101–110 of 734 posts
I never live in CA, does not use its transportation/police/schools, why do I need pay for this state income tax shit just for remote work?
I'm not sure what the problem is. When Democrat supporters demand more more more via the politicians who promise more more more, where did they think the money would come from? Believe it or not, the bottom ~50% don't have enough money to tax. The next 30-40% have some but not enough to raise enough money to help. The taxes have to be focused on the top 10% and more likely the top 1-3% to raise enough to meet these d…
> where did they think the money would come from? There’s a growing misconception that everything can be paid for by simply taxing the wealthy a tiny bit more. Several prominent activist politicians have built their platforms on the idea that billionaires are an infinite source of consequence-free tax revenue. These ideas are especially popular among the college students and new college grads I mentor. It usually fal…
How would this be enforced? Is it even possible to track people who spend 60 days in the state?
This 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.
There is a HUGE difference between the 2 if I understand them correctly CA is imposing a tax on the TOTAL wealth of a person over the limits and excluding real property. The Dutch impose a tax on the increased value of the wealth in the year, even if it was not "realized", which is more like our Capital Gains. So an example, if you had Stocks worth 100 million, and they increased in value to 108 million in 2020 Dutch…
Edit: just found out that in California capital gains are regarded as normal income. So you'd have to pay that 1 million already, but now you'd have to pay another additional 432k... so tax increase of 50%.
Personally I disagree with the whole idea of wealth taxes, you should be taxed when you do things, not taxed just because you own something worth money. I should be able to go live in the woods alone and not have the government take some percent of my net worth just because I exist. I mean I don't have a tonne of sympathy for people with tens of millions of net worth, but it just seems wrong in principle. If I start…
It also doesn't have to be ham-fisted. The concerns you bring up are legitimate and legislation is able to account for them.
Personally I disagree with the whole idea of wealth taxes, you should be taxed when you do things, not taxed just because you own something worth money. I should be able to go live in the woods alone and not have the government take some percent of my net worth just because I exist. I mean I don't have a tonne of sympathy for people with tens of millions of net worth, but it just seems wrong in principle. If I start…
How is the government forcing you to sell your company? They're forcing you to pay 0.4% of the money you own over those 30M dollars in tax, but that's it. Do you truly believe that there are people who make less than 0.4% per year profit on their >30M assets?
Earlier quoted context omitted.
> where did they think the money would come from? There’s a growing misconception that everything can be paid for by simply taxing the wealthy a tiny bit more. Several prominent activist politicians have built their platforms on the idea that billionaires are an infinite source of consequence-free tax revenue. These ideas are especially popular among the college students and new college grads I mentor. It usually fal…
The most important point of taxing the top ~1% is to simply bring their wealth more in line with their contributions, and to reduce their outsized power on the political system. Jeff Bezos isn't "worth" a million times more than his warehouse workers, and he shouldn't have that kind of money either as a matter of principle, or as a matter of democratic power. It's not a matter of punishment, but a matter of ensuring…
If his money gives him political power, the solution is to fix the political system, not steal his money.
Earlier quoted context omitted.
As a rough approximation, if you’re a US citizen, then You must file a US income tax return. The US taxes your worldwide income regardless of where it’s earned. BUT under most circumstances you would get a credit against what you owe the US for what you pay the country in which you earned the money and also wanted to tax you (no double taxation in theory) It’s kind of a pain for someone living in say Kenya which does…
How do I benefit from a country while not being in it?
Well I guess I'll take the apparently bold stance here that this isn't the end of Silicon Valley or California and yes this is fair and further, good. When people are getting 5-6% returns on investments (minimum), 0.4% is still not even stopping the rich get richer effect. Not to mention that it's almost certain no one here will ever be touched by this tax. If you're going to move where you live or significantly alte…
I couldn't find what the tax was supposed to go towards but I also didn't make it beyond the paywall.
I'm not sure what the problem is. When Democrat supporters demand more more more via the politicians who promise more more more, where did they think the money would come from? Believe it or not, the bottom ~50% don't have enough money to tax. The next 30-40% have some but not enough to raise enough money to help. The taxes have to be focused on the top 10% and more likely the top 1-3% to raise enough to meet these d…
I always find it ironic when Silicon Valley Software devs talk about how the "evil rich" should "pay more" in taxes to support the poor, never having the understanding that they likely are the "evil rich" the tax man will be coming for.... if you are a Software Dev for a FANG or FANG like company guess what you are in the top 10%.....
Please tax the wealthy more. Send the tax man to my house and all my peers. We can afford it just fine.