California, once the land of opportunity, innovation and prosperity, is seeing an exodus of businesses moving their headquarters to other states. The latest came on February 13, when In-N-Out Burger decided to close its Irvine, California, headquarters after 30 years. The company is consolidating its West Coast offices into one location in Baldwin Park, California. In-N-Out is opening a new eastern territory headquarters in Franklin, Tennessee.
While Democrats in Sacramento and Gavinomics continue to push big-government policies, over-regulation and sky-high taxes, companies are voting with their feet and heading for more business-friendly environments. What was once the epicenter of entrepreneurship is now a state suffocating under its own policies, driving out job creators and economic growth. It’s no wonder the Golden State isn’t so golden anymore.
California’s tax policies are among the most punitive in the nation. The state imposes a top marginal income tax rate of 13.3% — the highest in the country — and a corporate tax rate of 8.84%. Compare that to states like Texas and Florida, where there is zero state income tax, and it’s easy to see why businesses are fleeing…