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Billionaire bond manager Gundlach suggests he could leave California over taxes

EconomySep 27, 2020 06:05PM ET
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© Reuters. Jeffrey Gundlach, CEO of DoubleLine Capital LP, presents during the 2019 Sohn Investment Conference in New York

By David Randall

NEW YORK (Reuters) - Billionaire bond fund manager Jeffrey Gundlach suggested in a Twitter post late Saturday that he may move from California to a lower-tax state if Sacramento raises taxes on the wealthy.

"Elon Musk, Joe Rogan and Ben Shapiro, to name just a few, are leaving California to escape incompetent governance. The "response" from Sacramento? Wealth and massive income tax increases on job creators (AKA “the wealthy”). Should I align with 3 smart guys, or Sacramento? Hmmm," Gundlach, the chief executive officer of asset manager DoubleLine, wrote.

Democrats in California have proposed raising the highest tax rate to 16.8% from 13.3%. The move would follow other states that have focused on raising taxes on the highest earners. Lawmakers in New Jersey reached a deal Sept. 17 to raise rates on incomes above $1 million to 10.75% from 8.97%.

Previous income tax rates on high earners in California have not been shown to lead to an exodus of residents from the state, a Reuters study from 2012 found. https://www.reuters.com/article/us-california-tax-flight/super-rich-flight-from-california-not-so-fast-idUSBRE8AH07S20121118

Billionaire bond manager Gundlach suggests he could leave California over taxes
 

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Comments (8)
Thi Tran
Thi Tran Apr 04, 2021 11:43AM ET
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he is such an amoral businessman. While other billionaires such as Warren Buffet or Bill Gates expressed their positive opinion on taxing the wealthy to help out the country, these financial leeches have never failed to surprised me.
Tray Williams
Tray Williams Sep 27, 2020 10:05PM ET
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People leave red states for blue ones but continue voting blue thereby making their new home exactly like the one they left.
Tray Williams
Tray Williams Sep 27, 2020 10:05PM ET
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*edit - blue states for red ones.
Adamo Nals
Adamo Nals Sep 27, 2020 7:44PM ET
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Come to florida. zero state taxes!
Tray Williams
Tray Williams Sep 27, 2020 7:44PM ET
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Mass exodus of people moving into red states from blue ones but they’re turning our states blue.
Ludovic Raymond
Ludovic Raymond Sep 27, 2020 7:08PM ET
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Maybe he should move to the lowest tax State, and stop complaining. We live in countries where tax are progressive, so the more money you make, the more taxes tou pay. Pretty straightforward!
Kelvin Lada
Kelvin2020 Sep 27, 2020 6:57PM ET
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None of the billionaires ever pay taxes. According to Trump's tax information exposed today, he paid $750 in federal taxes 2016, less than 10% of what paid.
Him Ara
Him Ara Sep 27, 2020 6:57PM ET
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You can be a billonaire and pay the same
Sam Ka
Sam Ka Sep 27, 2020 6:56PM ET
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Bye Felicia...
David Wall
David Wall Sep 27, 2020 6:48PM ET
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If the rich won’t pay the taxes necessary for us to get through this, then who will?
Randy Randy
randy00 Sep 27, 2020 6:48PM ET
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Donald?
Ludovic Raymond
Ludovic Raymond Sep 27, 2020 6:48PM ET
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Randy Randy Unfortunately we do bot quite have a President who exemplifies good practices. Tax returns are just another instance where he thinks he is above the laws
Kaveh Sun
Kaveh Sun Sep 27, 2020 6:17PM ET
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Behind our back, regular folks pey more tax. It is smoke n mirrors. The rich dont pay anytax. They invest their money in other ventures, companies. 90% get 1usd yearly salary in ca. 16% tax of that gives ca 16c.
 
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