74000 New Jobs $11.8 in New Economic Activity and $1.6 billion in New State and Local Revenue
Texas Insider Report: AUSTIN Texas The Texas Association of Business today released a new study performed by the respected North Texas economic firm Weinstein Clower & Associates that demonstrates the immense impact expanded gaming would have on the Texas economy. Its assumptions for facility expansion closely mirrors Senator Caronas SJR 64 analyzing the impact of expanded gaming at 13 existing racetracks the creation of six new free-standing casinos and three Native American casinos.
For too long Texas has propped up neighboring economies at the expense of our own exporting jobs revenue and investment as one of only 10 states that prohibits casino-style gaming" said TAB President Bill Hammond. With one simple vote of the people we could create 74000 jobs increase salaries and wages by $3.4 billion and generate $11.8 billion in annual economic activity once a limited number of casinos are completed."
More than four out of five Texans want to vote on gaming and it is time their voice is heard" said Hammond.
Weinstein & Clower utilized a 20 state tax rate for revenue projections. Their findings include:
- $945 million/year in direct state gaming taxes paid to the state;
- $260 million/year in total indirect taxes to the states;
- $302 million/year to local jurisdiction in new indirect tax revenues;
- $1.2 billion total annual revenues for state and $416 million total revenues for local jurisdictions and;
- $15 million/year for states from hotel occupancy taxes and sales and $7.6 million for local jurisdictions from hotel occupancy taxes and sales.
It is important to note that economic activity generated under this kind of limited expansion of gaming represents new expenditures and not a reallocation of other forms of spending" said Hammond.
Texans are the freest people on earth. We dont want government telling us whether we can drink a big gulp use plastic bags or play poker" said Hammond. Lets put a stop to the nanny state and return to our roots as liberty-loving people capable of taking personal responsibility for our own choices in life."
To view the full report please go to this link:
http://www.txbiz.org/External/WCPages/WCWebContent/WebContentPage.aspx?ContentID=312
