Surprise, Surprise! Seems that in the last year more than a hundred Wall Street firms have fled New York for the sunny tax free shores of Florida. Weary of supporting New York's Socialist Mayor, Deblasio, those footing the bill for increasingly generous benefits to the lame and lazy, have packed their desks and file cabinets and fled to Palm Beach.
I had read about this trend several months ago. As New York and high tax Connecticut lose corporations who have parked in those states for more than a hundred years, their California brethren are moving to Nevada, Texas and Arizona for relief from taxation and regulation. Don't know which corporate migrants are moving to Texas or Nevada but in just twelve short months Microsoft has been building plants and service centers in West Phoenix. Nike is going ahead in building a shoe factory, even without state incentives, and Intel is expanding their foot print in both the East and West Valley.
Just three years ago corporate surveys had Phoenix running in the middle of the pack as prime corporate locations. Then a few things happened. Companies started looking at a business friendly Arizona statehouse and lower energy costs. Then Phoenix began to be an oasis for average citizens as well when President Trump stopped the practice of the rest of America subsidizing California's high tax rates. Limiting deductions for state taxes and mortgage and interest deductions to $10,000 proved a slam dunk to those who were already considering leaving Mexifornia. Now the exodus has become a stampede.
Personally I would like those Californians to stay where they are. Having finally decided to shed their California "shitty diaper", they often come here and, before long, begin complaining that "that's not how we did it in California". Sadly those transplants have turned once dark red Arizona a light shade of purple. These new migrants never seem to understand that we have it good here because we DON'T do it like they do in California.