Gov. Rick Perry today reiterated his commitment to strengthening Texas' competitive jobs climate, and renewed his call to make the small business tax cut passed last session permanent. The governor visited Ols Maintenance Supply in Houston to discuss the importance of small businesses to Texas' economy.
"The real drivers of job creation in Texas are our small business owners, the bold entrepreneurs who risk their future pursuing the dream of owning their own business," Gov. Perry said. "This session, we must take the necessary steps to preserve the competitive economic climate that allows these businesses to thrive by keeping taxes low and making the small business tax cut passed last session permanent."
In order to maintain our state's low tax burden, the governor noted that state government should operate just as families and small businesses across the state have to during difficult budget times by prioritizing, living within their means and cutting spending. He reiterated his commitment to balancing the state budget, while protecting essential services, without raising taxes.
Gov. Perry also pledged to continue upholding the principles that have helped Texas lead the national economic recovery and add more new jobs than any other state in 2010, including maintaining a predictable regulatory climate and fair legal system. He outlined measures to further strengthen Texas' legal system by creating a "loser pays" system to provide stronger protections against frivolous lawsuits; establishing an early dismissal option for frivolous lawsuits; ensuring new laws cannot create causes of action unless expressly established by the Legislature; and setting up expedited trials and limited discovery for lawsuits with claims between $10,000 and $100,000.
In April 2010, the Small Business and Entrepreneurship Council ranked Texas as one of the best states for small business and entrepreneurs in their Business Tax Index 2010: Best to Worst State Tax Systems for Entrepreneurship and Small Business report. Texas ranked second in the index based on the cost of the state tax system on small businesses.
Texas' economy continues to receive national recognition. Newsweek recently ranked four Texas cities in its list of 10 cities best situated for economic recovery, and described Texas as the top destination for job-seeking Americans. The Wall Street Journal recently credited the state's low taxes and employer-friendly environment with helping make Texas the job creation capital of the nation.
Standard & Poor's issued a report in October affirming Texas' status as a national economic leader and touting the policies that made Texas one of the last states to fall into the national recession, and the first leading the way out. Additionally, no other state is home to more Fortune 1000 companies.