New York and California Each Lost $1T When Financial Firms Moved South

https://www.bloomberg.com/graphics/2023-asset-management-relocation-wall-street-south/

by mfiguiere • 3 years ago

27 16 3 years ago

bloomberg.com

umeshunni• 3 years ago

Both states have in the past three years lost firms that managed close to $1 trillion of assets

That's not remotely the same thing as the states losing $1T. You'd think Bloomberg would know the difference.

throwaway5959• 3 years ago

They do, but clicks won’t make themselves.

miguelazo• 3 years ago

Bloomberg blatantly pushing deceptive rentier class propaganda? Financial industry simps reposting it on HN? I'm shocked! :-)

dadjoker• 3 years ago

Hmmm, and what do those states have in common?

thomasingalls• 3 years ago

is it a shared belief that the rich should contribute to society through taxation, and regulatory agencies that try to protect consumers?

no it must be <culture war issue>

elteto• 3 years ago

I think everything is working as intended in this case: some states have decided on having very high taxation rates, and other states have decided they will shift that burden to alternative taxation schemes (sales/property taxes). And these companies have decided to vote with their feet by moving to what they perceive are better tax environments for them. More might follow in the future, others will never move.

It’s not cultural war, it’s just market dynamics.

JumpCrisscross• 3 years ago

shared belief that the rich should contribute to society through taxation

New York and California also have massive bureaucracies and a tax and rulebook to match. I’ve generally been less irked by their rates than the time and energy it takes to prepare their returns.

Scoundreller• 3 years ago

Go Taxachusetts!

vgivanovic3• 3 years ago

Massachusetts is #20 in total tax burden by state in 2023.

tedunangst• 3 years ago

How do the southern states intend to spend their $1T windfall?

metadat• 3 years ago

https://archive.today/ZzJ3F

New York and California Each Lost $1T When Financial Firms Moved South

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