311–320 of 1001 posts
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It's a tax dodge.
You probably get far more for your money though. (Property/land-wise) I also remember reading stories years ago about CA/SV businesses that had offices up in Colorado as a back-up for when 'The Big One' hits.
And toll roads, etc...
In short, the money has to come from somewhere — if not from income tax then it will be from somewhere else.
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Finance YouTuber Graham Stephen recently made a big deal out of moving from Los Angeles to Vegas because the tax savings more-or-less paid for a giant mansion in Vegas. (And because of some slightly cringey comments about not wanting to see so many homeless people, but that's not the editorial comment I'm trying to make right now.) But, he's keeping his house in CA (for "weekends and vacations"), and he's building hi…
> In EM's case, I suspect he spends more time business-traveling than at home anyway, so it would be pretty difficult to prove which of his houses he "lives" in. I'm not sure about that. I think in these high profile cases tax authorities are more inclined to look into it given how much money there is in the balance. And it's somewhat easier to track people like EM precisely because of their lifestyles: flights would…
https://hbr.org/2018/07/how-ceos-manage-time
"About half (47%) of a CEO’s work was done at company headquarters. The rest was conducted while visiting other company locations, meeting external constituencies, commuting, traveling, and at home."
Shockingly I didn't see anything about time spent on Hacker News. There's probably a lesson there, or something. :)
Pretty interesting to see this move makes people so salty. There does seem to be a trend of people fleeing California, I dont know enough about the situation out there to comment on whether or not its valid. I suspect something must be going on for several high profile folks moving out. And before you bash Texas, its not perfect. But its pretty diverse, and it seems that folks with opposing viewpoints can still coexi…
At last count I've had 14 friends move out of California in the last 3 years. All of them middle class. The biggest reasons given are cost of living and quality of life and education for their kids.
Isn't the actual listed location of residence more a formality for a billionaire like Musk? I presume he'll still rent residences in LA and the Bay Area considering he'll be back and forth for business related to Tesla and SpaceX. This seems like he's renting a place in Texas and making a big deal out of 'moving there' to make a point about California's regulatory environment.
Yeah I think this is just a ruse for attention but what do i know
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California subsidized every Tesla sold. I'm not complaining about it but it should be on record that California helped to give Tesla a boost. It was definitely the right move. I can't think of another state in this country where Tesla would have thrived nearly as well as California. Do you think Tesla would have done well in Texas back in 2003? All those oil guzzlers would have laughed Elon Musk out of the state.
Maybe it is dumb to subsidize entrepreneurs without guarantee they will be paying taxes after.
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Finance YouTuber Graham Stephen recently made a big deal out of moving from Los Angeles to Vegas because the tax savings more-or-less paid for a giant mansion in Vegas. (And because of some slightly cringey comments about not wanting to see so many homeless people, but that's not the editorial comment I'm trying to make right now.) But, he's keeping his house in CA (for "weekends and vacations"), and he's building hi…
> In EM's case, I suspect he spends more time business-traveling than at home anyway, so it would be pretty difficult to prove which of his houses he "lives" in. I'm not sure about that. I think in these high profile cases tax authorities are more inclined to look into it given how much money there is in the balance. And it's somewhat easier to track people like EM precisely because of their lifestyles: flights would…
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We will be moving out of CA in the coming months. We are lifelong residents. We are leaving due to cost of living and especially quality of life for our children.
This doesn't make any sense. Why is the quality of life poorer in California compared to Texas when California has: Better schools across all grades, better universities and better weather? Perhaps there are other factors? Do demographics play a role perchance? From Wikipedia: 1) According to 2018 US Census Bureau estimates, California's population was 59.5% White (36.6% Non-Hispanic White), 14.7% Asian, 13.8% Some O…
Our situation in California let us offer everything except stability. Younger kids are fine anywhere as long as their parents are involved, but older kids benefit from social stability so they have time and space to define who they are.
Pretty interesting to see this move makes people so salty. There does seem to be a trend of people fleeing California, I dont know enough about the situation out there to comment on whether or not its valid. I suspect something must be going on for several high profile folks moving out. And before you bash Texas, its not perfect. But its pretty diverse, and it seems that folks with opposing viewpoints can still coexi…
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> CA at some point will try to tax unrecognized capital gains Where is the evidence for this? Effectively, Elon has avoided future California capital gains taxes by moving. Those are the facts of his move. Personally, I would rather pay a few points extra on capital gains and income taxes to avoid Texas. Just look at what the Texas AG is doing right now: https://www.dallasnews.com/news/politics/2020/12/08/texas-ag...
Here is the thing though - it's not just a "few extra points". By my calculation its 13.3% more living in California in state income tax savings alone. That is a huge amount of money for Elon, but is also a huge amount of money for people working on a SV salary. It could be more than a mortgage payment. There are probably additional savings with less regulation etc California is not a state anyone should want to do b…
[0] https://smartasset.com/taxes/california-tax-calculator#6NtLs...
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This doesn't make any sense. Why is the quality of life poorer in California compared to Texas when California has: Better schools across all grades, better universities and better weather? Perhaps there are other factors? Do demographics play a role perchance? From Wikipedia: 1) According to 2018 US Census Bureau estimates, California's population was 59.5% White (36.6% Non-Hispanic White), 14.7% Asian, 13.8% Some O…
I live in San Francisco. I literally do not see black people. I largely do not see brown people outside of the service industry (i.e. they are "kept back in the kitchen"). I will largely interact with only white people and asian people on any given day. Where I will be moving to in TX has more diversity than where I live in San Francisco, which is something I am happy about. My children will be seeing more black & br…