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Wall Street firms moving jobs from NYC to lower-taxed cities

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    Companies trying to save money in the South

  • Duration 4:37
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We -- high taxes don't drive away jobs than you might wanna look at what's happening to thousands all of Wall Street jobs.

Because they're leading New York fast on the leases.

It is.

You know just down on Wall Street is as a lawmakers everywhere better learn from this less -- -- time -- reported this before -- first -- that.

A lot of mid level type positions are leaving the city.

Why they -- I mean I'm in this is a lesson to Washington State and local governments you know people out there are not gonna spend money you don't have to stay in the state where.

Course the way too much of the burden is on their company up either seeing it this is going out of business so what they're gonna do -- got a little -- -- the areas where they can afford to stay in business.

And that's when he sees happening right now -- so a lot of them go to.

Lower tax environs like where -- -- Florida -- you have Texas a -- It over the last decade you see that could you know states with no income taxes -- really double their population to bring in revenue I mean the states that.

Really tax people like the ultra liberal states like New York.

Chicago.

And also California.

You know those states practice Obama comics now reaganomics.

-- -- Well yeah there's certainly some -- -- their declining numbers aren't.

But I'm wondering whether the company's -- of benefit to I know they talk about the effective taxes but.

Did you move a lot of mid level type positions to any of these states who don't depend as much -- -- right -- lower cost environment so.

It's it's also in the company's interest to do -- absolutely -- mean companies right now trying to fight this a while because of what's happening out there it is too many uncertainties Neal out there that health care requests.

You have higher taxes.

You know the only things that -- -- wall right now under this administration -- Bankruptcy lawyers.

You don't point shots you know food stand caught me guys regulated to make a lot of money but unfortunately -- we have to promote growth in the states and -- attacks they stay here unfortunately.

He's happy these people leaving the state inquest in the states billions of -- potential revenues.

-- you were saying much of the same so a lot of these occupy wall streeters and they were storming move -- the lower canyons of Manhattan.

-- you hired one yes -- who run on to get good job on a grown elsewhere have you -- Our do you think any of this is dawning on them are now.

Mom I I don't mean I mean and those people were very misguided I think under the direction obviously of what's out there right now to the perception of very -- took you up on your job -- programs she did and you know I'm glad I was read she was at right now she was hit by it I can tell you I think -- November.

You know as we change from -- administration of being anti business week business -- administration.

I think you're gonna see a lot of economic activity pent up entrepreneur oil demand -- -- on the sidelines.

And to the market which will be gonna go for everyone.

Do you think -- when when people -- -- someone -- Goldman Sachs is cutting.

Were there will be announcing big big -- when it comes to ration or not people at this.

Almost knee jerk response -- years -- Motorola's treasury.

Doesn't fall on their fears that it does it resonate you save time it will because a city like this when for example them.

Loses a big -- and it's absolutely and the elusive elusive big revenue source and you know ultimately -- -- of the day.

We don't want people to lose their jobs you know we want people want people keep their jobs you wanna create more jobs for the people that are out there that one outside shots only to chiefs in the city like you -- not the Indians.

I think this -- for everybody you know you know to have a job and unfortunately you know what until they really get that.

Together and lower taxes -- help business says.

With a reasonable tax rate people gonna leave the state lot of New York California Chicago -- go to Florida or Texas.

Where taxes you know all reasonable -- what people -- -- approximately.

What we were chatting here Microsoft has announced gonna take a six point two billion dollar charge.

Produce declining veterans -- -- division on I guess not a big shot they've been having problems in this arena.

Wouldn't make it -- and -- some of the marquee names so that marquee troubles.

You know I think a very adapting to a new environment and unfortunately if a business model or a segment of that this is not -- well I mean -- CEO would.

Ultimately make a decision you know we got to cut it out right cause we don't want -- To be of another burden on the company -- everything else is gone so while so I think it's just another segment the going to be you know worded technologies and in -- series -- here and this is just that simple.

I don't I think you know overall the summer usually get a little bit of a delta coming so what have what the ISM numbers today -- -- show a contraction.

Which is the first onto 2009 so people getting a little nervous but I think.

People gotta wait -- on the sidelines to ask don't always get close to enough eventual Romney win in the White House congress and that's what your hope that.

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