4 ms·
So in other words, healthy competition, and may the best man win. Contrary to many comments this is more than political reaction/posturing. The state of Texas
by CGMthrowaway 1y ago
So in other words, healthy competition, and may the best man win. Contrary to many comments this is more than political reaction/posturing.
The state of Texas is the world's 8th largest GDP and a diverse one, with no one sector exceeding 9%. Texas is well-positioned relative to NYC for attention around AI, as it is not geographically constrained and has an energy advantage. There is financial credibility built in as 10% of NYSE listings are already HQ'd in Texas. And Texas has a pro-business regulatory environment.
This isn’t a zero-sum game where Texas grows at New York’s expense. The hope is it creates a larger, more dynamic market.
- kasey_junk 1y agoNYSE Texas didn’t see a huge influx of listings when they moved there and changed their rules. I don’t think “Texas” is particularly interesting to the conversation given the dominant regulatory regime will be federal and the trading will happen in NJ but I could be wrong. There are lots of stock exchanges, which have started for lots of reasons but there isn’t really much of an industry desire to be out of nyse/nasdaq for vanilla listings. If there was it would have already happened. Seems like a publicity stunt to siphon some regnms traffic and maybe some etf listings to me, but no big drama if not.
- tomrod 1y agoAll true. Texas worker environment is not great though. Folks typically list income tax as an advantage but property and sales taxes more than make up the difference. Also, govt admin is fairly hostile to any infrastructure expansion, preferring to let the local car dealers buy new town charters with no infrastructure. Environmental regs are not well managed generally. Anyhow, not the worst state, not the best. Pretty balanced economy, like Ohio, Illinois, California, and Georgia.
- ohples 1y ago> preferring to let the local car dealers buy new town charters with no infrastructure. I'm curious what this is referring to.
- CGMthrowaway 1y agoProbably talking about Starbase (elon musk).
- ohples 1y agoAhh don't know why I missed that one.
- tomrod 1y agoLocal state legislature has several car dealership owners that also started their own chartered towns. Wasn't thinking about starbase but that qualifies.
- CGMthrowaway 1y agoDid you have an example you wanted to share?
- hobobaggins 1y ago.. and why it's even a problem.
- tomrod 1y ago"Good ole boy network" is real!
- CGMthrowaway 1y agoTexas wouldn't be texas without it
- tomrod 1y agoIt could be so much more without it!
- reducesuffering 1y ago> Folks typically list income tax as an advantage but property and sales taxes more than make up the difference. No, not really. Texas is still below average state taxes and you can see the breakdown of each state here: https://en.wikipedia.org/wiki/State_income_tax#/media/File:State_Tax_Burdens_2022.jpg https://en.wikipedia.org/wiki/State_income_tax#/media/File:S...
- tomrod 1y agoYep, exactly what I mentioned, more than makes up for it especially once you factor in the higher Case Schiller on recent years causing increases to property taxes since 2022 (date of your image).
- larsiusprime 1y agoHigher property taxes and low income taxes is preferable actually, it keeps the housing market from getting massively distorted.
- deleted 1y ago[deleted]
- munk-a 1y agoIdeally you're correct - but it does have the very large side effect of making real estate fraud much more lucrative. This isn't to say that the potential of people breaking a law means we shouldn't have the law at all - but higher property taxes necessitate a much large spend into property value auditors and require a lot more stringency around property improvement permitting to ensure that increases in property value are captured and recorded accurately.
- calmoo 1y agoHow much fraud we talking? I like to think along Matt Levine's ideas that at least some amount of fraud is acceptable - there will always be some amount of it and under or over-regulation creates a net-negative.
- CGMthrowaway 1y agoTough to measure. A couple data points: -NY state estimate $150–200M per year lost to real estate transfer tax fraud and evasion. On $3B receipts that is 5-6% breakage. -Harris County (Houston) found $21M in improper homestead exemptions. On ~$7B receipts that is ~0.3% breakage -Miami-Dade found $35M on $6.5B for improper homestead exemptions, 0.5% breakage For comparison, IRS net tax gap is about 12%
- deleted 1y ago[deleted]
- PopAlongKid 1y ago
- hobobaggins 1y agoYou can always move somewhere else. It's a big country with different state laws for every type of preference.
- tomrod 1y agoWhat a strange thing to say - - "sucks to be you if you don't like it, just leave" is not really how I'd expect people to have a conversation around identified policy gaps, especially among people that aren't there.
- stocksinsmocks 1y agoThe most insightful part of your comment was that you needed a throwaway account to preserve your HN social credit score to take a completely moderate and constructive position.
- fuzzfactor 1y ago>This isn’t a zero-sum game where Texas grows at New York’s expense. Not at all. New York is standing to gain quite a bit. >TXSE was backed by wealth management giant BlackRock and market maker Citadel Securities, among other firms. >The Texas company said in June 2024 that it raised a total of $120 million from more than two dozen investors. Ever heard of "The Texas Company" from 100 years ago when they first discovered huge gushing oil wells in Beaumont? Popularly known as Texaco, it was of course, a New York company. Go back before 1837 and Houston itself was unpopulated ranchland while San Antonio and El Paso were well-established western towns. Until New York investors bought the ranch and built the planned industrial community we know today.
- jraby3 1y agoAs someone who's considered taking my company public (not a tech company) it's nice to see easier listing requirements on this exchange than the big ones.