By Brianna Provenzano, GIZMODO
“Billionaire Tesla and SpaceX CEO Elon Musk is reportedly gearing up to permanently decamp to Texas in an effort to take advantage of the Lone Star State’s lack of personal income taxes.
“According to CNBC, several of Musk’s close confidants say that the entrepreneur plans to formalize plans to move to the Lone Star State months after he first hinted that he planned to leave California, where he currently resides. Apparently, everything is bigger in Texas—including the local property tax breaks Musk reportedly received in July when he broke ground on a new Tesla factory that will produce Cybertruck, Model Y, Model 3, and Semi vehicles. California also has the highest income tax rate in the country, and CNBC reports that the move could save Musk—who currently stands to earn more than $50 billion in stock options—billions of dollars in the long run.
“The decision to relocate to Texas comes after Musk publicly sparred with California officials last spring over covid-19 lockdown restrictions…”