California Democrats just don’t get it. Burdensome regulation, high taxes, and woke agendas are killing the goose that lays the golden eggs. Imagine if this were to spread across the entire blue state strongholds. Texas and Florida would own half of the country’ GDP. Already blue states are bleeding taxpayers who are moving to red states. The state tax rate in California is 7.25%. In Texas the rate is zero. By moving to Texas you get a pay raise of 7.25%. That is a no brainer.
Elon Musk is about to make California pay for its’ woke agenda by moving X, formerly known as Twitter and SpaceX, from California to Texas. In the past, companies found it too expensive to pick up and move to another state, but with ever-increasing taxes, the moves pay for themselves. Space-X has a value of $210 billion, while X is worth $12.5 billion. That is a lot of revenue for California and that does not even take the state tax for those high-earners into account.
Musk has already moved Tesla and the Boring Company out of California. To make up the losses in revenue, Democrats will have to raise taxes on the remaining people to make up the difference. That will just lead to more companies and high-paid executives leaving the state.
Billionaire entrepreneur Elon Musk’s announcement on Tuesday that he will relocate the corporate headquarters of SpaceX and X from California to Texas comes as the latest high profile examples of businesses moving to the Lone Star State for a more favorable business climate.
Musk announced the move in response to a new California law prohibiting schools from notifying parents about their children’s gender identity, calling it the “final straw” following the state’s other policies that Musk said are aimed at “attacking both families and companies.” X’s headquarters will move from San Francisco to Austin, while SpaceX’s HQ will move from Hawthorne, California, to Starbase, Texas.
VISIT OUR YOUTUBE CHANNELTexas Gov. Greg Abbott, a Republican in his third term as the state’s governor, wrote in a post that the move “cements Texas as the leader in space exploration” and added separately that “teXas is the HQ for business.”
Abbott’s tenure as governor has seen an influx of companies moving their headquarters to the state, which has no personal or corporate income tax and has touted its business-friendly regulations.
Here is a list of large corporations that have moved from blue states to Texas:
2019
Charles Schwab announced it would move its headquarters from San Francisco to Westlake, Texas, following its acquisition of TD Ameritrade.
2020
Software giant Oracle announced it would move its world HQ from Redwood City, California, to Austin.
Hewlett Packard Enterprise announced a move from San Jose, California, to Spring, Texas, with the company citing “opportunities for cost savings, and team members’ preferences about the future of work.”
2021
Tesla CEO Elon Musk relocated the electric vehicle-maker’s headquarters from Palo Alto, California, to Austin, Texas.
Musk said at the time there is a “limit to how big you can scale in the Bay Area.” Tesla’s move came after he had said Alameda County’s efforts to block the automaker from reopening its Fremont facility in 2020 amid the COVID pandemic were the “final straw” and he would move Tesla’s HQ to Texas or Nevada “immediately.”
Musk had previously moved the Musk Foundation’s HQ to Texas in 2020, and would later relocate The Boring Company’s HQ to Texas in 2022.
2022
Heavy equipment manufacturer Caterpillar announced it would move its world headquarters from Deerfield, Illinois, to Irving, Texas in June 2022.
2023
Investment advisory firm Fisher Investments moved its HQ from Camas, Washington, to Plano, Texas, following a decision by the Washington State Supreme Court upholding the state’s capital gains tax.
“In honor of the Washington State Supreme Court’s wisdom and knowledge of the law, and in recognition of whatever it may do next, Fisher Investments is immediately moving its headquarters from Washington state to Texas,” the company said in a statement announcing the move in March 2023.
