Texas' tax laws leading to population growth

Texas is one of a few states whose advantageous tax laws have resulted in a significant influx of residents looking to escape from higher taxes in other states.

In the wake of the global financial crisis, Reuters reports many people, particularly retirees, are working to make the most of their money. By moving from high-tax areas like New York or Massachusetts to the Houston real estate market, they can save significant amounts of money.

"There can be pretty big dollars involved," Lisa Osofsky, a CPA and financial adviser, told Reuters. "A wealthy individual who could be earning several million dollars could save $50,000 or $100,000" by living in a lower-tax state, she said.

The source added that sometimes moving in-state can also result in residents paying lower property taxes. Most tax information is available for free online.

That increased population growth in the state has also helped Texas earn more political clout. Because of the results of the last Census, Texas gained four seats in the U.S. House of Representatives, while high-tax New York lost two.