Samsung and Exxon Mobil leaving New Jersey

[Doc7505]

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

3 Jun 2026

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.

 

[The Irish Ram]

They are as bad as NY...

 

[1srelluc]

LOL....Did you know that the state flower of NJ is a 55 gallon waste drum sticking up out of the ground?

 

[Mr Natural]

Texans work cheap. Something to be proud of.

 

[Crepitus]

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

3 Jun 2026

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.

Foreign owned polluters. Good riddance.

 

[Magnus]

Exxon move is purely ceremonial since the main group left in 1989 (when a Republican gov was in charge, no less).

But not to worry. We have plenty more coming in:

Major Expansions & Relocations

• Netflix Studios: Advancing a $903M production hub at the former Fort Monmouth military base in Monmouth County.
  • Jobs: Up to 3,500 construction jobs and 1,400 permanent jobs. [1]
• McKinsey & Co: Global consulting firm.
  • Jobs: Brought approximately 700 employees to their new Ironside Newark location. [1]
• KPMG: The "Big Four" accounting firm.
  • Jobs: Relocating its hub to Morristown in 2026, occupying 66,000 square feet. [1, 2]
• Paramount Global:
  • Jobs: Secured a long-term lease at the 1888 Studios in Bayonne, significantly boosting the local entertainment industry workforce. [1]
• CoreWeave:
  • Jobs: Continuing AI and cloud computing facility expansions in Kenilworth, supported by massive state investment. [1]

 

[marvin martian]

Foreign owned polluters. Good riddance.

Keep smoking that copium, homie!

 

[Doc7505]

Foreign owned polluters. Good riddance.

<~~~~~~~~~~>
FYI: Formed in 1999 through the merger of Exxon and Mobil, it is one of the direct successors of John D. Rockefeller's historic Standard Oil Company.

 

[my2¢]

I don't fault the move to states where taxes are lower. What irritates me is that how billion-dollar companies like Exxon/Mobil are granted hundreds of millions of dollars in tax breaks.

Subsidies Exxon/Mobil (detailed list is here) has received:

 

[Zincwarrior]

Texans work cheap. Something to be proud of.

Don't be jealous of our queso superiority.

 

[Doc7505]

Exxon move is purely ceremonial since the main group left in 1989 (when a Republican gov was in charge, no less).

But not to worry. We have plenty more coming in:

Major Expansions & Relocations

• Netflix Studios:Advancing a $903M production hub at the former Fort Monmouth military base in Monmouth County.
  • Jobs: Up to 3,500 construction jobs and 1,400 permanent jobs. [1]
• McKinsey & Co:Global consulting firm.
  • Jobs: Brought approximately 700 employees to their new Ironside Newark location. [1]
• KPMG:The "Big Four" accounting firm.
  • Jobs: Relocating its hub to Morristown in 2026, occupying 66,000 square feet. [1, 2]
• Paramount Global:
  • Jobs: Secured a long-term lease at the 1888 Studios in Bayonne, significantly boosting the local entertainment industry workforce. [1]
• CoreWeave:
  • Jobs: Continuing AI and cloud computing facility expansions in Kenilworth, supported by massive state investment. [1]

<~~~~~~~~~~>
You've only indicated service related jobs none contribute to manufacturing. Something America needs very much.
The U.S. faces ongoing labor shortages in key manufacturing industries like durable goods, where 313,000 job openings remained unfilled as of April 2025, despite recovery efforts since 2020. However, the manufacturing sector's share of total employment has declined over decades, with services now dominating the economy.
Manufacturing-intensive communities can spur local job growth by expanding customized services to small and medium-sized manufacturers and investing in infrastructure and services that make the community more attractive to business.
Read more:

U.S. MANUFACTURING LABOR SHORTAGES AND HIRING PRESSURES IN 2026 - MIE Solutions

New MIE Solutions research reveals where manufacturing labor shortages and hiring pressures are being felt across U.S. states in 2026.

mie-solutions.com

 

[Magnus]

<~~~~~~~~~~>
You've only indicated service related jobs none contribute to manufacturing. Something America needs very much.
The U.S. faces ongoing labor shortages in key manufacturing industries like durable goods, where 313,000 job openings remained unfilled as of April 2025, despite recovery efforts since 2020. However, the manufacturing sector's share of total employment has declined over decades, with services now dominating the economy.
Manufacturing-intensive communities can spur local job growth by expanding customized services to small and medium-sized manufacturers and investing in infrastructure and services that make the community more attractive to business.
Read more:

U.S. MANUFACTURING LABOR SHORTAGES AND HIRING PRESSURES IN 2026 - MIE Solutions

New MIE Solutions research reveals where manufacturing labor shortages and hiring pressures are being felt across U.S. states in 2026.

mie-solutions.com

So what is your orange douchebag doing about it?