Tesla and SpaceX CEO Elon Musk has moved his primary residence from California to Texas, according to reports on Tuesday, which means the three richest people in American—Musk, Amazon CEO Jeff Bezos and Microsoft cofounder Bill Gates—now all reside in states that don’t collect income tax.
Musk’s move was anticipated, following reported rumors from his friends and associates that the Lone Star State would become his next home. This summer, he relocated his private foundation to the city of Austin. Musk, who is worth just shy of $140 billion, previously clashed with California officials over the state’s coronavirus restrictions, going so far as to sue Alameda County in May and threaten to move his company out of the state after its factory wasn’t allowed to reopen.
Bezos (worth an estimated $183.3 billion) and Gates (worth an estimated $118.7 billion) both reside in Washington State, the birthplace of their companies. Washington and Texas are two of nine U.S. states that don’t collect income tax. The rest are: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee and Wyoming. The Tax Foundation, a leading nonprofit, notes that Tennessee and New Hampshire still tax interest and dividends, but the latter is scheduled to phase out this tax in 2025.
Read the full profile on Forbes: https://www.forbes.com/sites/lisettevoytko/2020/12/09/americas-three-richest-people-are-now-positioned-to-pay-zero-state-income-tax/?sh=183c40b27b63
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The 3 Richest People Americans Are Set To Pay Zero In State Taxes | Forbes