Finance giant JPMorgan is considering moving its headquarters out of New York City and its gleaming skyscraper buildings. While the company is playing coy with these reports, it has already been slowly relocating many of its operations and jobs to lower tax locations in Ohio, Texas, and Delaware. The Lone Star State currently hosts 25,000 of its employees, and Texas will likely surpass the New York portion in coming years.
The resulting move will harm the middle earners of New York far more than that of the wealthy, who can easily move to a better tax climate. Not only is the state tax structure prohibitive, but Alexandria Ocasio Cortez may be responsible for the pink slips at JPMorgan, which anticipated thousands of educated technology workers to come to the area as part of the planned Amazon headquarters in Queens. But after the freshman lawmaker lobbied against the project, the retailer changed plans. Many good jobs and the growth they sustain at JPMorgan will likely follow.
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