Caterpillar, Boeing and Raytheon revive mass immigration of highly taxed country

As an increasing number of companies plan to relocate or build their operations in new states with business-friendly policies, the Network of Job Designers warns that high-tax states may face an economic downturn.

“Over the past two years, dozens of high-profile companies have left high-tax states like New York, New Jersey, Illinois and California for states like Florida, Texas, and Tennessee with lower taxes and lower regulations. The name of the company that is leaving, hundreds of small businesses,” JCN President Alfredo Ortiz told FOX Business. Which people haven’t heard about is also moving.” “As a result, economies in low-tax countries thrive, while those in high-tax countries shrink.”

Virginia Governor Glenn Youngkin. (AP Photo/Steve Helber/AP Newsroom)

Macaulay Porter, press secretary to Virginia Governor Glenn Youngkin, told FOX Business that the Commonwealth has added 80,000 jobs since its inauguration. Among the companies that have announced plans to move the company’s global headquarters to or build facilities in Virginia since Youngkin took office are Boeing, Raytheon Technologies, Lego, Hamilton Insurance Group and Rocket Lab, USA.

ribbon protection else they change they change %
BA Boeing Company 133.94 -3.18 -2.32%
RTX Raytheon Technologies Corporation. 91.76 -0.80 -0.86%
RKLB ROCKET LAB USA 4.07 -0.02 -0.49%

“Governor Yongkin’s business expertise, and commitment to lowering the cost of living, expanding employment, reducing regulations, promoting economic growth, and developing the workforce, make Virginia a desirable place for businesses,” Porter said.

Boeing, Virginia

The new Boeing 777X. (credit: Boeing)

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Meanwhile, Texas has attracted 250 new corporate headquarters, including 54 companies on the Fortune 500 list, under the leadership of Governor Greg Abbott, with more announcements in 2021 than in any other year, according to his press secretary and senior communications advisor Renee Izzy.

Texas Geoff Greg Abbott

Texas Governor Greg Abbott speaks during the Houston-area Business Coalition’s monthly meeting last year. (Brandon Bell/Getty Images/Getty Images)

Caterpillar recently announced its plans to move its global headquarters from Deerfield, Illinois, to Irving, Texas, later this year. Other companies that have moved to the Lone Star State include Tesla, Oracle and Hewlett Packard Enterprises.

ribbon protection else they change they change %
cat Caterpillar Corporation 178.72 -9.14 -4.87%
TSLA Tesla Corporation 705.21 -3.05 -0.43%
ORCL Oracle Corporation. 67.60 +1.14 + 1.72%
HP HEWLETT PACKARD ENTERPRISE CO. 13.62 -0.11 -0.80%

“Texas remains number one because of the unparalleled competitive advantages we offer: no corporate or individual income taxes, a predictable regulatory climate, and a young, growing and skilled workforce,” Eze told FOX Business. “We look forward to more major economic announcements this year as Texas remains the nation’s economic engine.”

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Looking ahead, Ortiz expects companies moving their global headquarters to develop into a larger direction, with Georgia, Iowa, Arizona, and South Dakota expected to benefit due to “free market policies” as well as Texas and Virginia.

“Policy makers should study and emulate pro-business policies such as tax cuts and deregulation that firms are implementing to boost economic growth and living standards,” Ortiz added.

Ortiz’s comments come as strategists at Bank of America Global Research have raised the odds of an economic downturn to 40% in 2023, with gross domestic product — the broadest measure of goods and services produced in a country — slowing to nearly zero by the second half. . Next year.

More than 60% of CEOs expect a recession in the next 12 to 18 months, according to a survey of CEOs and other CEOs by the Conference Board, a business research firm.

Fox Business’s Megan Heaney contributed to this report.

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