You’re not the only one thinking about packing up your business and heading for a low-tax state where politicians treat you like their employer rather than their piggy bank. The billionaire CEO of Tesla and SpaceX, Elon Musk has moved to Texas. Heather Somerville reports for The Wall Street Journal:
Tesla Inc. Chief Executive Elon Musk said he has moved to Texas, taking aim at Silicon Valley and becoming one of the highest-profile executives yet to leave California during the coronavirus pandemic.
He said relocating made sense with Tesla’s new factory being built in Texas. He lamented that California, in his view, had become complacent with its innovators.
Mr. Musk’s companies continue to maintain extensive operations in California, and other tech firms are expanding their presence there. Yet his decision to move underscores a growing discontent, particularly among wealthier tech professionals, with the cost of living in the state, a pre-pandemic real-estate crunch and clogged roads.
Taking up residence in Texas comes with personal benefits for Mr. Musk: The state doesn’t collect state income or capital-gains tax for individuals. The auto executive qualified this year for billions of dollars in stock-option compensation as part of a pay-package agreement, making him the second-richest person in the world.
During the spring, when Mr. Musk was sparring over coronavirus shelter-in-place orders that shut his factory near San Francisco, California Gov. Gavin Newsom told CNBC he was “not worried about Elon leaving any time soon” and the state was committed to the car maker’s success. “We may not be the cheapest place to do business but we are the best place to do business,” Mr. Newsom, a Democrat, said. Silicon Valley remains home to some of the hottest companies— Airbnb Inc. and food delivery company DoorDash Inc. are poised for multibillion-dollar public listings this month and are both based in San Francisco.
You’ve read in these pages about many others who are looking for a better America. It’s no surprise when some politicians are focused more on their ideology than on their states’ success.
Action Line: You don’t need to be a billionaire to find a better America. You can live like a billionaire in places where you’ll be left alone to pursue your dreams. Find an island of freedom for you and your family today.
