Peter Thiel Confirms on Joe Rogan's Podcast That He's Considering Moving to Miami or Nashville to Avoid California Taxes

Peter Thiel, the cofounder of PayPal and an early investor in Facebook, is reconsidering his future in California. Having moved to the state in 1977 with his parents, Thiel now feels it might be time to find a new home due to the state's heavy taxation. His fortune, estimated at $11.6 billion, was largely built in Silicon Valley, but California's introduction of a 14.4% tax on incomes over $1 million has led Thiel to contemplate relocating to avoid what he calls "confiscatory taxation."

Exploring New Horizons

During a recent appearance on Joe Rogan's podcast, Thiel expressed uncertainty about whether to leave the state or the country altogether. He has explored options like New Zealand and Malta, the latter where he has even filed for citizenship. However, he seems to have settled on staying within the United States, acknowledging that the challenges abroad were greater than anticipated. Thiel has since focused on finding a more tax-friendly state within the country.

Narrowing Down the Options

Thiel conducted a thorough analysis of states with no income tax, evaluating their appeal based on both tax rates and lifestyle. States like Alaska, Wyoming, South Dakota, and New Hampshire were quickly ruled out due to their lack of metropolitan areas. Washington state, which only taxes capital gains and not income, was dismissed because of Seattle's unfavorable weather. Nevada's Las Vegas, despite being tax-friendly, didn't appeal to him either.

Nashville vs. Miami

After considering various locations, Thiel narrowed his choices down to Nashville and Miami. Texas, despite its major cities like Houston, Austin, and Dallas, didn't make the cut. Thiel dismissed Austin, where Joe Rogan now resides, as a "wannabe hipster San Francisco town." Ultimately, Miami emerged as the likely winner. Thiel already owns a home there and has spent the past four winters in the city, which has become a magnet for other wealthy individuals like Citadel's Ken Griffin and Amazon's Jeff Bezos.

The Broader Exodus from California

Thiel's contemplation of leaving California is part of a larger trend. Joe Rogan, for instance, shared his own reasons for relocating to Austin during the pandemic, citing the state's lockdown measures as the final straw. California, once known for its booming population, saw a decline for the first time in nearly two centuries during the COVID-19 pandemic. Thiel mused that if enough people leave, it might force the state to rethink its policies.