Samsung moves US HQ from New Jersey to Texas, cutting 1,000 jobs
IN SHORT
Samsung Electronics is relocating its US headquarters from Englewood Cliffs, New Jersey, to its existing campus in Plano, Texas. This move is expected to result in approximately 1,000 job losses in New Jersey and is attributed by some to New Jersey's high corporate tax rates compared to Texas's lack of a corporate income tax.
Key Numbers
1,000jobs lost in New Jersey
270,000 SFsize of New Jersey headquarters
8 monthstime Samsung's NJ HQ was operational
30 yearsSamsung's presence in Texas
11.5%New Jersey's top corporate tax rate
0%Texas corporate income tax rate
Who's Involved
Samsung Electronics
South Korean tech giant relocating US headquarters
NJ Assembly GOP
Commented on New Jersey's high corporate tax rate
↳ Why This Matters
Samsung's relocation highlights a trend of businesses moving from high-tax 'blue' states to low-tax 'red' states, driven by economic and political environments, potentially impacting job markets and state tax revenues.