Power Line's Steve Hayward posts a couple of paragraphs from Financial Times (behind FT paywall) describing the exodus from California to Texas. The impetus for the FT article was the announcement long-time CA-based oil company Chevron was moving its headquarters to TX.
A roll call of California-based corporate giants have followed suit [by moving to Texas], attracted by the Lone Star State’s hands-off approach to tax and regulation, including Charles Schwab, Oracle, HP, Tesla, CBRE, and Dropbox. Of the roughly 300 corporate arrivals between 2015 and April this year, more than half have been from California. . .
Last week social media platform X and space explorer SpaceX became the latest defectors. Elon Musk, chief executive of both groups, said California laws on gender identity were “the last straw”.
It is an impressive list. The CA legislature seemingly doesn't care that their corporate tax base is moving out of state. I predict mounting state budget deficits in the CA future.
