 pandemic, according to recent data from the Internal Revenue Service (IRS).
Data was collected for the 2018 and 2019 tax years, which means it represents the 2017 and 2018 tax returns. The data reflects migrant taxpayers who paid taxes in another state or county during from the same period.
Between the 2018 and 2019 tax years, the Lone Star state added a net of 114,194 new taxpayers and dependents to the state. That total represented more than $ 4 billion in adjusted gross net income.
Over 72,000 Californians deceased the west coast of Texas, according to data.
IRS data adds to a trend that Texas is increasingly becoming a destination for businesses and real estate owners.
In September, Governor Greg Abbott’s Office of Economic Development reported a “considerable increase” in relocations of companies to the state since the start of the pandemic.
Late last year, software company Oracle finalized its move to Austin. It wasn’t long after that Tesla announcement he was going to build a gigafactory in the state. Apple also decided to build a campus in Austin.
The US Census Bureau also reported that Texas has grown much faster than California over the past decade. Even though California is still the most populous state in the country, Texas added nearly twice as many residents as the Golden State between 2010 and 2019.
Texas Public Policy Foundation vice president Chuck DeVore wrote in an editorial for Fox News that the phenomenon is a sign that lowering taxes are in fact encouraging growth.
“If California’s anti-employment policies, high taxes, capricious regulatory enforcement, and blackout-inducing energy policies can drive out the company that started Silicon Valley, can a company, big or small, is safe from the pressures to move? ” he wrote.
âUnless a business has to serve the California market directly, like a fast food restaurant chain, the answer is a definite no!