Billionaire Jeffrey Gundlach slams California over taxes, may leave state
Gundlach's net worth is estimated at $2.2B
Billionaire bond fund manager Jeffrey Gundlach is considering packing his bags to escape the “incompetent governance” of California.
“Elon Musk, Joe Rogan and Ben Shapiro, to name just a few, are leaving California to escape incompetent governance,” Gundlach tweeted on Saturday evening. “The ‘response’ from Sacramento? Wealth and massive income tax increases on job creators (AKA 'the wealthy').”
Gundlach, who did not immediately respond to FOX Business’ request for additional comment, has an estimated net worth of $2.2 billion, per Forbes. His firm, DoubleLine Capital, has more than $137 billion in assets under management.
While Gundlach hasn’t said where he is considering relocating, on Sunday evening he tweeted a picture of himself wearing a cowboy hat.
Other wealthy Californians have already announced their departures from the Golden State after legislators last month proposed a 0.4% wealth tax on anyone who has a net worth of $30 million or more. The tax would also apply to former residents for 10 years before phasing out completely.
An additional proposal would raise the state’s top income tax rate to 16.8%, up from 13.3%.
The potential tax changes are being considered after Gov. Gavin Newsom, a Democrat, said in May the state faces a $54 billion budget deficit due almost entirely to the COVID-19 pandemic.
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High taxes are only part of the equation for Californians who are considering moving out of state. They are also dealing with high living costs, a wave of civil unrest following the death of George Floyd, wildfires and rolling blackouts while increasingly being given the chance to work from home.
Conservative commentator Ben Shapiro announced earlier this month that he was relocating the headquarters of his media company, The Daily Wire, to Nashville, Tenn., due to a declining quality of life in California.
Shapiro’s announcement was weeks after comedian and podcast host Joe Rogan said in July that Los Angeles was “overcrowded” and that he wanted to live somewhere with “more freedom.”
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Tesla CEO Elon Musk started the trend in May when he said he was considering moving the electric vehicle maker’s headquarters to Austin, Texas.
The company has since announced plans to open its second U.S. assembly plant in the city, but has not said if the location would serve as its headquarters.
In April, Musk railed against the U.S. government-mandated coronavirus closings and restrictions, labeling the moves as "fascist."