⁍ Gundlach is the chief executive officer of asset manager DoubleLine.

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⁍ Gundlach suggested in a Twitter post that he may move from California to a lower-tax state if Sacramento raises taxes on the wealthy.

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⁍ Democrats in California have proposed raising the highest tax rate to 16.8% from 13.3%.

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– Jeffrey Gundlach, one of the world’s richest investors, says he’s considering moving from California to a lower-tax state if the state raises taxes on the wealthy, Reuters reports. “Elon Musk, Joe Rogan, and Ben Shapiro, to name just a few, are leaving California to escape incompetent governance,” Gundlach tweeted Saturday. “The ‘response’ from Sacramento? Wealth and massive income tax increases on job creators (AKA ‘the wealthy’). Should I align with 3 smart guys, or Sacramento?” Gundlach, the chief executive officer of asset manager DoubleLine, says he’s open to the idea of moving to a lower-tax state if Democrats succeed in raising the state’s highest income tax rate to 16.8% from 13.3%. Democrats in California have proposed raising the highest tax rate to 16.8% from 13.3%. The move would follow other states that have focused on raising taxes on the highest earners. Lawmakers in New Jersey reached a deal Sept. 17 to raise rates on incomes above $1 million to 10.75% from 8.97%. Previous income tax rates on high earners in California have not been shown to lead to an exodus of residents from the state, a Reuters study from 2012 found.