"No matter who you are, you need to deal with reality and the truth. The truth is that while New York City has much going for it, particularly for financial companies, it also has the highest city and state corporate taxes and the highest individual income and state taxes."
"People often make this a moral or loyalty issue, but it is not. Companies need to remain competitive in this very tough, fast-moving world. And higher taxes lower returns on capital and less competitiveness by their nature."
"Additionally, individuals vote with their feet - you can already see a fairly large exodus of people and jobs out of some states with high taxes and high expenses. Sometimes you see companies leaving states, but migration also shows up in shifts of employees out of certain states."
Jamie Dimon emphasized that high taxes and regulatory burdens in cities like New York could lead to a loss of businesses and workers. Companies must evaluate the benefits of operating in high-tax areas against those with lower taxes. Dimon noted that while New York offers advantages, its high corporate and individual taxes reduce competitiveness. He highlighted that both companies and individuals are relocating to states with more favorable tax regimes, indicating a significant workforce migration driven by economic factors.
Read at Fox Business
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