This Week in ESG and Impact Investing

More Fortune 500 companies are located in Texas than in any other state. Texas successfully used low taxes and minimal regulations as bait to recruit companies like Tesla and Oracle. The state promoted these “advantages” in ads highlighting their “free-market” environment and criticizing the "tax and spend policies of liberal leadership" in Democrat-run states. Four million people migrated to Texas over the past ten years. Our economic models predict a reversal, however. State of Texas corporations on the Fortune 1000 list generate $2.2 trillion in revenue, $158 billion in profit. They have a market value of $3.8 trillion and employ 2.5 million people nationwide. We continue to believe this increased corporate presence in Texas imposes a tax on the nation as a whole. Texas allows anyone 21 or older to carry handguns without training or licenses, and maintains lower gun purchase age limits. Beyond the recent abortion bill, which allows people to sue those who "aid and abe...

On October 7th, during Tesla's annual shareholder meeting, company founder Elon Musk announced that he would be moving Tesla's headquarters from Palo Alto, California, to Austin, Texas. Reasons included a lack of space needed for the expansion of Tesla's Fremont factory and the high cost of living in the Bay area. Musk's decision makes his the latest in a line of companies leaving California for Texas, a list that includes Oracle Corp., Hewlett Packard Enterprise Co., and Charles Schwab. The Texas Economic Development and Tourism Office stated there has been a "tremendous increase" in interest. Since the pandemic began, the Office claims there are 37 relocation and expansion projects currently underway. Texas has made a significant effort to attract businesses from other states, using low taxes and minimal regulations as bait. Texas officials have promoted these “advantages” in ads highlighting their “free-market” environment and criticizing the "tax and ...