"California already has one of the highest sales taxes and property taxes in the United States," Ruby Banipal of global tax practice firmtold Business Insider. That's on top of 12.3% state income tax for residents earning $590,743 or more, she added. Breaking tax residency and moving to a lower-tax state is generally "a better financial decision," she said. "These state tax savings begin to add up.
But whether a state has an income tax is also partly a matter of fiscal responsibility, Geltrude said: "Most states don't have revenue problems. They have spending problems." States that don't have state income tax are managing their finances well enough that they don't have to have one, he added. "They're able to keep their costs in line.""Elon Musk is showing that wealth is mobile," Geltrude said. "And the pandemic has shown us that people have the ability to work remotely."
It's all caused a mass migration from high-tax states around the country, he said. This is an acceleration of a trend already under way before the pandemic. Consider billionaire investor Carl Icahn, who
Good on him for leaving the liberal litter box of CA
..and who wouldn't? These banners make it sound like guilt that they have earned their money.
Fuck taxes
kiyo_osato ま、引っ越すだけの話だしな～
I blame the state's not Elon or Corporations, because let's be honest if normal people could move to another state and don't pay any taxes, everyone would do it!
property tax, though.
JCs_Thug_Appeal How much money does he need? 😒
Paywalled. I’m not rich enough to read it.
Also TX ranks 39th in school spending which goes a long way toward explaining Ted Cruz.
This benefits Musk because most of his wealth is in appreciated stock and TX has no capital gains tax. His workers however will pay sales, property and local taxes that are much higher than in other states.
Californian's are willing to pay as this is the most beautiful place on the planet. Musk can go to Texas, but he still has to wake up every day in Texas. Yikes!
People vote with their feet.
Study why our NV Legislature & GovSisolak changed NV to repel billionaires, investors & businesses. Study everything Texas has taken from NV while LVCVA ClarkCountyNV CityOfLasVegas act like cowards using their Gestapo to harm businesses going bankrupt. Tesla didn't expand.
Workers will load that pork,to sponsor dubious subsidies for big war machines
He’ll still have property taxes... unless of course he’s renting
Trump said 2 months ago that California is going to hell. Gavin Newsom the Democrat governor and hypocrite is going there too.
He already lives there he has had a house there for some time know man if your going to write a story know the fact first wow dumb
America lives from his gigantic debt. Some day this will get nasty.
Lol income tax is unconstitutional
Totally legit
Can’t wait for him to get here ! Yay!Trailblazer like Trump !ElonMusk Texas Trump
U do get that there is a difference between wealth (which he has) and income? Unless he is cashing out significant sharrs he wouldn’t pay taxes anyway. Having 50 different tax systems is odd. California and NY in particular are going to have to change their structures
Most of his net worth is his stock holdings in Tesla. Income tax only comes into effect on dividends and capital gains when stock is sold. I haven't heard of Tesla paying any dividends out.
And that’s big reason why blue states have to subsidize those states 🤷🏻♀️
All income taxes should be illegal
He’ll get that property tax though! Welcome to Texas!
And yet somehow Texas has a balanced budget.
Make them pay.
He is the ultimate scumbag.....
No state should collect an income tax.
Smtown_boy I don't think he was paying any state tax in California. He doesn't draw a salary from his companies.
The tax revenue texas will bring in due to Elons boost to the economy Any potential income tax on Elon himself.
Complains about MBAs and then does the most MBA strategic move to reduce taxation expense. The floor management cost may outlay the taxation expenses.
Tesla pays Elon Musk minimum wage. He'd not pay income tax on that anyway. Share value IS NOT INCOME.
Need a global annual WEALTH (not income) Tax on all the super rich Minus what they genuinely give to charity Must let them keep control of their co’s And everything over $10M taxed at death Would raise Trillions for education, food, shelter etc for poorest
Oh but the Property Taxes 🚀
CA collects 13%. Plus 8.5% sales tax. Plus $2 more per gal of gas. Yet somehow, roads suck, energy grid sucks, water infrastructure sucks, schools suck, crime sucks. Where does the money go? Unfunded Pensions. And illegals. Liberals and Public sector unions ruin everything.
Texas is a great place . Visited a few times and I swear , when I get back to Canada , my money just flys out of my pocket
MartinPaasi They get business and jobs. Capitalism at it's core.
YesQuake Texas has high property taxes. You think Elon is gonna live in a shack? He'll probably pay more in property, sales and use taxes in a year than most people pay in their lives. Also, no state income taxes doesn't change his federal income tax owed. Little there, there.
Is that because they employ a lot of people?
Seriously how can democracy expect to survive with this level of apparently legal rorting?
In the age of remote workers, I will not be surprised that states won’t enact the technology taxes platform that Mr. Andrew Yang ran for president on. It is only fair that your income should be taxed where the income was paid. Your income was made in CA, you pay taxes in CA.
The real question is why the other states do collect any. Why disincentivize work?
Musk is a visionary who is giving us a new generation of terrestrial and space transport. I think he has paid his dues.
Trump paid more in taxes than 3 of the richest people in the world put together... take that in
Tell your employees to leave their BS Marxist ideals in Ca
Mostly because it is theft.
I understand that it is his money and he's earnt it but it's better to look at it a different way. He's never going to spend all that money in his life time. Kids could live of £1bill which is still loads. But imagine how much all that money would help America
The answer is in the title
Man is a POS
Texans pay more in property tax than most states. Though that means poor/middle income citizens are taxed at a higher percentage of their income than the rich as more of their income goes to housing costs than the rich.
Why post the article on Twitter knowing full well I cannot read it? Not paying for subscription
pretty sure they don't earn a wage.....
Fellows, there is no way to spin this in your favor. You will get the total.
I wonder what the advantages and disadvantages are of not having state income taxes? I’m sure if Texas had the extra money it would just be wasted on roads that need to be redone a year after completing
to all those people who say Elon is hoarding money... I hope you know he has multiple companies and putting 99% of his money into building those companies bigger... Even though he is worth 80 billion I doubt he even has a million dollars cash
If I had that much money I would do the same thing. Smart move Elon Muskz
No one should pay income tax. Fuck the Fed.
How dare you tweet an article I have to pay to read
It’s pre negotiated. Same reason trump didn’t have to pay tax in NY for 40 years expiring in 2020. He negotiated that prior to his re development in the 70’s
ReflectingMan ...why people worship that c**t I'll never know!
If you ever wonder why some states don't collect income taxes, probably b/c no one wants to live in a state, specifically Texas as having the most recorded tornadoes. Just saying...
I’m from California born and raised SF and I’m not rich and I left too. It sucks
Maybe the message will be received by the individuals who mismanage the state and demonize those responsible for contributing the majority of what is incorrectly referred to as state “revenue.” All states must compete for investment and talent.
Good for them!!! The more you make the more you pay. So it’s no coincidence they move to the most favorable states. Honestly Texas is winning big off the stupidity of California
Why does anyone pay that stupid tax? I ain’t even mad at Mr. Musk
Greedy!!
Because taxation is theft.
Good riddance
elon musk, you come to northern calif to create tesla (best innovative creative energy field for tesla) and all the big internet companies like yourself drive housing costs up, cost of living, and critizes the very place that made you succeed and then leave
Because GOP wants to save the elites from taxes
elonmusk you didn't have to do this.
Hey, Elon, I'm up for adoption. 😁
Look up elonerons salary.
Can’t even read the article smh
Post makes me hungry
Politicians get grafted, workers get shafted. Truly, this is the American Way.
haha! don't let the door hit ya in the ass. Have funs Texass.
iambrig Fuck elon musk
Shoot he can go all the way back to South Africa, if he wants. No one is stopping him.
California taxes are what’s driving people out of this socialist state.
Some of u guys don't understand that many states have 0% STATE income tax. He still has to pay federal taxes like everyone else. California has an unfairly high state tax that they burden the state with especially when they don't even utilize our taxes dollars properly. (1)
Yes come to Texas. We are the best
Cool
and elonmusk will contribute greater to carbon pollution by flying more often back and forth between Texas to California now
People in the comments really don't understand the difference between federal and state income tax and it shows.
elonmusk doesn’t give a shit about money. He cares about building great products. Texas let’s him do that without the regulatory nonsense imposed by states like California. He’s there for SpaceX and his new factory.
Elon Musk is a smart person. Most people are stupid when it comes to finance. Everybody wants to spend spend and save nothing. Time to wake up California.
Dear idiots who believe this headline. 'pays no state income tax'. Cali will 100% get theirs to until the date of his official change of residency. Second, sales tax, property tax, capital gains tax, etc. He will end up paying millions if not billions in taxes.
And their citizens have a better life. In Texas, gas is $1.64, rent is cheep, house is cheaper. In Democrat run states gas is more expensive, housing is more expensive. Socialism and taxation doesn’t work, people of Texas have a better life quality than California and New York.
k3vin11 Love how everyone assumes being a billionaire qualifies you for paying no income tax. I too live in Texas and do NOT pay income tax. Also, not a billionaire. It’s because the state doesn’t collect income tax.
Looks like the more money you have the more money you need and apparently you can never have too much money
I okay with him not paying
Because they are subsidized by donor states, oh and let’s finally bury Reconstruction.
Income tax is dumb af. Would rather pay more property taxes for sure.
the best tax is no tax
Good riddance, don’t come back.
In other words 'people in 41 states have been brainwashed to believe they should be paying a state income tax'
What people in these states don’t understand, is the state gets it somewhere else, like property taxes, utilities, higher learning, registration fees, sales taxes, larger item taxes, etc. I lived in Nevada for 5 years and paid ridiculous registration fees and CC fees!
Texans pay more in property taxes than other states income taxes. It benefits the wealthy and hurts the working class who have to make up the difference. Texas is led by republicans who do not represent the working class but are overwhelmingly supported by rural voters. 🤷♂️
Except, the high rate PROPERTY TAXES well makes up for any perceived benefit or savings.
People need to realize those states make up for it in other ways. Higher property taxes, higher sales taxes etc etc.
The narrative he went to texas to avoid taxes is false. He went to texas because the cybertruck plant is in texas and he is preparing the for production. Stop believing everything you see or hear.
AOC - fyi!
Because they're corrupt and imkoral Nobody should have more than a billion in worth.
Good for Texas. Others should follow them maybe NY & Ca. wouldn't he in trouble.
I don’t want to hear complains and misinformation about PR either.
How is it possible that Washington has no state income tax but has roads like glass?
ewarren has a plan to fix that! Can we please give her a place in Government to make that plan happen? Don't worry, her senate seat will be taken up by a democrat....American is SICK of republican senators now, they sealed their fate voting against Democracy! WARREN FOR THE WIN!
Yeah, but wait to they see their property taxes....
Anything else would be racist and communism. And we Americans hate racism and that commie stuff. Elton worked hard for all the shit and gave us millions of jobs. Wouldn´t be fair to let him pay income taxes.
No one pays income tax in Texas. It's forbidden by the state constitution. Stop trying to stock resentment.
Income tax should be $0. There. Saved y'all a click.
For Florida it makes sense because we're a tourist state, lol Texas doesn't have an excuse.
Oh fuck no this ugly ass isn’t moving into my home state!!!! Kill
This does make me lose faith in Elon Musk, but I don't think the move is for tax purposes. I'm in agreement with the Master plan 1&2, but his political and economic associations are not aligned with what I thought were his aspirations for humankind.
That's why he left California. He would rather be greedy than pay taxes and fair wages. What a douche.
ForgetfuP Imagine seeing this and still being a capitalist. Literally Cuckoldry: The Ideology.
No. They just take bail outs via the federal govt. from blue states.
We need federal taxes on the wealthy. Let them leave CA. They weren't paying taxes there either.
And how much do they pay in federal income taxes? Less than 10%?
Looks so happy while California's so sad.....come back? Good luck in Texas. Missing ya, California resident.
sad but true.
This is what's wrong with America, among other things...but how does this make sense?
Some counties in Texas though charge as much as 3% in property tax. I'm sure he will build a palace and pay plenty of tax or he'll grease someone's palm and avoid that too
Not just Elon Musk....Noone should be paying STATE Income taxes... Don’t try and justify a bullshit money grab
Time for a wealth tax.
Is anyone else tired of looking at this guys face?
RIP Austin.
Tennessee doesn't and has one of the lowest debt rations in the country.
When I am able, I donate to the government. I trust politicians to do the right thing with that wealth, NOT ELON tsla tslaq Non-profits will just squander it😡
He's about to use TX subsidy money to put a cat girl body pillow in space or something and it's gonna be hilarious
Elon Musk sounds like a cologne made from antlers
Lmao
Does BI know what the word 'state' means?
Elon has brains for once
Fuck elon
Taxation is theft!
Good riddance California doesn’t want Elon’s toxic child raping and wifebeating& murderous garbage in our state anyway plus his Tesla and spacex companies are Ponzi schemes who in case you didn’t notice are about his obsession with sex (SpacEX)& Tesla models (S3X)(couldn’t get E)
The people on this thread are incredibly stupid.... the states they are from don’t have STATE income tax. I’m in the same boat, I live in WA like Gates and I don’t pay STATE income tax either. I pay fed income tax and sales tax.
No state income taxes, but property taxes...OMG!
Texans don't realize that these companies will hire locals to do low-paying, labor jobs. Then, they will import highly-educated, left-leaning individuals and give them high wages, who will destroy the housing market and turn the state blue lol
Tax the mf rich byeeee
Many Texans pay steep property taxes instead. We arent getting off that easy.
Do you people not realize it's better to pay fewer taxes than more taxes? unless you're a commie... if you work for the money you earn you should hope to keep as much of it as you can. taxation is theft.
Which is why federal will tax tf out of them here on out
One thing that's for sure is that as property values rise in an area, so does the income tax for everyone owning property in the area. Income tax on the other hand, depends on the tax brackets. Also income levels rise slower than property values.
Not having income tax in Washington State works. We pay sales tax. When I lived in Massachusetts they had sales tax, income tax, and more tax than any other state I have lived in. I am for taxing the rich at the federal level. But having no State income tax brings more wealth.
These articles are idiotic all his income is in the form of stocks...he isn’t paying state taxes regardless
Texas has sales tax, property tax, and a franchise tax on businesses. It makes sense to pay tax based on what you buy. When wealthy folks buy expensive things and live in expensive houses, they pay tax in Texas. At least state income tax deductible--sales tax is not now.
NicoH715 Wow! Sad! Ugh! They should be taxed!
Right to work?
This is such BS!! They use our tax money to notice these people to come to their state and they don’t have to pay any taxes!! Change the broke system
Yeah. But we have 8.25% sales tax and no funding for safety net programs. Sucks to be poor, but it really sucks in Texas.
Texas didn’t even allow teslas on their roads for a long time. If it wasn’t for California giving Tesla green light to operate even though they were burning on the side of the roads, Tesla would be nothing without California
That’s some real shit right there 👏👏
They do have a 10% sales tax.
TwinkleNose2018 Stay out of Texas business we voted for NO income taxes and we won
Because taxation is theft, that’s why.
He's gonna move down there, cash out on his stock options in 2021, then move back up in 2022 and wait for the next cycle.
The poor people in the comments defending him is so funny to me 😭
Only morons think that billionaires shouldn’t exist. People that say/believe that were simply to lazy or stupid to make any real money in life. If anyone saying that won a billion dollar lotto tomorrow they’d INSTANTLY change their mind. They’d say they wouldn’t, but they would.
Because Republicans.
TX will get you with those high property taxes though 😦
Not for long... What do we all think will happen to the newly purple state of TX when a million liberal employees move there and turn it blue. hahahah sooner or later all the rich will pay their fair share if they want to enjoy this beautiful country.
Good
honestly, I don't see why I should care, let alone anyone else.
BI is upset people want to avoid paying taxes.
You left out a pretty important piece: Bezos's annual salary in 2019: $81,840 Musk's annual salary in 2016: $45,936 Gates's annual salary: Pretty sure he is unemployed (runs Gates Foundation) Go ahead and do a state income tax, it's easy to calculate what they'll owe.
Because they're not communist.
If you own a house outright and borrow against it's value, that's not a taxable event, yet it generates cash. The same thing can be done with stock.
Good for them! Well run states don't need to.
God forbid should he have to pay taxes to improve the community he lives in. Most of the states listed with no income tax are among the states with their hands out to receive the most money from the federal government. He does know he can't take it with him when he goes right?
The jobs they will create would worth more than any tax figure, but whatever - just keep tweeting like AOC
Higher property tax and you still pay Federal income tax too.
I live in Florida where there is NO income tax. I work in Massachusetts. I have to file and pay income tax in Massachusetts as a Non Resident. Where you live doesn't matter, where you earn the money does.
GOOD. Income tax is state sponsored usury.
Because we are cool
We have sales tax 8.25% paid to the state.
Friendly reminder that there’s NOTHING right with higher taxes. On the contrary, the lower taxes, the more money you keep. YOUR money.
What a headline from business insider. Yeah people don't want to pay taxes.
There is a larger problem here, and it is notable that you forgot to mention how no tax states tend to freeload off the Federal Government by collecting more in Federal taxes than what they contribute.
It’s called jobs!!!
He CREATES JOBS, so there's that.
That MF should be taxed double.
because it’s illegal and immoral
Because they're smart. Other taxes are simply easier to collect, both for the state and for the taxpayer (who pays).
Ridiculous. Billionaires should not exist. We desperately need to fix the system that allows for anyone to become a billionaire.
For the dumb: They still pay taxes. Inflated sales tax, for instance. Federal income tax and the like. Please read the articles.
Also, they take advantage of tax dodges like 'opportunity zones' to avoid paying even in states that collect them.
Thank you GOP! 👺
I really like when really rich people find ways to get out of paying taxes. That's really great.
TaxTheRich
That's why it doesn't matter where they live in the US - they don't pay taxes anyway
the states who dont have state income tax receive the most in Govt subsidies and welfare.
but he'll get our money too as soon as another gop president gets in. just take all our money for healthcare and whatever and hand it to the corporations as a tax break this country is broken JoeBiden
Stupidity not to tax the rich.
wonder what percentage of his income he will spend on sales taxes compared to the average Texan
Everyone should move to state with no income tax.
they make up the shortfalls with TxDOT tollway fees.
It's simple a Californian politician tweeted Fuck Elon so he got the message and moved to Texas, where Tesla's biggest new factory and a Space X center are.. be mad not to.
AlexandriaSern1 Billionaire libertarians don’t care about country or community. “Greed is good.”
What's the problem? If I was Elon and knew a way to save more money I'd do the same
melodyisdestiny Elon Musk net worth is 136.9 billion.
So the real story is that Elon Musk will be enjoying better burgers? 🍔
Ppl get so mad when other ppl who make lots of money figure out better ways to make lots of money
Good because he is ruining California
Still have to pay Federal Income tax. Don’t be stupid, be informed.
we should all pay $0 in taxes
Imagine being pro income tax lol.
Why should they? No one should pay any income tax
Because its not necessary