1:41 pm
May 10, 2019
The article quotes former Uber employee named Brian McMullen who now lives in Austin, Texas:
“I’m currently taking time off for myself,” he said.
Mr. McMullen, 33, is part of an exclusive club: the semiretired tech millennial who left California after getting rich. Like many in this group, he is a newly minted multimillionaire who became wealthy by working for high-profile San Francisco start-ups like Uber and Lyft, which are now about to go or have just gone public. Once their wealth was assured, these tech workers quit the companies and fled California, which has the nation’s highest state income tax, at more than 13 percent, to reside in lower-tax states like Texas and Florida, where there is no personal state income tax.
“There are a number of places people could go where there’s tax benefits,” said Mr. McMullen, who joined Uber in 2011 and is tallied in the company’s system as employee No. 16. “The timing is good in terms of relocating prior to I.P.O.”
He ticked off Washington and Florida as places where people could have also saved on taxes.
Washington’s economy gains whenever a tech/tax refugee brings his or her skills and capital here from Silicon Valley. A state capital gains tax, as was proposed during the last legislative session, would discourage this beneficial in-migration.
Categories: Categories , Economy , Economy & Competitiveness , Tax Policy.