(FOX BUSINESS) – As a growing number of companies plan to move or build up their operations in new states with business-friendly policies, the Job Creators Network is warning that high-tax states could face an economic contraction.
"Over the last couple of years, dozens of high-profile companies have left high-tax states like New York, New Jersey, Illinois, and California for states like Florida, Texas, and Tennesse with lower taxes and fewer regulations. For every big-name company that departs, hundreds of small businesses that people haven't heard of also move," JCN president Alfredo Ortiz told FOX Business. "As a result, economies in low-tax states are booming, while those in high-tax states are contracting."
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Macaulay Porter, the press secretary for Virginia Gov. Glenn Youngkin, told FOX Business that the Commonwealth has added 80,000 jobs since his inauguration. Companies that have announced plans to move their global corporate headquarters to or build facilities in Virginia since Youngkin took office include Boeing, Raytheon Technologies, LEGO, Hamilton Insurance Group and Rocket Lab USA.