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Willisms

« Trivia Tidbit of the Day: Part 829 -- Texas One Of Few States To Have More Jobs Today Than One Year Ago. | WILLisms.com | Trivia Tidbit of the Day: Part 831 -- All Four Texas Cities Have The Lowest Unemployment Rates Among Major Metro Areas, Nationally. »

Trivia Tidbit of the Day: Part 830 -- Texas Has The Lowest Unemployment Of All Large States.

7 Of The 10 Largest States Have Higher Unemployment Than National Average-

Large states seem to be plagued with higher unemployment than in the nation as a whole, but Texas has the lowest unemployment of all the 10 largest states.

Texas is the blueprint:

texaslowestunemploymentrate.gif

No state is absolutely immune to this continuing national economic turmoil, but, clearly, Texas is doing something right. Lower taxes, more freedom, smaller government-- these are the paths to prosperity.

A reddish bluish purply state, Ohio, with its high, progressive personal income tax rates and pro-union labor market, is on the wrong path, and the LeBron James saga illustrates this perfectly:

Because Florida has no income tax, LeBron's home game income tax liability is zero. On the other hand, were LeBron to play in Cleveland, he would pay Ohio's progressive tax with a top rate of 5.925% plus Cleveland's flat income rate of 2% on all 41 home games. On LeBron's Cleveland salary of about $244,000 a game, LeBron would be paying $9,900 in tax on each game he plays for the Cavaliers, compared to zero playing for Miami. In other words, James would be losing almost all of his salary advantage for playing with Cleveland, and that is only for half of his games.

....

Therefore, even though LeBron's salary would be $10,000 more per game if he stayed in Cleveland, he would be paying $12,500 more in taxes.

Considering that Cleveland's entire economy is based on LeBron James (see video below), his decision will have major repercussions for Ohio. LeBron leaving Ohio to go to Florida is emblematic of the flood of successful people leaving high tax states and heading to places like Florida and Texas. These CEOs and entrepreneurs are taking thousands of jobs and billions of dollars in capital along with them.

Ironman over at Political Calculations notes that CEOs are increasingly choosing places like Texas over places like California.

No wonder IHS Global Insight has projected Texas as the fastest growing economy over the next five years:

fastestgrowingstatesthrough2015.gif

Notice that most of these projected fast-growing states are Republican leaning, or, as is the case with Delaware and Washington, at least have conservative-leaning tax policies.

Notice, too, that heavily unionized states like Ohio are not on the list:

-------------------------------------

Previous Trivia Tidbit: Texas Has More Jobs Than One Year Ago.

Posted by Will Franklin · 9 July 2010 10:38 AM

Comments

Looks like LeBron took the easy way out to me. Taking on the challenge of winning a title for his hometown in Cleveland would have been worth several championships with the new, stacked "Big Three" in Miami. He should have stayed the course in Cleveland, and his popularity would continue to soar, as well as his income!

Posted by: Jim at July 9, 2010 05:27 PM