Commentary Elon Musk will be saving a lot of money leaving California. According to Bloomberg on Nov. 29, “Elon Musk’s California Exit Can Save Him $2 Billion in Taxes.” Subhead: “The billionaire’s sale of multiple homes was a crucial step in fleeing the high-tax state.” Doing so will “enable the Tesla co-founder to declare he’s no longer a resident of a state that’s home to the nation’s highest income taxes on the wealthy.” The top rate, which he pays, is 13.3 percent just for the state. That’s a lot of money to be saved. Except he’s worth $282 billion as I write. So he’ll save less than 1 percent of his net worth. Not a great reason to leave the balmy climate of Silicon Valley for the heat and humidity of Austin. Although he hasn’t announced it, the real reason he’s leaving likely is because the top engineering talent he …
The Real Reason Elon Musk Is Leaving California
December 2, 2021
admin
CaliforniaElon MuskLocal NewsNorthern CaliforniaOpinionRegional-Local NewsSouthern CaliforniaUSViewpoints
0 Comment