California plan for wealth tax on anyone who spends 60 days a year in the state
1–10 of 734 posts
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#2ungated: https://archive.is/v9pLw
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#3> Today, California’s wealthiest 1% pay approximately 46% of total state income taxes. Adding the wealth tax to individual taxes and including those taxpayers who have abandoned California, the combination of the two proposals would have 1% of the state’s population paying about 53% of individual taxes.
This is insane. That 1% will simply pick up and leave and the state will end up in a long expensive legal battle to collect from them all.
And then who will be left to pay for everything?
> For most taxpayers, the cost of compliance would far exceed the amount of the tax. A resident with a net worth of $31 million would be subject to a wealth tax of $4,000. The cost of an annual appraisal of each of that taxpayer’s assets could easily exceed $100,000. The state would have to hire auditors to chase people all over the world.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#4> Today, California’s wealthiest 1% pay approximately 46% of total state income taxes. Adding the wealth tax to individual taxes and including those taxpayers who have abandoned California, the combination of the two proposals would have 1% of the state’s population paying about 53% of individual taxes. This is insane. That 1% will simply pick up and leave and the state will end up in a long expensive legal battle to…
Rich people problems.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#5> Today, California’s wealthiest 1% pay approximately 46% of total state income taxes. Adding the wealth tax to individual taxes and including those taxpayers who have abandoned California, the combination of the two proposals would have 1% of the state’s population paying about 53% of individual taxes. This is insane. That 1% will simply pick up and leave and the state will end up in a long expensive legal battle to…
So 1% pays 46% of the taxes. Do they own more or less than 46% of the total capital? Because if they own more than 46% they should be paying more taxes. It doesn't matter that they are only 1% of people. What matters is how much they own (or at least how much they earn).
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#6> Today, California’s wealthiest 1% pay approximately 46% of total state income taxes. Adding the wealth tax to individual taxes and including those taxpayers who have abandoned California, the combination of the two proposals would have 1% of the state’s population paying about 53% of individual taxes. This is insane. That 1% will simply pick up and leave and the state will end up in a long expensive legal battle to…
Rich people problems.
It'll be our problem too. Whose going to pay for all our "free stuff?"
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#7I feel like I'm reading something off of Fark.com.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#8> Today, California’s wealthiest 1% pay approximately 46% of total state income taxes. Adding the wealth tax to individual taxes and including those taxpayers who have abandoned California, the combination of the two proposals would have 1% of the state’s population paying about 53% of individual taxes. This is insane. That 1% will simply pick up and leave and the state will end up in a long expensive legal battle to…
>California’s wealthiest 1% pay approximately 46% of total state income taxes
> That 1% (which, unfortunately, I am in)
This illustrates to me that the 1st percentile receives vastly more net income than the 2nd highest percentile (and that the stats should subdivide the 1st percentile further).
Is this really unfortunate for you? I don't think so.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#9> Today, California’s wealthiest 1% pay approximately 46% of total state income taxes. Adding the wealth tax to individual taxes and including those taxpayers who have abandoned California, the combination of the two proposals would have 1% of the state’s population paying about 53% of individual taxes. This is insane. That 1% will simply pick up and leave and the state will end up in a long expensive legal battle to…
It is insane. It is also insane that the system is so rigged in favor of wealth accumulation. An insane solution to an insane problem. I pay a lot in taxes, and I am good with that. I also give a fair bit away. The truth is I should make less, as should you.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#10Of course it excludes real-estate. In California the only legitimate wealth is the land you inherit.