World’s Three Richest People Set To Pay Zero State Income Tax
Since Elon Musk recently took up residence in Texas, all three of the world’s richest people now live in US states that don’t collect income tax.
On December 8, it was reported that Musk had left his home in California in favour of Texas, where Tesla’s new factory is being built.
The world’s richest man, Jeff Bezos, who has a net worth of more than $183 billion, lives in Washington State.
Third on Bloomberg’s Billionaire’s Index is Microsoft creator Bill Gates, who also resides in Washington State.
Texas and Washington State are two of nine states in the US that don’t collect income tax. The other seven are Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee and Wyoming.
It’s been a lucrative year for Musk, who has seen his fortune skyrocket through the course of the year as Tesla shares surged.
Yesterday, December 18, stocks in the company surged by 6%, setting a new closing high of $695.
In the past 12 months, he has added more than $127 billion to his net worth. Musk’s rocket company SpaceX alone is now valued at $46 billion, according to Forbes.
At the end of November, Tesla reached new heights in the stock market, as shares of the company exceeded $527.48 per share, leading the company to pass the $500 billion market cap for the first time, CNBC reports.
Tesla is set to join the S&P 500 on December 21, which will likely see share prices increase further as more investors will be interested in profiting from the business.
In 2019, Jeff Bezos finalised his separation from MacKenzie Scott, paying out $38 billion in the divorce settlement.
In July 2019, she signed the Giving Pledge, under which she promised to donate at least half of her fortune over the course of her lifetime.
Making good on her promises, it was reported this week that she has given away $4.2 billion to good causes in the last four months.
In a blog post, Scott said the money has gone towards supporting food banks and emergency relief funds, as well as support services for vulnerable people.
Additionally, she said she has donated to efforts that are addressing long-term systemic inequalities that have been exacerbated by the coronavirus crisis.
This pandemic has been a wrecking ball in the lives of Americans already struggling. Economic losses and health outcomes alike have been worse for women, for people of color, and for people living in poverty. Meanwhile, it has substantially increased the wealth of billionaires.
She said it would be easy for people, like herself, who ‘drew the long demographic straws in this crisis to hole up at home feeling a mix of gratitude and guilt, and wait for it to be over but that’s not what’s happening’.
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