New York, California Lose Firms Managing an Estimated $2T in Assets

Re:New York, California Lose Firms Managing an Estimated $2T... by edgyquant on Friday August 25, 2023 @12:36PM (#37263737)

What does this even mean? The tax money moves to another state, so it’s being spread out.

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Re:New York, California Lose Firms Managing an Estimated $2T... by readthenotes1 on Friday August 25, 2023 @12:46PM (#37263899)

Unless the $2T moves to Texas Banks and trades on Texas exchanges (are there any?), The $2T stays where it is and so is irrelevant to the story, just there for the click baiting.

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Re:New York, California Lose Firms Managing an Estimated $2T... by ska on Friday August 25, 2023 @12:53PM (#37264013)

Nothing in the article suggests the $2T moves. At most it suggests at least some of the jobs managing it will, but that's not the same thing.

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Re:New York, California Lose Firms Managing an Estimated $2T... by kagakuninja on Friday August 25, 2023 @02:41PM (#37265571)

It is about race to the bottom - which state taxes corporations at the lowest rate, or has other corporation friendly laws. There is a reason why huge number of businesses are incorporated in Delaware, a state with a minuscule population of about 1 million. NYC by contrast has 8.5M.

The residents of Delaware perhaps benefit in some minuscule way, but the money isn't being spread out.

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