While the pandemic accelerated both discussions and movement of businesses, talk of how California's high tax rates and liberal leadership has made it "impossible" to do business in the state is anything but new. So are alarm-raising statements about how big business is fleeing the Golden State en masse.
In 1933, one state official wrote that "if we set up a tax on one of their supercolossal $7,000,000 productions, [the movie industry] would no doubt transfer their operations to" Florida. Similar fears of a business exodus to Nevada pushed local legislators to give a property tax break to equipment manufacturers in the 1960s.
More recently, Elon Musk told the audience at the All In Summit in Miami that the Golden State had "gone from a land of opportunity to the land of taxes, over-regulation and litigation." He had earlier moved the Tesla (TSLA) - Get Free Report offices from the Silicon Valley to Austin, Texas at the end of 2021.
While discussions around the tech exodus took place throughout much of 2020 and 2021, a new discussion has begun around an industry that exists in every state in the country: the fast food business.
In the fall of 2022, the state passed what shortens to the FAST bill -- the Fast Food Accountability and Standards Recovery Act could require fast-food restaurants to pay workers up a minimum wage of $22 an hour with an annual raise of 3.5%.
While initially passed, the law has faced significant pushback...
Schubert Jonckheer & Kolbe LLP advises Vistagen Therapeutics, Inc. (NASDAQ: VTGN) investors that the firm is investigating potential legal claims arising from alleged false statements about Vi...