How Texas Tax Laws Attract the Rich
Texas is well known as an income tax free haven. This is probably one of the reasons why Tesla CEO and founder Elon Musk, the richest person in the world, decided to move to Tesla’s headquarters in California, which has income tax on it. highest in the country, in Austin, Texas. However, that’s not the only way mega-rich like Musk can maximize their wealth by minimizing their taxes in the Lone Star State.
Billionaires like Mark Cuban and Michael Dell have already made Texas their home. It’s one of nine states, along with Florida, Tennessee, and Washington (where Bill Gates and Jeff Bezos currently reside) with no state income tax. “Compared to California, which has one of the highest local and state tax burdens, Texas has significant advantages for high-income earners,” wrote Ray Perryman, president and CEO of the research firm and Waco-based economic analyst, The Perryman Group.
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