Earlier quoted context omitted.
Rich people problems.
Until it's everyone with a net worth of a million or 100k gets the tax. It will.. probably include everyone in the end.
Can't be everyone! Something like 1 in 5 households has negative net worth.
California plan for wealth tax on anyone who spends 60 days a year in the state
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Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#32This proposal is 0.4% tax on wealth above $30m.
The Dutch equivalent is 1.6% tax on wealth above €1m.
The number of Ultra High Net Worth Individuals in the Netherlands is still increasing.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#33Earlier quoted context omitted.
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).
In America in general it's about 40% [1]. When put that way, California taxes seem about right as they are. [1] http://papers.nber.org/tmp/7707-w24085.pdf
This point needs to be hammered home every time the rich (or their "hope to be rich" enablers) talk about what percentage of total revenue they pay. It's almost as if they think a poll tax would be fairest. They pay a higher dollar amount because they have more of what is being taxed, which in turn is largely because of a system that actively drives "rich get richer" disparities. You have to look at the rates not the dollar amounts. Is 46% of revenue on 40% of wealth that unreasonable?
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#34This proposal is 0.4% tax on wealth above $30m. The Dutch equivalent is 1.6% tax on wealth above €1m. The number of Ultra High Net Worth Individuals in the Netherlands is still increasing.
The difference here is that California is a state not a country. It's much easier for a wealthy person or company to relocate to another state than it is to another country. The EU may have made it easier to relocate to another EU country than it was in the pre EU days but it's still nowhere as frictionless as moving from California to Washington, Texas, or Georgia.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#35In any economic system where the more money/property you have, the faster you can earn more, wealth inequality will naturally increase over time until a tiny group of people own everything and everyone else is immiserated. Unless there are very progressive taxes or other mechanisms to correct the imbalance. It’s just always amusing to me how apoplectic the ultra rich get at the suggestion that their taxes get raised. The future of the nation literally depends on it. They really do want to collect the wealth generated by the working people of the country and not pay for the public services that maintain that population.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#36Why in heavens name is a WSJ opinion piece getting any traction on HN? Why would anyone with half a brain believe anything in such a piece? It’s some of the worst partisan garbage media out there right now and it’s being discussed here as if it’s factual reporting. What is wrong with you?
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#37Insanely good weather is not an universal counterweight to every hare-brained idea that the political class may come up with. This sounds as a repellent to foreign capital as well, not just richer Americans.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#38This proposal is 0.4% tax on wealth above $30m. The Dutch equivalent is 1.6% tax on wealth above €1m. The number of Ultra High Net Worth Individuals in the Netherlands is still increasing.
The difference here is that California is a state not a country. It's much easier for a wealthy person or company to relocate to another state than it is to another country. The EU may have made it easier to relocate to another EU country than it was in the pre EU days but it's still nowhere as frictionless as moving from California to Washington, Texas, or Georgia.
Sure, but it seems that HNWIs are moving into the Netherlands, also despite this difficulty of relocation.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#39Great way to help further diversify the Texas economy. I want to thank the Californians who voted in these politicians.
What makes you think those same Californians won't follow these companies to Texas?
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#40Won’t someone please think of the wealthy? In fact, why don’t we just further subsidize their lifestyle some more? Let’s forget that the rich in other countries pay more and whine less for paying their fair share