New York and California Each Lost $1T When Financial Firms Moved South

Re:New York and California Each Lost $1T When Financial Firm... by elteto on Monday August 21, 2023 @01:52PM (#37212977)

I think everything is working as intended in this case: some states have decided on having very high taxation rates, and other states have decided they will shift that burden to alternative taxation schemes (sales/property taxes). And these companies have decided to vote with their feet by moving to what they perceive are better tax environments for them. More might follow in the future, others will never move.

It’s not cultural war, it’s just market dynamics.

[ Parent | on HN ]

Re:New York and California Each Lost $1T When Financial Firm... by janalsncm on Monday August 21, 2023 @03:39PM (#37214315)

It’s the same market dynamics which lead to the deindustrialization of the United States. Some countries have high costs of living coupled with burdensome work safety and child labor regulations. Other countries are less concerned about workplace safety. And others still are happy to be tax havens in exchange for a percentage or two.

I’m not just saying this to be facetious or contrarian. My point is that markets aren’t “just so” systems. We decide the parameters under which these amoral corporations operate.

[ Parent | on HN ]