California
Report says rate of business exodus from California is accelerating
Companies headquartered within the Golden State fled at twice the speed final yr than they did in 2020 and 2019, and at thrice the speed of 2018, based on a
new report
from Stanford’s Hoover Establishment.
Whereas
strikes by marquee firms
reminiscent of Tesla, Oracle, and HP Enterprise, who’ve relocated their headquarters (if not their total operations) seize headlines, the report discovered smaller firms are more and more in search of the exit, as nicely.
“California… is risking its financial future as a lot smaller however quickly rising distinctive companies are leaving, taking their progressive concepts with them,” researchers Lee Ohanian and Joseph Vranich mentioned within the report.
“Why are firms leaving? Economics, plain and easy,” Vranich and Oahnian wrote.
“California state and native financial insurance policies have raised enterprise prices to ranges which are so excessive companies are selecting to depart behind the various financial advantages of being in California and transfer to states with higher enterprise climates that includes a lot much less regulation, a lot decrease taxes and decrease residing prices.”
Concern about acceleration of the exodus has been
brewing since not less than 2020,
however funds will not be the one consideration for firms seeking to go away the famously liberal Golden State. Some should additionally take care of the more and more divisive political local weather within the U.S.
Controversial payments and legal guidelines
in Texas and Florida that critics say
discriminate towards LGBTQ folks
— in addition to a rising crop of anti-abortion laws in some states — have underlined the cultural divide between completely different elements of the nation.
The report regarded on the variety of headquarters moved out of state, though that doesn’t at all times imply an organization leaves completely, or stops increasing in California. Tesla notably has expanded its Fremont manufacturing plant, which nonetheless employs round 10,000 employees.
Researchers discovered that the state misplaced the headquarters of 11 Fortune 1,000 firms within the final three years, together with McKesson Corp. and Charles Schwab, amongst others. From 2018 to 2021, solely Los Angeles County noticed extra firms take flight, with 80 departures, than from San Francisco, which misplaced 52 headquarters.
The report “highlights the rising dangers to our state’s financial restoration, our potential to compete going ahead and authorities purses that already are seeing declines in tax income because of this,” based on a press release from the Bay Space Council, a enterprise assume tank and lobbying group that counts many high-profile firms amongst its members.
Maybe unsurprisingly, researchers discovered that Texas has been the most typical vacation spot for California firm strikes, however famous that’s been the case “for not less than a decade.”
Texas entices firms with its lack of company revenue tax, in comparison with California’s 8.84%. California additionally extra robustly regulated employee security throughout the COVID-19 pandemic, requiring firms to pay employees who had been contaminated or uncovered to the virus to remain house.
Including to the thicket of laws, California has regulated not simply the financial however social elements of firms, passing legal guidelines requiring extra illustration of ladies and other people from numerous backgrounds on company boards. Each efforts had been declared unconstitutional by state judges.
Chase DiFeliciantonio is a San Francisco Chronicle workers author. E-mail: chase.difeliciantonio@sfchronicle.com
California
Caitlyn Jenner says she'd 'destroy' Kamala Harris in hypothetical race to be CA gov
SAN FRANCISCO – Caitlyn Jenner, the gold-medal Olympian-turned reality TV personality, is considering another run for Governor of California. This time, she says, if she were to go up against Vice President Kamala Harris, she would “destroy her.”
Jenner, who publicly came out as transgender nearly 10 years ago, made a foray into politics when she ran as a Republican during the recall election that attempted to unseat Gov. Gavin Newsom in 2021. Jenner only received one percent of the vote and was not considered a serious candidate.
Jenner posted this week on social media that she’s having conversations with “many people” and hopes to have an announcement soon about whether she will run.
Caitlyn Jenner speaks at the 4th annual Womens March LA: Women Rising at Pershing Square on January 18, 2020 in Los Angeles, California. (Photo by Chelsea Guglielmino/Getty Images)
She has also posted in Trumpian-style all caps: “MAKE CA GREAT AGAIN!”
As for VP Harris, she has not indicated any future plans for when she leaves office. However, a recent poll suggests Harris would have a sizable advantage should she decide to run in 2026. At that point, Newsom cannot run again because of term limits.
If Jenner decides to run and wins, it would mark the nation and state’s first transgender governor.
California
Northern California 6-year-old, parents hailed as heroes for saving woman who crashed into canal
LIVE OAK — A six-year-old and her parents are being called heroes by a Northern California community for jumping into a canal to save a 75-year-old woman who drove off the road.
It happened on Larkin Road near Paseo Avenue in the Sutter County community of Live Oak on Monday.
“I just about lost her, but I didn’t,” said Terry Carpenter, husband of the woman who was rescued. “We got more chances.”
Terry said his wife of 33 years, Robin Carpenter, is the love of his life and soulmate. He is grateful he has been granted more time to spend with her after she survived her car crashing off a two-lane road and overturning into a canal.
“She’s doing really well,” Terry said. “No broken bones, praise the Lord.”
It is what some call a miracle that could have had a much different outcome without a family of good Samaritans.
“Her lips were purple,” said Ashley Martin, who helped rescue the woman. “There wasn’t a breath at all. I was scared.”
Martin and her husband, Cyle Johnson, are being hailed heroes by the Live Oak community for jumping into the canal, cutting Robin out of her seat belt and pulling her head above water until first responders arrived.
“She was literally submerged underwater,” Martin said. “She had a back brace on. Apparently, she just had back surgery. So, I grabbed her brace from down below and I flipped her upward just in a quick motion to get her out of that water.”
The couple said the real hero was their six-year-old daughter, Cayleigh Johnson.
“It was scary,” Cayleigh said. “So the car was going like this, and it just went boom, right into the ditch.”
Cayleigh was playing outside and screamed for her parents who were inside the house near the canal.
I spoke with Robin from her hospital bed over the phone who told us she is in a lot of pain but grateful.
“The thing I can remember is I started falling asleep and then I was going over the bump and I went into the ditch and that’s all I remember,” Robin said.
It was a split-second decision for a family who firefighters said helped save a stranger’s life.
“It’s pretty unique that someone would jump in and help somebody that they don’t even know,” said Battalion Chief for Sutter County Fire Richard Epperson.
Robin is hopeful that she will be released from the hospital on Wednesday in time to be home for Thanksgiving.
“She gets Thanksgiving and Christmas now with her family and grandkids,” Martin said.
Terry and Robin are looking forward to eventually meeting the family who helped save Robin’s life. The family expressed the same feelings about meeting the woman they helped when she is out of the hospital.
“I can’t wait for my baby to get home,” Terry said.
More from CBS News
California
California may exclude Tesla from EV rebate program
California Gov. Gavin Newsom may exclude Tesla and other automakers from an electric vehicle (EV) rebate program if the incoming Trump administration scraps a federal tax credit for electric car purchases.
Newsom proposed creating a new version of the state’s Clean Vehicle Rebate Program, which was phased out in 2023 after funding more than 594,000 vehicles and saving more than 456 million gallons of fuel, the governor’s office said in a news release on Monday.
“Consumers continue to prove the skeptics wrong – zero-emission vehicles are here to stay,” Newsom said in a statement. “We’re not turning back on a clean transportation future – we’re going to make it more affordable for people to drive vehicles that don’t pollute.”
The proposed rebates would be funded with money from the state’s Greenhouse Gas Reduction Fund, which is funded by polluters under the state’s cap-and-trade program, the governor’s office said. Officials did not say how much the program would cost or save consumers.
NEBRASKA AG LAUNCHES ASSAULT AGAINST CALIFORNIA’S ELECTRIC VEHICLE PUSH
They would also include changes to promote innovation and competition in the zero-emission vehicles market – changes that could prevent automakers like Tesla from qualifying for the rebates.
Tesla CEO Elon Musk, who relocated Tesla’s corporate headquarters from California to Texas in 2021, responded to the possibility of having Tesla EVs left out of the program.
“Even though Tesla is the only company who manufactures their EVs in California! This is insane,” Musk wrote on X, which he also owns.
BENTLEY PUSHES BACK ALL-EV LINEUP TIMELINE TO 2035
Those buying or leasing Tesla vehicles accounted for about 42% of the state’s rebates, The Associated Press reported, citing data from the California Air Resources Board.
Newsom’s office told Fox Business Digital that the proposal is intended to foster market competition, and any potential market cap is subject to negotiation with the state Legislature.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
TSLA | TESLA INC. | 338.59 | -13.97 | -3.96% |
“Under a potential market cap, and depending on what the cap is, there’s a possibility that Tesla and other automakers could be excluded,” the governor’s office said. “But that’s again subject to negotiations with the legislature.”
Newsom’s office noted that such market caps have been part of rebate programs since George W. Bush’s administration in 2005.
Federal tax credits for EVs are currently worth up to $7,500 for new zero-emission vehicles. President-elect Trump has previously vowed to end the credit.
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California has surpassed 2 million zero-emission vehicles sold, according to the governor’s office. The state, however, could face a $2 billion budget deficit next year, Reuters reported, citing a non-partisan legislative estimate released last week.
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