Please explain. Your comment reveals your lack of understanding of corporate law and the benefits of one state versus the other. And smart companies are going to incorporate in Texas anyway and it has nothing to do with taxes. More to do with corporate governance.

Are you sure you know what you're talking about here?

In the US, regulations on pensions, health insurance etc. are governed by the state that employees physically work in, not by the laws of the state of incorporation.

The primary purpose of incorporating in Delaware is less about taxes and more that Delaware is the "Silicon Valley" of corporate law - incredible concentration of professionals, infrastructure, and intangibles. Any dispute you have will generally be handled better, faster, and cheaper by Delaware courts than they would be anywhere else. I'll quote my good friend who is a startup M&A lawyer: "I'd go so far as to say that it would be managerial malpractice to incorporate anywhere other than Delaware."

Investors usually expect that non-US founders incorporate in the US, and usually expect Delaware. There are other states that are more friendly to tax avoidance. Delaware is mostly preferred because it's a known quantity with mature regulation. Investors don't want to deal with dozens of different legal regimes, they want the one that they know about.

No, it’s not. Companies have to pay taxes where they operate regardless of what state they incorporated in.

Stop spreading populist internet bullshit.

Incorporating in Delaware is like 95% about being in a predictable legal framework for any business related dispute imaginable.