The number of Texans living in poverty is on the decline. A Census Bureau report shows that, over the last five years, the percentage of impoverished people has gone from about 16-percent to below 14 percent.
Much of this is being credited to migration. Those moving to Texas from California tend to be younger and more educated, meaning they earn high salaries.
According to Texas Monthly, “wealthy moguls and investors also stand to reap handsome personal financial benefits by setting up in Texas. The state famously doesn’t charge income tax (though high property taxes make up the difference for a lot of homeowners). More importantly for the investor class, Texas doesn’t charge capital gains tax. California’s personal-income tax, by comparison, is the highest in the U.S., at 13.3 percent for sums of more than $1 million a year. The capital gains rate is similar.”