Thursday, June 16, 2022

Caterpillar Global Headquarters moving to low-tax state, Texas

Caterpillar to relocate its HQ from Illinois to Texas after 100 years

Many companies, including Tesla, have recently moved to the state, which boasts no income tax, low corporate taxes, and affordable housing areas.

Several companies have recently left liberal states in favor of the lower corporate tax state, including Tesla, Hewlett Packard, Oracle, and venture capital firm 8VC. Amazon also opened a tech hub in Houston.

The Fortune 500 company revealed it was moving its headquarters to 'attract new talent and provide additional career opportunities for our current employees to aid in retention,' a spokesperson said.

Read about it...

All Texas state taxes are deductible from gross income when calculating federal taxes, so any Texas corporate income tax paid can be deducted from a business' gross taxable income before calculating your federal taxable income.

Florida Corporate Income Tax Brackets. Florida has a flat corporate income tax rate of 5.500% of gross income. The federal corporate income tax, by contrast, has a marginal bracketed corporate income tax. Florida's maximum marginal corporate income tax rate is the 5th lowest in the United States, ranking directly below Michigan's 6.000%. [taxrates.org]

Florida should be attracting some of these corporations.

3 comments:

Anonymous said...

Through fat years and lean years, they never miss a dividend payment. An American company we can be proud of.

Anonymous said...

Florida could do a lot to attract a lot of good companies here! Maybe Mike Lindell can relocate here too and bring his my pillow headquarters down here and Enterprise since he's being so ill treated by Walmart and his Banks up there!

Anonymous said...

You can't really make a comparison between Mike Lindell and Caterpillar. How about some of the German car companies. Or Toyota!