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Elon Musk Exposed Donald Trump to make Tesla Get out of California!
Wall Street Journal
Trump White House Archived
California Governor Gavin Newsom
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Is Elon Musk’s California departure related to Donald Trump?
California became Donald Trump’s most hated state.
Trump often goes to war with California and imposes policies that drive wealthy Californians out. So did Elon Musk leave California because of Donald Trump?
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Elon Musk says the reason for leaving California is that home prices are too expensive. Besides, California is famous for levying some of the highest personal income taxes in the United States on its wealthy residents.
But Texas has no personal income tax. So moving headquarters out of California not only reduces Musk’s taxes but also brings it closer to the SpaceX launch pad in Boca Chica, Texas.
Does the Trump Tax will affect Elon Musk’s plans to leave California?
It is calculated that the $2 billion bill was the amount Musk would need to pay the more-than-13-percent capital gains tax on such sales. So Musk could save $2B in California taxes on the Texas move.
California’s top marginal tax rate is 13.3%. The new proposal would add three new surcharges on seven-figure earners. It would add a 1% surcharge to gross income of more than $1 million, 3% on income over $2 million and 3.5% on income above $5 million.
So the top tax rate would be 16.8%, on income of more than $5 million and the combined state and federal tax rate for California’s top earners would soar to 53.8%. With the deduction on state and local taxes capped at $10,000 under the Trump tax cuts, the top-earning Californians wouldn’t be able to deduct the new taxes from their federal returns.
Elon Musk Exposed Donald Trump to make Tesla Get out of California!
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