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America’s Three Richest People Are Now Positioned To Pay Zero State Income Tax

Source: forbes.com - Dec 11, 2020

Tesl TSLA -2.8%a 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 AMZN -0.5% CEO Jeff Bezos and Microsoft MSFT +0.1% 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.

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Category: General Business