Texas strong economy and low unemployment nets more tax cuts

AP/Examiner:

Gov. Rick Perry said Monday he was ordering tax cuts to about 370,000 Texas businesses because of the state's strong economy and low unemployment.

The cut, totaling $90 million, will come from a one-year suspension of the tax that replenishes the state's unemployment fund. The Texas Workforce Commission approved the cut after determining there was enough money to cover unemployment payments in 2008.

"I believe in truth-in-budgeting: when government levies a tax and collects more money than is needed, we must either stop collecting the tax, return the money or both," Perry said in a statement.

Although Texas' unemployment rate went up the two most recent months, the rate reached a 31-year low of 4.1 percent at times last year and remains significantly lower than the national rate of 4.8 percent.

The state also managed to add jobs the past two months even as the unemployment rate was creeping up. Texas led the nation in job creation last year.

...

The tax cuts will only help create more jobs and economic growth. It is too bad Michigan and Ohio have not figured out this formula. It must be something about electing Democrat governors and not having a right to work law.

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