Another blow was struck for competition, common sense and low taxes as Toyota Motor Corp. announced that they be moving their campus in Torrance, California to a suburb outside of Dallas, Texas.
“Toyota Motor Corp. is moving substantial parts of its U.S. headquarters in Torrance, Calif., to suburban Dallas,” writes the Detroit News, “as the world’s largest automaker seeks savings from its U.S. sales unit, people familiar with the matter said.”
Although no figures are yet available, anecdotal evidence suggests that people are fleeing California, not just companies.
SFGate.com says that 66% of all state revenue now comes from personal income taxes, and that the top 1% paid 41% of all personal income taxes in 2011, while half of all adult Californians paid no income tax at all.
And that was before Proposition 30 passed, a measure that raised the top income tax rate in California to 13.3%, the highest in the nation.
That plays into part of the corporate moves. Imagine being able to give employees a between and 8%-13.3% pay increase by moving from California to say Texas.
Today, at 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for October 31st, 2014 | John Ransom
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for October 29th, 2014 | John Ransom