And the Texas gross state product grew 94.5 percent over 10 years, vs. 66.3 percent for the rest of the country.
Today, the nine states that do not tax personal income have shown undeniable gains in population growth, gross state product expansion, and non-farm payroll employment performance.
FORBES: Why Vice President Biden's Delaware Is A Big, Taxing Deal
Economic growth, as measured by Gross State Product, in the nine states without income taxes raced ahead from 1998 to 2008 almost 50% faster than in the nine states with the highest top personal income tax rates.
Total state gross domestic product grew at a 1.5% clip in 2011, less than half the 3.1% rate in 2010, a sign that momentum may be waning.
Ireland's budget deficit reached an alarming 32% of gross domestic product after a state bailout of the country's banks, which had lent recklessly and fuelled an unsustainable property boom.
As the impact of the global financial crisis grows, and real estate remains in a troubled state, the bank said the gross domestic product in China will amount to 7.5% in 2009, down from its previous prediction of 9.2%.
In eleven of eleven cases, those states that raised a personal income tax, such as New Jersey, saw their state share of our total U.S. gross domestic product (GDP) decline over the long term.
FORBES: Why Vice President Biden's Delaware Is A Big, Taxing Deal
If we wish to have our federal government continue to spend 23 percent of the gross domestic product (closer to 40 percent if we count state and local spending), then we and our descendants must eventually be willing to pay roughly 23 percent of our incomes in taxes.
Fitch said it was not convinced by the Greek government's plans to reduce state spending, saying that the state debt burden was likely to rise to close to 130% of gross domestic product and that further fiscal slippage could result in another downgrade.
The blue line shows how much federal, state, and local governments directly contribute to economic activity, measured as a share of overall gross domestic product (GDP).
FORBES: Has The U.S. Government Gotten Bigger Or Smaller? Yes.
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