With Elon Musk moving to Texas, the world’s 3 richest people are set to pay a whopping $0 in state income taxes. Here’s why 9 US states don’t collect any income taxes.

With Elon Musk moving to Texas, the world’s 3 richest people are set to pay a whopping $0 in state income taxes. Here’s why 9 US states don’t collect any income taxes.

Elon Musk is now a Texan.







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Elon Musk, the world's second-richest man, has moved from California “” the state with the highest income tax “” to Texas, a state with no income tax at all.

Jeff Bezos and Bill Gates live in Washington, which also has no income tax. Musk's move means the world's three richest people don't have to pay income taxes.

Nine states don't have an income tax. These states typically bring in revenue from other areas like tourism and natural resources. One CPA told Business Insider that fiscal responsibility also plays a role.

Other billionaires, like President Donald Trump, are also seeking to move to no-tax states.

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Elon Musk has moved to Texas.

The Tesla and SpaceX CEO confirmed the news on Tuesday at a virtual conference hosted by The Wall Street Journal. "For myself, yes, I have moved to Texas," Musk said, adding that SpaceX was developing its Starship spacecraft in South Texas and that construction of Giga Texas, a new Tesla manufacturing site in Austin, was under way.

These SpaceX and Tesla Texas developments,