Jeffrey Gundlach Tells Realtors in Low-Tax States to ‘Give Me a Call’
Jeffrey Gundlach may be on the move.
TheDoubleline Capital chief executive officer tweeted an invitation for real estate agents in “low tax, well governed” U.S. states to call him, as he openly pondered leaving his Los Angeles base.
In a series of tweets, sent late Saturday on the West Coast, the billionaire investor said that public figures including Elon Musk “are leaving California to escape incompetent governance.”
Like many states in need of more revenue due to the economic ravages of the global pandemic, California is considering raising taxes on its richest residents. Democratic lawmakers in Sacramento have proposed raising the top rate to 16.8% from 13.3% for incomes over $5 million, with the increases retroactive to Jan. 1.
New Jersey lawmakers this month approved raising the tax rate to 10.75% from 8.97% for those with incomes above $1 million and there’s a ballot measure in Illinois calling for higher levies on the wealthy. Meanwhile, states such as Florida, which has no state income tax, are seeing increased interest from hedge fund managers and other wealthy people to relocate.
Gundlach wouldn’t be alone in departing California. Large parts of Silicon Valley have moved to Lake Tahoe as they embrace work from home. Canyon Partners, meanwhile, the $24 billion hedge fund firm, isconsidering setting up a new office in Texas next year to flee what its leaders see as the high taxes, congestion and fire risks of Southern California, Bloomberg reported Friday.
— With assistance by Pierre Paulden
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