Ken Fisher’s Texas Move Is About Politics, Not Taxes
State policymakers shouldn’t fall for the false narrative promoted by the billionaire money manager and others. Wealth migration is more complicated than meets the eye.
Don’t buy into Ken Fisher’s grandstanding.
Photographer: Jonathan Fickies/Bloomberg
Billionaire Ken Fisher’s money-management firm announced last week that it was moving to Texas from Washington State, the latest example of a tycoon loudly departing a blue state for a red one. Fisher chalked the decision up to taxes, but in reality such moves often have more to do with lifestyle choices and political optics than money. Fisher’s grandstanding makes that clear.
The move comes with a new twist on the typical “tycoon tax migration” narrative. Washington is itself among the handful of zero-income tax states. In a shift, the state legislature — under the control of Democrats — approved a new 7% capital gains tax in 2021 targeting investment profits greater than $250,000. But implementation had been stalled until a 7-2 ruling last week in the state Supreme Court appeared to put an end to the pending legal challenges.