Tesla paid $2 billion less in taxes by "moving"!
Tesla's chairman Musk announced on Twitter as early as May 2020 that he would sell all physical properties and would not hold any more properties. In December of the same year, Musk announced that he had moved from California to Texas. It was also this move that allowed him to subtract more than $2 billion from the tax bill.
The move to "move" may seem like Musk's dissatisfaction with California, but a deep dive is more like a shrewd budget for large tax bills.
In the United States, California's tax revenue is the heaviest, and the reason why Musk moved out of California is that the pressure on corporate taxes is also one of the important reasons.
In terms of personal income tax, 7 states in the United States, including Texas, are exempt from taxation, but California has to levy a top tax rate of 13.3%, plus Texas does not levy capital gains tax, and Marx needs to pay up to 23.8% capital gains tax in California. Musk, who currently has a fortune of $296 billion, has been making lower taxes for years by mortgaging his Tesla stock instead of selling it, according to the Bloomberg Billionaires Index.
To avoid taxes, Musk has also been intensively selling California properties since last year, including luxury estates in the Bay Area, mansions in the Bel Air area and ranch villas once owned by Gene Wilder (the late famous movie star), allowing him to declare that he is no longer a California resident.
Today, moving out of California saves Marx more than $500 million in capital gains tax, and he could be exempt from more than $2 billion if he sells his 10 percent stake in Tesla. Such an effect can only be achieved by moving.
Taxation has always been one of the most headaches for businesses and high-income people, and Musk has achieved extreme tax savings through shrewd means, saving himself a large amount of tax. So in our country, can we help businesses or individuals achieve tax savings through "moving" or other means?
Theoretically, the old urban areas of the cities where the special economic zones, coastal economic development zones, special economic zones and economic and technological development zones are located in my country, as well as the production, operation, service-oriented enterprises and enterprises engaged in high-tech development established in the state-certified high-tech industrial zones and bonded zones can enjoy a large degree of tax incentives, but such parks generally have a higher threshold for enterprises.
However, we also have various types of industrial support policies, if the operating costs of enterprises are high, they can also reasonably reduce the operating costs of enterprises by finding suitable parks to enjoy industrial support policies.
Because it involves many industries and types of enterprises, there is no understanding or indeed that when you are qualified for your own business, you can communicate with me, and I will not repeat it too much here.
Smart entrepreneurs can often make the development of enterprises better through various ways, tax pressure is only a small stumbling block on the road to growth, in the development of enterprises, we should also pay more attention to whether peers are using these industrial support policies to open up the gap, the pace of enterprise progress is lighter.
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