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Samsung and Exxon Mobil leaving New Jersey
Exxon and Samsung Show High Taxes Hurt NJ While the NJEA-Funded "For The Many" Coalition Pushes for the Highest Taxes in the Nation
Exxon and Samsung are leaving New Jersey for Texas. New Jersey has the highest corporate tax rate in the nation, while Texas has no corporate tax. […]
sunlightpolicynj.org
Both Samsung Electronics America and ExxonMobil are officially exiting New Jersey to consolidate their corporate presence in Texas. Both departures have triggered major political and economic debates regarding New Jersey's high tax rates and regulatory burdens.
Samsung announced it is moving its U.S. corporate headquarters from Englewood Cliffs, New Jersey, to its existing corporate campus in Plano, Texas.
Samsung stated the move is part of a "business transformation" to streamline operations, aligning the corporate office with its multi-billion dollar semiconductor investments in Austin and Taylor, Texas.
Exxon Mobil shareholders voted to officially change the company's legal incorporation from New Jersey to Texas.
Operationally, Exxon Mobil moved its physical headquarters from New Jersey to the Houston area decades ago (1989). However, this legal relocation severs the company’s 144-year-old legal connection to New Jersey, which dated back to its 1882 origin as Standard Oil of New Jersey.
The board recommended the change to establish a more favorable legal environment and to safeguard the corporate structure against activist shareholders and climate-related litigation.
Business groups, like the New Jersey Business & Industry Association (NJBIA), point to these dual departures as a warning sign. Critics explicitly blame New Jersey's 11.5% corporate business tax rate—the highest in the United States—and heavy regulatory burdens for driving out major Fortune 500 employers.
Read more:
Exxon and Samsung Show High Taxes Hurt NJ While the NJEA-Funded "For The Many" Coalition Pushes for the Highest Taxes in the Nation
Exxon and Samsung are leaving New Jersey for Texas. New Jersey has the highest corporate tax rate in the nation, while Texas has no corporate tax. […]
sunlightpolicynj.org
Commentary:
New Jersey's Corporate taxes are driving manufacturing and corporations out of the state.
Other corporations included Hoffman-LaRoche, and Rhodia Chemical did not just close its New Jersey manufacturing, it completely phased out its independent corporate presence in the state.
Once the Democrats take control within a State they strangle corporations with environmental regulations and taxes.
