“The 10 states that ranked the highest in income taxes — California, New York and New Jersey are in this group — lost a cumulative net inflow in AGI of $391 billion. The fact that the 10 states with the lowest income taxes gained in AGI the same amount as the loss in AGI for the 10 states with the highest income taxes is not a coincidence.” https://californiaglobe.com/fl/why-did-352-california-companies-flee-to-other-states-in-three-years/ Here's reality to support my rhetoric
More reality ... Every month in 2021, twice as many companies relocated their headquarters as in the prior year. The monthly average for 2021 also significantly exceeds the monthly averages for 2018 and 2019. California lost both very large companies, including eleven Fortune 1,000 companies between 2018-21, and small, rapidly growing companies with the potential to become transformational. From this perspective, California is not only losing current leading businesses, but potential future leading businesses as well.” Here are the company departures by year: 2021: 153 2020: 75 2019: 78 2018: 46
Where did these companies go? Most went to Texas. Here’s why: “Texas offers a combination of unique competitive business advantages that no other state can claim: a business-friendly climate—with no corporate or personal income tax—along with a highly skilled and diverse workforce, easy access to global markets, robust infrastructure and a reasonable regulatory environment,” Texas Governor Greg Abbott said when he recently announced that another major California business was moving to Texas. “California-based Ruiz Foods is moving its corporate HQ to Frisco,” he said. “With an unrivaled business climate and skilled, diverse workforce, Texas is America’s #1 economic destination.” @tinman
@tinman - why do wokes hate reality so much ? There were 61 companies which left California between 2020 – April 2023 with more than 100 employees. They’ve moved to 19 different states. Of those states, here are the biggest beneficiaries: Texas: 27 (44%)
The problem with GDP ... GDP is only concerned with the value of all goods and services, not the distribution of their proceeds. If five individuals each earn $200,000, GDP treats that the same as one individual earning $800,000 and four individuals earning $50,000 each GDP views all spending as positive. If the U.S. government spends $2 billion developing a new jet warplane that never lifts off the ground, GDP treats that the same as a hospital delivering $2 billion of medicine or a tech entrepreneur selling $2 billion worth of new software. Rising crime costs money in legal fees, medical bills, replacement costs, and other outlays. GDP views this spending as a positive development. When wetlands or forests are destroyed by economic activity, GDP views the events as good news for the economy Pollution is good news for GDP. Industry gets paid once for the economic activity that creates pollution and again when money is spent to mitigate the pollution
The losers on this board keep hating on Texas when they live here then they complain about all the Californians jacking up the housing prices but would not survive like 1 week living in any of the cities in California when businesses leave rich neighborhoods it’s bad
So you know Tahoe is split half California and half Nevada the residents all live in Nevada You want state income tax ? Hell no
@Rocket River @pgabriel it ain’t working in California, it’s making it worse Basic economics You artificially raise labor costs that much it will destroy profits , without profits you can’t run a company Small business completely impacted more than big ones
It's funny how rich people have made the poor people believe there is not enough for them. Reality is that executive pay is ridiculous and now with the rise of AI the overhyped value of inputs will diminish greatly. Everyone deserves a living wage.
food for thought, just to gain perspective, with this new minimum wage, according to this new documentary, the typical minimum wage worker at a fast food restaurant would have to work over 1,000 years to even come close to the annual salary of the CEO of that company
The Grift Company pays employees: 100 million dollars Company makes 10 billion dollars in profit Paying the employees 15$ would mean the company pays 200 million dollars which would mean the company would make 9.9 billion in profits THIS IS UNACCEPTABLE so the company raises prices so they now make 12 billion dollars then explain that the rising cost of the employee cause it when it was still all about ever growing profits Rocket River For ever growing profits is unsustainable
Only a fool believes those billionaires won't remain billionaires by sharing more of the wealth with the workers, and giving them a living wage for their hard work. They just want more and more and more money for themselves. They lie about having to raise prices to make a profit.
Someone made the analogy of Billionaires are basically Dragons sitting on a mountain of gold and I can no longer shake the image They have more money and resources than they can ever spend. They just sit on top of it can try to kill anyone that will take one coin of it Rocket River
I can go to MOD Pizza in Texas and get pizza Too bad for the brehs in Cali and those suddenly unemployed kids Billionaires can move out of states or countries This minimum wage hike in California isn’t affecting them It affects franchisees and small businesses who cannot compete in a very thin margin food industry proof @AroundTheWorld @ROXRAN @basso
What rhetoric? California is growing close to what Texas is growing at…. Not really failing businesses or whatever nonsense when it keeps growing at a healthy clip. I get it though… you are an ideologue and California has to be the boogeyman to you….
And yet…. It’s probably over a $4 trillion economy after a year of healthy growth. I guess I prefer to look at the big picture.
So then red states aren’t really doing that great? What about Florida’s and Texas’s wetlands and pollution? Or let me guess… only applies to the states you don’t like?
