Elon Musk moves to Texas • Hacker News Board

Re: Elon Musk moves to Texas

#701

Post by lazyjones » Wed, Dec 09, 2020, 10:00 PM UTC

chadlavi wrote: post #168

S_A_P wrote: post #158

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…

It's a tax dodge.

Are you sure? Anyone remember this? https://www.theguardian.com/technology/2020/may/10/elon-musk...

Re: Elon Musk moves to Texas

#702

Post by josefrichter » Wed, Dec 09, 2020, 10:02 PM UTC

Purely tax driven move. You’d do the same in his place.

Re: Elon Musk moves to Texas

#703

Post by gnopgnip » Wed, Dec 09, 2020, 10:03 PM UTC

TuringNYC wrote: post #55

zaroth wrote: post #6

California is actively looking for ways to extract more money from Elon. It likely posed an appreciable risk to his business ventures that CA at some point will try to tax unrecognized capital gains, which would require him to liquidate shares to pay the tax. Basically akin to a hostile government takeover. If CA were to aggressively pursue such a policy, they would likely go after anyone they perceived as fleeing ju…

>> unrecognized capital gains Could you reference the law please? This sounds like the wealth tax which was raised but didn't pass committee. Is there a new proposition?

AB-2088

Re: Elon Musk moves to Texas

#704

Post by iwintermute » Wed, Dec 09, 2020, 10:03 PM UTC

ddoolin wrote: post #429

boringg wrote: post #171

Earlier quoted context omitted.

California still has every viewpoint that is imaginable though there does seem to be less space for far right. What's making everyone salty about Elon leaving is there was considerable amount of people who helped him build up in the state (i.e. state benefits, staff who worked incredibly hard for many years, consumers who bought his cars [drive in the bay area]) and he's peacing out, with a slap in the face to everyo…

Genuine question: how do states like Texas, Florida, etc. get by without taxing income? Do they not need that money for their operations? What is the difference between their government and California's? I figure Florida makes it up with their tourism industry but Texas decidedly does not have that.

https://howmuch.net/articles/federal-budget-receipts-and-exp...

Re: Elon Musk moves to Texas

#705

Post by muyuu » Wed, Dec 09, 2020, 10:03 PM UTC

Lots of denial in this thread.

CA is the most negative State in net domestic migration and TX is second to FL only at the other end of the scale.

https://en.wikipedia.org/wiki/List_of_U.S._states_and_territ...

CA is just terrible value for most people currently. I'm not American and neither is Musk, it's not like he's going to make such decision for ideological allegiances. He just gets better value for his money elsewhere. Currently CA seems pretty broken between rural, poor and underinvested areas; and super-expensive, badly mismanaged urban areas. I don't think he's going to move to the desert, he'll probably move to urban TX and it's rather liberal there.

Re: Elon Musk moves to Texas

#706

Post by bayesbot » Wed, Dec 09, 2020, 10:03 PM UTC

pchristensen wrote: post #454

misiti3780 wrote: post #297

Earlier quoted context omitted.

What data are you basing that on - Austin is not cheap, and it's probably getting a lot more expensive now that everyone is moving there.

I looked at Austin a few years ago, and after seeing the salaries I could find vs the cost of housing for 5 in a highly rated school district, I didn't even apply anywhere.

I'm guessing it's a good option if you already have a good amount of home equity from a higher paying area though.

Re: Elon Musk moves to Texas

#707

Post by somethoughts » Wed, Dec 09, 2020, 10:03 PM UTC

missedthecue wrote: post #609

JKCalhoun wrote: post #311

Earlier quoted context omitted.

Yes, ironically property taxes are much higher in Texas than California. 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.

A 2% tax rate on a home in Texas is much less in dollar terms than a 1% tax rate on a home of equivalent size in California

The challenge is if you need to work in tech and eventually need to commute daily/weekly to headquarters. You'll need to be within 30 minutes of Austin if you want to be in new tech (Apple, Google) or 30 minutes of Dallas/Houston if you are okay with legacy tech (HP, IBM). And you'll want to be in a good school district with like minded high income folks with restaurants options.

You'll likely be paying close at best the equivalent of Silicon Valley housing.

Re: Elon Musk moves to Texas

#708

Post by emcq » Wed, Dec 09, 2020, 10:04 PM UTC

Elon's was quoted saying "you have a forest of redwoods and the little trees cant grow." While pointing his finger at California, I can't help but think this really reflects back on him.

Elon Musk's success and several others began as the result of PayPal.

To my knowledge none of Elon's companies since have produced a group like the PayPal mafia. The PayPal folks are smart people, but the bay area is full to the gills of smart visionaries lacking capital to take on ambitious visions. Many have worked at Elon's companies. To really see little trees grow people like Elon would need to change their equity structures to let the next group of innovators thrive.

Re: Elon Musk moves to Texas

#709

Post by pbadg3r » Wed, Dec 09, 2020, 10:05 PM UTC

muyuu wrote: post #705

Lots of denial in this thread. CA is the most negative State in net domestic migration and TX is second to FL only at the other end of the scale. https://en.wikipedia.org/wiki/List_of_U.S._states_and_territ... CA is just terrible value for most people currently. I'm not American and neither is Musk, it's not like he's going to make such decision for ideological allegiances. He just gets better value for his money els…

Thank you for the wiki link! What's crazy is the migrants per capita numbers. Idaho is 3x Texas!

Re: Elon Musk moves to Texas

#710

Post by dragonwriter » Wed, Dec 09, 2020, 10:06 PM UTC

muyuu wrote: post #705

Lots of denial in this thread. CA is the most negative State in net domestic migration and TX is second to FL only at the other end of the scale. https://en.wikipedia.org/wiki/List_of_U.S._states_and_territ... CA is just terrible value for most people currently. I'm not American and neither is Musk, it's not like he's going to make such decision for ideological allegiances. He just gets better value for his money els…

> CA is the most negative State in net domestic migration

Sure, but mostly that's actually good for the state economically since while there is net domestic outmigration, its more than made up for by international immigration, and the gross domestic outmigration is lower on the economic scale than the gross domestic inmigration.