The main reason is that in Texas Musk has to only pay his Wife (he had 4 kids with) $2500 a month child support. Imagine a man worth up to 400 billion dollars paying his wife of his 4 first kids $2500 a month instead of more?
Also, there are things like "No Texas State Taxes like California has".
Another reason to move to Texas (no 10% Capital gains taxes when you sell Stocks).
Because in California you are paying State taxes and then you are paying 20% federal Capital Gains taxes and then you are paying 10% California State Capital Gains taxes.
So, especially wealthier people go to Texas and become residents there even if they also own one or more houses in California because you only pay the taxes of the state you declare you are a resident of.
So, I think many more rich people are going to move to Texas and buy a home there and be there more than 6 months a year and own houses or businesses in California or both or they might move their businesses to Texas.
So, this is going on a lot right now and has been the last 20 years or so.
No comments:
Post a Comment