Remote work practices and policies made necessary by COVID-19 and embraced by employees and companies alike are taking a toll on Silicon Valley, The Wall Street Journal reported Sunday, December 13, noting that iconic Bay Area companies are moving to, and growing in, locales with lower costs and less congestion.
Database giant Oracle announced Friday, December 11, it was moving to Austin, Texas from Redwood City, California. And just weeks earlier, Hewlett Packard Enterprise announced it was moving its headquarters to Houston, Texas from Silicon Valley.
Among the reasons for corporate relocations cited by the WSJ and San Jose Mercury News in articles about the moves are cost-of-living disparities and differences in personal income taxes.
According to the nonprofit Tax Foundation, California has the highest marginal tax rate in the country for the highest-income taxpayers: 13.3% on income in excess of US$1 million. Texas has no income tax.
According to the Wall Street Journal, employers and employees alike have embraced the flexibility of remote-work policies after they became a necessity because of COVID-19.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
UK Probes Lindab’s Acquisition of HAS-Vent Amid Fears of Market Monopoly
Apr 28, 2024 by
CPI
Shein Faces EU Regulations Over User Data
Apr 28, 2024 by
CPI
Google Fights Back Against US Antitrust Lawsuit
Apr 28, 2024 by
CPI
US Homeland Security Establishes Blue-Ribbon Board with Tech CEOs to Advise on AI
Apr 28, 2024 by
CPI
FTC Accuses Amazon Executives of Using Disappearing Messaging Apps to Conceal Evidence
Apr 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI