Sources say Toyota fleeing CA, taking 5,000 jobs to more business-friendly Texas

[Locutus]

California’s inhospitable tax policies may have struck again, this time costing Los Angeles one of its largest employers. According to multiple sources close to the situation, Toyota will be relocating its US headquarters from the LA suburb of Torrance to Plano, Texas.

The company has yet to notify its employees of the news, but is expected to do so Monday, followed by a public announcement. While it’s unlikely that Toyota, which is ranked 8th on Fortune’s Global 500, will directly cite taxes as the reason for its relocation, it should come as little surprise that the financial burden of operating in California – both on the corporation and its employees personally – played a major role.

A number of early stage entrepreneurs, including Pando contributor Bryan Goldberg, have discussed publicly their decisions to start companies outside of California. Now, it appears that frustration has moved its way up the economic food chain.


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BREAKING: Sources say Toyota fleeing CA, taking 5,000 jobs to more business-friendly Texas | PandoDaily

 

[Walter]

It's what the Dems want.

 

[B00Mer]

 

[captain morgan]

This has been going on for years in Ca with all manner of business fleeing to Tx as a result of the punitive taxes.

Wonder how many more towns will be declaring bankruptcy in the Golden State

 

[Tecumsehsbones]

They oughta set up in West. I hear business is booming there.

 

[BaalsTears]

This isn't surprising. The cost of doing business here has become prohibitive. You should have known what California was like in the sixties and seventies. It was close to Paradise. Now California is unrecognizable to old timers. But, we still have a wonderful climate, great bird watching, beautiful beaches, and first rate craft breweries.