| ▲ | jedberg a day ago | |
> where Sergey Brin pretends to live as a tax dodge It's not just Brin who lives there. The median wealth of that town is at least 10x everywhere around it. It's the closest city in Nevada to the Bay Area. Back before California changed the law, if you had stock options you earned in CA and then moved to NV before you sold them, you could avoid paying income tax. Or if you sold your company. I know multiple people who moved to Incline right before vesting or selling. They would come back to the Bay Area each weekend to see their wife and kids and work remotely during the week. As long as they spent more than 1/2 their time in NV they didn't have to pay CA tax. CA has since closed that loophole -- if you earn it in CA they will come for the tax even if you live in another state when you sell it. But for the last 20+ years, it was a tax strategy that a lot of people used. | ||
| ▲ | reducesuffering a day ago | parent [-] | |
It's not just personal wealth either, Apple uses a shell company in Reno, NV to tax dodge: https://en.wikipedia.org/wiki/Braeburn_Capital | ||