To balance their budgets during the coronavirus pandemic, states including New Jersey and New York have raised taxes on the wealthy. Conservatives warn that it will cause many of those who left at the onset of the pandemic make those moves permanent since they’re no longer bound to the physical locations of their offices or their children’s schools. But available data from 2020 show that the so-called exodus wasn’t as pronounced as initially projected, and the urban exit that did happen, was to suburbs rather than low tax states.
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Analysis: Is Texas Now The New California? (Video)
Tesla’s gigafactory and Apple’s second-largest campus aren’t the only big businesses coming to Texas. From Oracle to Hewlett Packard Enterprise, Elon Musk to Joe Rogan, Texas has lured an increasing number of big businesses and billionaires away from California since the pandemic began. While California’s population and job growth both slowed to a trickle, Texas added more residents than any other state in 2020. CNBC talks to those moving and longtime Texans about the reasons behind the trend and what it could mean for the future of the Lone Star State.
Boomers Daily 