FInd huge savings on retail prices at DailySale.com

Placeholder while article actions load

The day after news broke that Twitter had accepted Elon Musk’s purchase offer, California’s Democratic governor, Gavin Newsom, happened to be holding a Zoom call with supporters to discuss how to “keep California blue in 2022.” The topic was a curious one, given that since 2000, Democrats have won 47 of the past 48 statewide races here not involving Arnold Schwarzenegger.

Newsom might have done better to consider how to keep Twitter’s blue bird in California and stop it from migrating to Texas, home of the bluebonnet. Having lived in California for about two decades, Musk over the past two years has notably cooled on the Golden State and warmed to Texas.

Two years ago, the SpaceX owner and Tesla chief executive announced he was giving up “almost all physical possessions” and began selling off his seven California homes, moving to a modest house rented from SpaceX outside Brownsville, Tex., where the company’s launch site is. Six months ago, Musk moved Tesla’s headquarters to Austin, vacating Silicon Valley. Telsa’s sprawling vehicle plant is also in Austin, as is Musk’s tunnel-making operation, the Boring Company. Twitter might look stranded in San Francisco after Musk takes over.

But before Twitter can join the greater “tech exodus” from the Bay Area and Silicon Valley, California’s leaders — and San Francisco’s in particular — might do well to reflect on what’s driving companies away. The more pertinent question for San Francisco: Why would tech companies want to stay?

Two years ago, city voters imposed multiple taxes on businesses, one of them a gross-receipts tax on companies whose highest-compensated executive earns more than 100 times employees’ median compensation. That was two years after voters approved a ballot measure levying a gross-receipts tax on businesses earning more than $50 million annually (suspected as a reason PayPal just closed its San Francisco office).

See also  Who is the richest female rapper in the world and their net worth? Top 20 list

Not that the higher tax revenues for the city have translated into making it a safer, more pleasant place to live and work. Citywide larceny theft remains chronic, so much so that many retail businesses don’t bother to report shoplifting: Last year, San Francisco police made arrests and turned suspects over for prosecution in just 2.4 percent of larceny thefts. No wonder thieves have become so brazen.

For nearly half a century, San Francisco mayors have tried and failed to come up with a remedy for the city’s homeless population. As mayor, Newsom promised nearly two decades ago to end chronic homelessness in 10 years. In March, Mayor London Breed declared a 90-day emergency in the Tenderloin district, where drug use and homelessness finally became too much even for the city’s famously progressive sensibilities.

But the unwelcoming-to-business atmosphere is hardly restricted to San Francisco. On top of notoriously high taxes that hit every business and every employee in the state, California in recent years has flirted with a “global wealth tax” — in its latest incarnation, a 1.5 percent tax imposed on any California resident with more than $1 billion in “worldwide net worth” and 1 percent on those with more than $50 million in “worldwide net worth.” Texas, it should be noted, does not have a state income tax.

Taxes are on Musk’s mind regarding one of his remaining California-based ventures: Tesla Energy, a clean-energy subsidiary that manufactures solar panels and battery systems. The state’s public utility in December proposed a “solar tax” — also known as a “grid-participation charge” — on California’s residential solar customers. Musk’s tweet: “Bizarre anti-environment move by govt of California.”

See also  Tom Parker Net Worth 2022: The Wanted Singer Left Whopping Amount After Tragic Death

Then again, Musk might not be eager to move thousands of Twitter employees closer to him in Texas, given that, as The Post reported last month, many of them reacted with “shock and dismay” to his purchase of the company. But it isn’t as if those employees who don’t quit in protest would necessarily be laboring away at the San Francisco headquarters.

Lawrence Taylor - CBD Oil & Pain Relief Cream Bundle - 45% OFF

The company reopened its offices in mid-March, while also telling workers “the decisions about where you work … should be yours.”√ (In May 2020, then-CEO Jack Dorsey told Twitter employees they could would remotely “forever” if they preferred.) In a since-deleted tweet last month, as Musk was circling the company, he suggested that Twitter’s office space should be converted into a “homeless shelter since no one shows up anyway.”

Maybe that’s the solution: open Twitter headquarters in Austin, keep a skeleton crew on-site and let the many Twitter employees who seem to be in a permanently Californian state of mind work remotely — really remotely. Call it the Texas two-step.


Source link

Previous articleNicole Kidman’s net worth: ‘Roar’ actress earned $1M per episode for ‘The Undoing’
Next articleSix Torbay hotels ranked best in UK – and one is in world’s top five

LEAVE A REPLY

Please enter your comment!
Please enter your name here