Issues
| Why Do Business In Texas? |
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| Written by Administrator | |
| Thursday, 01 May 2008 | |
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by Tom Craddick Last week, I visited South Texas College in McAllen and made several other stops in South Texas. The trip provided me with first hand knowledge about how far we have come economically during the last 5 years. The South Texas region is rapidly growing, and the rest of the state can now boast one of the best business climates in the country today. Over the last decade, investment has poured into the state, and we have seen unprecedented economic growth. We mostly owe this success to the innovative and entrepreneurial spirit of Texas and its citizens. But our fiscal policies and education reforms have contributed to strengthening economic development, making the Texas economy more competitive in the global market. Actions by the Texas Legislature, under Republican leadership, have been instrumental in helping to impose fiscal discipline, ensuring that the state is now in healthy shape financially. Five years ago we faced a $10 billion dollar deficit. Rather than raise taxes to bridge the gap, we found ways to be more efficient and operate government with the revenue available. When the legislature convenes in January 2009, some people estimate that we may enjoy a $15 billion surplus even after passing the largest property tax cut in Texas history. Although the property tax cut has not been as evident to some because of skyrocketing appraisals, we are determined to solve this issue in the next legislative session. Last week, I announced the formation of the Select Committee on Property Tax Relief and Appraisal Reform, which will oversee all matters relating to property tax relief and reforming the property appraisal system. We are committed to doing everything we can to provide meaningful and responsible property tax relief to those who are strained by the burden of soaring taxes. Texas tort reform laws have now made the state an even more attractive place to invest and do business. Prior to these reforms, Texas was losing good doctors and frivolous lawsuits clogged our courts' dockets. Tort reform has had enormous economic benefit to Texas. Yesterday, the Waco based company The Perryman Group issued a report that tort reform laws have boosted economic growth by 8.5 percent in the state and has benefited my constituency of Midland alone by creating over 1,600 jobs. Texas has also taken measures to improve students' college and workforce readiness and strengthen higher education institutions. During the 79th legislative session, we passed education reform legislation that has received national acclaim. We established the largest teacher incentive pay program in the country, and shifted more than $6 billion a year of the burden of paying for public education from local government to the state. I recently established the Select Committee on Higher and Public Education Finance, with the specific goal of aligning public and higher education funding formulas with the educational goals of the state. This committee is working with national experts to design public and higher education funding policies to increase student achievement and more effectively leverage and deploy federal funds. As tuition at state universities has risen, we have worked to promote affordability and access for Texas students by significantly increasing state financial aid, and requiring universities to set aside more money for scholarships. We also recently established a new 529 savings model, the Texas Tomorrow Fund II, which will allow Texas families to lock in today's rates for tuition while giving state colleges and universities an incentive to keep tuition costs low. Our number one education issue for the next legislative session will be public school accountability, which there is currently a joint select committee studying this issue. Last session the legislature set out a schedule to end the TAKS test in high school and replace it with end-of-course tests that are aligned with what students are learning in their classes. This session we'll look at ways to improve elementary and middle school testing. We'll study how to structure an accountability system that reflects parents' or employers' expectations. At the moment, not enough is being done to ensure that all students have the educational experience that they deserve. Our achievements in education will ensure more economic and academic dynamism in this state. Even as we face a recession across the country, Texans can be expected to weather these conditions better than most states because of the action we have taken. When business leaders look to invest in vibrant states, Texas is the first one their list. Republican leadership is to thank for this. |
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| Last Updated ( Wednesday, 23 July 2008 ) |
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