Banker Walter Wriston famously said capital (meaning both money and ideas), when freed to travel at the speed of light, “will go where it is wanted and stay where it is well treated.”
And no, that guy playing the ukulele is not Mr. Wriston.
It is not just taxes. Regulation is a big part of corporations moving headquarters and facilities out of high tax, over regulation and courts that favor non free market viewpoints and are “making law.”
I saw the other day that Hawaii of all places is imposing a 13% (!) income tax on incomes above $1mm. Hawaii is not doing well, last I heard. I mean, Iam Tongi left for Seattle, “priced out of paradise,” in his words.
In case you need a reminder: https://www.youtube.com/watch?v=P4Pj5zs4RpU
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