December 9, 2020

Barrons: Elon Musk Shrugs at Tesla’s $5 Billion Stock Issuance. ‘It’s an Entry in a Database.’

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Musk has another good reason for moving to Texas: taxes. His 170 million shares of Tesla are worth $110 billion. And he could pay billions of dollars if he were to be taxed at California rates instead of Texas, which doesn’t have a state income tax. Indeed, the top 1% of California taxpayers pay an average 12.4% in state and local taxes, according to the Institute on Taxation and Economic Policy, while the top 1% of Texas taxpayers pay just 3.1% in local sales and property taxes. Read more