https://www.wsoctv.com/news/local/could-real-estate-search-lead-hq-move-wells-fargo/LUBP34Q2MZENJHR6XE4LABXUSI/
Seems the chainsaw does not like it when other chainsaws come looking for his te------s.
Or maybe that Hudson yards corporate executive theme park is sorta a bummer:
https://edition.cnn.com/2021/08/07/us/vessel-hudson-yards-su----e-wellness/index.html
https://nypost.com/2021/07/18/andrew-cuomos-penn-station-rescue-is-a-monstrous-boondoggle/
NYC taxes on someone with his bloated income levels has recently skyrocketed, and like any greedy overpaid American executive, he probably does not believe in paying his fair share.
NY recently increased taxes on the wealthy:
https://www.nytimes.com/2021/04/05/nyregion/taxes-rich-budget-new-york.html
"the city’s top earners could pay between 13.5 percent to 14.8 percent in state and city taxes"
Ouch.
Sorry chukkie - an icepack on your te------s isnt gonna help much this time.
But wait - in Texas there is no income tax- this is the equivalent to getting a 13.5% to 15% pay raise.
And thats not all - all those rich stonks he got awarded by the board? When he sells them, thats capital gains.
In NY and CA they are taxed.
In TX they are not.
https://www.realized1031.com/capital-gains-tax-rate
In california, capital gains from stonk sales are 13%, and in NY capital gains from stonk sales are nearly 9%.
So Cuomo has apparently "induced" chainsaw to go find greener pastures.
But the 2nd punch came from California when bill 71 proposed to raise corporate taxes:
"Assembly Bill 71 would raise the corporate income tax from 8.84% to 9.6% on companies that make more than $5 million annually in profits in California, said Christopher Martin, policy director for Housing California, which supports the legislation. Advocates say the measure would raise an estimated $2.4 billion a year."
Right now, Wells is based in CA- that nearly +1% increase means big big taxes on the corporation which hits the bottom line. Right now, the bank is taxed at 8% and with proposal, it would be taxed at 9%. That would mean a nearly $1B annual haircut on bank earnings.
Ouch.
And in Texas? 0%
Better get ready for wave of new arrogant financial executive imports Texas.