The old saying “I wasn’t born in Texas but I got here as fast as I could” appears to be holding true. Since 2000, Texas has gained $17.6 billion in net income from people moving here from other states, according to a new study by the Tax Foundation. That ranks Texas third behind Florida and Arizona for net income gained over that period. The study analyzed federal tax returns from 2000 to 2010 to find which states are gaining people and money and which are losing. While low-tax states like Florida, Arizona and Texas were at the top, the three biggest losers of net income were New York, California and Illinois, all high-tax states.
The results are not surprising to Scott Drenkard, economist from the Tax Foundation. “Certainly a favorable tax code is one of those things that incentivizes businesses to move to the state, and businesses traditionally attract more of a workforce,” he tells KTRH. That increased