“Everything’s bigger in Texas”, at least that’s what they say. As for regulation and taxes, one thing is for sure, Texas is definitely not “big” in those departments. For example, Texas has no personal income tax while California imposes the highest personal income taxes on the rich than any other state in the country.
For businesspeople and money-lovers alike, this sounds like music to their ears. It also begs the question “Why are some of the most prominent celebrities and businesspeople based out of California?”
Founder and CEO of Tesla, Elon Musk is putting his money where his mouth is and has decided to move to Texas, according to an interview he did with the Wall Street Journal. This decision comes after weeks of speculation relating to whether or not Elon will join the list of mega-billionaires leaving California.
Musk’s own words were “California’s been winning for a long time. And I think they’re taking them for granted a little bit. Silicon Valley, or the Bay Area, has too much influence on the world, in my opinion.” It will be interesting to see if any other big names will follow suit after his decision.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.