3 ms·
"About the only Texans who fare better than Californians are the wealthy. The top 1% of earners in Texas — those making $617,900 or more annually — only pay 3.1
by chasebank 4y ago
"About the only Texans who fare better than Californians are the wealthy. The top 1% of earners in Texas — those making $617,900 or more annually — only pay 3.1% of their income in state and local taxes. That compares to a rate of 12.4% for top earners in California, who make $714,400 or more per year."
So if you're a top 1% or more, you save at least 4X in taxes. I'm sure you come out on top in TX financially for the vast majority of people reading this site, $100k+ earners. Everyone I know that moved to Austin from CA did so to avoid paying taxes on cashing out stock options.
- jedberg 4y ago> Everyone I know that moved to Austin from CA did so to avoid paying taxes on cashing out stock options. And a lot of those people are now moving back after that one time tax savings. Heck even Elon is moving back. > So if you're a top 1% or more, you save at least 4X in taxes Only income taxes, but property and energy taxes are still higher.