We’ve been arguing for a long time that New York’s days as the financial capital of the world are numbered. New York has the highest taxes on investment income and the most onerous financial regulations in the country.
We just didn’t think the exodus would happen so quickly. But this headline from the WSJ confirms we were right:
As the WSJ notes, this is yet another clear example of a Dallas-based company “taking aim at New York’s [former] dominance.”
Financiers and banks have been gradually pulling investment capital out of New York for financial companies, but now it’s a stampede. JPMorgan Chase, for instance, now has more employees in Texas than in New York.
Why? The climate change extremism, the high taxes, the noose of regulation, and now the prospects of a Socialist Mayor means Wall Street soon may have repelled the very capitalist spirit that made New York great in the first place.
The only question is whether the new Wall Street will be located in Dallas or Miami – where the state and city income taxes are zero.