Toyota Employees Reap Benefits of Texas Move

LOS ANGELES—Toyota Financial employees may have the most to gain from the major move to Texas. Yesterday, GlobeSt.com reported that the car manufacturer plans to move its North American headquarters office from Torrance, CA, to the North Dallas, TX, city of Plano.

According to NCAP‘s state tax calculator, employees could save anywhere from thousands to millions of dollars in the move. NCAP uses the example of a 30-year-old, single renter who earns $75,000 at Toyota. Moving to Texas would earn this employee $14,909 in annual discretionary income, amounting to 1.5 million over a lifetime. Married, 40-year-old homeowners earning a combined $150,000 per year would earn $2,535 in annual discretionary income, amounting to $209,000 over a lifetime. “The main focus of Toyota’s announcement has been on the company’s savings but there’s also a story here about the impact on Toyota workers who make the move,” says Pamela Villareal, a senior fellow at NCPA.