“Dear California, I’m leaving you”: California Businesses Exit The State By The Thousands
Yesterday we mentioned how difficult it is to run or start a business in many US cities. But the same issue now plagues the largest state in the union. In California, long an engine of economic output, there is a business exodus due to increased regulatory and tax burdens.
(From The Hoover Institution)
Texas imposes just a 0.75% franchise tax on business margins, compared to California’s 8.85% corporate tax. As if this large difference weren’t enough of an incentive to leave, the city of San Francisco imposes a 0.38% payroll tax, and a 0.6% gross-receipts tax on financial service companies.
This article was originally posted here: https://www.ac2news.com/2020/09/dear-california-im-leaving-you-california-businesses-exit-the-state-by-the-thousands/.