Elon Musk moves to Texas

Post by hiq » Wed, Dec 09, 2020, 6:27 PM UTC

menssen wrote: post #94

jowday wrote: post #14

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.

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…

Post by setpatchaddress » Wed, Dec 09, 2020, 6:29 PM UTC

beowulfey wrote: post #200

bagacrap wrote: post #189

Earlier quoted context omitted.

Is this a successful way to dodge taxes? If so, that loophole should be fixed. I left California 4 years ago and yet somehow still pay taxes to the state. If you're saying that anyone who was professionally successful in California has no right to ever leave the state, that seems like a tough sell.

Why do you still pay taxes in California? Do you have a residence there?

Post by ohazi » Wed, Dec 09, 2020, 6:30 PM UTC

misiti3780 wrote: post #156

atomi wrote: post #136

Earlier quoted context omitted.

> 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…

Post by egsmi » Wed, Dec 09, 2020, 6:30 PM UTC

boringg wrote: post #171

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…

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…

Post by kthxbye123 » Wed, Dec 09, 2020, 6:31 PM UTC

11thEarlOfMar wrote: post #96

I was on the edge of the same decision. This move by the new district attorney in LA is so far beyond the pale that if it's not rescinded soon, I am gone too: "NEW: L.A. County DA George Gascon has issued a directive to prosecutors that the following misdemeanors will be declined for prosecution, with exemptions. -Trespassing -Disturbing the peace -Driving without license -Prostitution -Resisting arrest" This is an a…