141–150 of 734 posts
Can someone explain what the limitations are on a state's ability to levy taxes? E.g., are there any Constitutional barriers to one state charging income tax on someone merely passing through? Or, e.g., could CA tax the income of someone who is no longer a resident? What mechanisms if any proscribe that kind of money grab?
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…
The reason people resist such a tax is because there is no transparency into where the money is going. If there was traceability into putting that money towards positive social programs, for example, there might be less opposition. I couldn't find what the tax was supposed to go towards but I also didn't make it beyond the paywall.
Gas tax is the most cited counterexample, but even there roads get money from general revenues.
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…
/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 figure if we allow passive income, we should allow passive taxes...
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How do I benefit from a country while not being in it?
The right to return and still be eligible for things like Social Security and Medicare.
How would this be enforced? Is it even possible to track people who spend 60 days in the state?
E.g. people who commute between NJ and NY or somehow do their work in both often have to justify to one (or both) state why they shouldn’t be taxed there.
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…
I see it the opposite way around. We should only have a wealth tax and no income taxes. Capitalism means capital that earns for you while you sleep. Those who benefit the most from the system should pay for it. With only a wealth tax more people would have the means to amass wealth and there would be a greater incentive to spend rather than sit on money which would be good for the health and dynamism of the economy.
That's a big assumption. Not all capital earns for you while you sleep.
> Those who benefit the most from the system should pay for it.
That's also a big assumption. Just because one has capital does not mean they're benefiting from the regime they're currently under.
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So your money just made you 8 million USD and you had to pay 432k in taxes. Compare that to someone who makes 8 million USD cash through labour. They have to pay way more in taxes, around 1 million according to this calculator: https://smartasset.com/taxes/california-tax-calculator 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…
So what about if your Stocks lost value in the year? Same scenario, 100million in stocks but due to a bad economy you they are now worth 95 million Do you believe CA should collect $380,000 from someone that already lost 5 million that year? There is always risks in investments, it is not always gains. CA does not properly account for that IMO Further you will not get me support income based taxation either, I find i…
As for losing money, yeah in that scenario it's worse. The dutch system sounds better in the regard that it only taxes gains, but of course you'd here have issues as well with volatile valuations where you have gains in one year and losses in the next.
Regarding your potential loss scenario, hypothetically if you've owned 100 million one year and then over the course of 3 years it went down to just 1 million. Wouldn't it be beneficial for society had you contributed a little piece of those 100 million to society when you still had it? Other than you just holding onto it, benefitting nobody, not even you, as you lost it :). In the scenario where your money is stable or increases in value, this is no issue.
That being said, I'm not the greatest fan of estate taxes. My main issue with them is that they basically force you to have some degree of returns otherwise your money disappears, which is IMO kinda sad as it encourages people to invest in even greedier ways. You can e.g. buy a rental property and come up with shitty reasons to evict the tenants. Or you can buy it and keep them around for as long as they live.
Is it me or things are getting crazier every single day, why not planetary tax, air tax, water tax, volume occupation tax, tax on tax?
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This is startup land, where billion dollar companies lose money... So yes.
How real are those billion dollar valuations? Seems to me like it’s primarily a bunch of VCs in a term sheet circle jerk.
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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%.....
I make roughly half a million a year. I'm very aware that my tax rate would increase if we started taxing the wealthy more. Please tax the wealthy more. Send the tax man to my house and all my peers. We can afford it just fine.
Giving money to government is not compasssion, Helping people get food, shelter, healthcare,etc yourself is compassion. Voting for government to use guns to force people to pay what you have perceived as "their fair share" in order to provide those things to people is not compassion, it is self-righteous bullying.