How Nevada Picks Millions From California’s Pocket

Source: The American Prospect
by Chuck Collins & Kalena Thomhave

“In or around 1995, a trust containing assets from the wealth of J. Paul Getty, the oil tycoon who was once the richest man in the world, was quietly transferred from California to neighboring Nevada. … California was where the Gettys moved after striking it rich, and California was where their dynasty would grow for nearly a century, cultivating influence over state and local politics and enmeshing itself in Los Angeles philanthropy. California’s tax laws, however, are some of the most progressive in the country; residents who make more than $1 million pay 13.3 percent of their incomes in state taxes. Nevada, meanwhile, has no individual income tax, no corporate income tax, and some of the loosest trust laws in the nation.” (01/17/23)