Billionaires have been fleeing California. Co-founder of Oracle, Larry Ellison, moved his company headquarters to Austin TX in 2020 and Elon Musk did that with Tesla about the same time.
Moving out is getting urgent for more of the state's billionaires now. A new state tax may be imposed on their assets (not their income, which is already taxed). That would include the collective worth of their businesses, art, stocks, collectibles, even intellectual property. Texas does not tax assets.
But Ellison (photo) is investing billions in yet another move for Oracle: to Nashville. It's been coming for a while, and Tennessee is willing to invest millions into the move because they see it as a big economic benefit for the state.
The deal included Oracle providing over a billion dollars' worth of development alongside the river downtown, and 8,500 new jobs by 2031 with an average annual salary of $110,000. That's a lot of new money coming into the city.
Yet Oracle employees are not flocking to Nashville despite big incentives and a fancy new headquarters. They seem reluctant. I have to wonder if there's just a significant miss match between wealthy tech workers or executives . . and the culture & politics of the area. What, if anything, will happen politically to the state when all this change finally happens?
from MSN
No comments:
Post a Comment