Taxes
Musk Flees California. He Now Faces a Battle to Escape Its Taxes
The Tesla CEO and other billionaires that are considering moving to lower-tax states such as Texas need to contend with strict residency rules.
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Elon Musk, who says he has relocated to Texas from California, is just the latest billionaire to announce a move that could deliver big tax savings.
The mechanics of how the rich can enjoy those savings, however, are complicated and involve jumping through a few more hoops than simply announcing that they have moved from Los Angeles to Dallas, or New York to Miami. Spending a certain number of days out of the state, or changing documents like voter registration and drivers’ licenses, are unlikely to be enough.