Dear Mr. Ellison,
Please, please, please, please, please, please, don't leave California. I know you recently bought most of the Hawaiian Island of Lana'i , and maybe you're thinking of eventually retiring there.
For one thing, Hawaii is one of the only states with a higher personal income tax rate than California. Hawaii and Oregon both take 11 percent from top earners, compared to 10.3 percent in California. Think of the difference that .7 percent makes when one is a billionaire.
Now, I know you've heard that Governor Jerry Brown is asking Californians to approve a tax hike in November, one that will move your tax rate to 13.3 percent, the highest in the land. But we need that money. Need it. Don’t. Go.
Your salary and bonuses last year reportedly totaled $15 million. I’m going to guess you paid around $1.5 million in taxes. Of course, you were also awarded $62 million in stock options , which are taxed as regular income in California. At some point you'll cash those in and we’ll get more taxes from you. This may have already happened in order to pay the more than $500 million it reportedly cost to buy Lana’i.
Thank you.Page 1 of 4 | Next Page