Capital gains tax in Texas - 0%
If you own stock, you don't pay tax on the stock until you sell them. On the day you sell, you have to pay taxes based on how much the stock went up in value, capital gains. You pay capital gains tax to the federal government, and usually, also to the state you are living in on the day you sell the stock.
For example: If you bought $10 of stock, and then sold it for $110, you have a capital gain of $100. If you live in California on the day you sell the stock, you have to pay California $13.30. If you live in Texas on the day you sell the stock, you don't have to pay Texas anything.
(I simplified a ton of stuff above such as ignoring dividends, deductions, etc. It's not all the official rules and details, just a high level introduction.)
The implication is that they do this to avoid having to continue paying back California for the wealth they amassed there.
Having a hostile tax environment makes people and businesses go elsewhere, if they can.
If the cultural/economical environment present in California is what allows those businesses to exist/be as successful as they are in the first place then in some sense it's reasonable to see California as holding some stake in that success.
Income/Business taxes don't really capture that type of value add. Especially in tech where it's much easier to relocate your business/employees.
The alternative point of view is that California isn't special at all, and they should be grateful to have the valley ecosystem. In which case they should reduce the tax burden and focus on reducing cost of living.
I don't know which it is for California, but I do think that society would benefit from a system that provides strong incentives for companies to stay rooted/contribute back to the societies that they benefit from before they're established enough to leverage national/international labour.