This is utter insanity but California is going to reap what it sows.
California is going to be massively insolvent and in default within in a decade.
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
#422Earlier quoted context omitted.
city-state. the future. city states are like sleek yachts while nations are like ferry shuttles.
No way. Singapore gets a footing in the world not because it is a city state but because it's Singapore.
i agree. what i meant was how singapore's structure is different from the rest of nation states.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#423Earlier quoted context omitted.
because of 0.4% If California was well run, clean, and had otherwise lower tax, then .4% might be easy to ignore. But if you’re already on the fence, and not happy with things, and have been talking to real estate agents in Seattle, Austin, Miami, or Singapore, then this just the kick in the butt you might need to go through with leaving.
Singapore is a weird one to throw in there with the others in that list. Could you elaborate?
Likely for people with Chinese heritage or relatives. It's clean, orderly, and it's super easy to start a business there.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#424Giving yet another reason for the rich to move to a lower COL area/state, buy up all of the housing inventory, and raise the COL in their new area.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#425Earlier quoted context omitted.
Thing is we’ve done the experiment and it doesn’t work. France had a wealth tax (called the ISF, impôt sur la fortune) and it never actually garnered the expected revenues. This is because wealthy French people moved to Brussels, where you still have a pretty nice city and you can still speak French. Macron got rid of it and there was a mini-crash in Brussels real estate as people move back. There’s nothing stopping…
I think that's why they put in the provision that you have to keep paying the tax for 10 years after you move.
I have a feeling that portion will be struct down in court.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#426Why would anyone with a "real" job want to live in CA or god forbid move to CA? I'm honestly stunned? Does CA understand how basic economics work? You can hate rich people all you want, but at the end of the day they're the ones starting companies and employing people. When are they going to start thinking about limiting spending instead of just finding more ways to wring dough out of people who make an honest living.
For those who disagree with me, please make an argument that in the U.S. making $120k is not an "honest" living...
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#427The tax rate will never be high enough for the California Government. It is so mismanaged the only plausible solution is a default on its endless obligations. California should eliminate its income tax through ballot initiative. Moving it, from the highest in the nation to zero. Thats right. Zero. Can you imagine how awesome California would become with no income tax? Everyone would instantly get a 10% raise. The qua…
"Cut taxes and everything will magically get better." Can't believe people still buy this bullshit.
Could you please stop posting unsubstantive and/or flamebait comments? You've unfortunately been doing it a lot lately and we're trying for something different here.
We've had to ask you several times already, and when accounts keep ignoring these requests eventually we have to ban them.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#428This needs to happen. We need to start taxing the rich and implement our social security nets again. Like they do in almost every other civilized nation.
Where is the line? And how have we not crossed it already?
How many americans have to go bankrupt or die from medical debt?
How many people need to be evicted and live on the streets? How large do the homeless camps need to become?
How uneducated and ignorant do people need to become?
How desperate and unstable do the lives of the not-upper class have to get? How full do our prisons need to be?
How wretched do our forests and streams need to become before we change?
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#429I'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…
The problem is this incentivizes all the wrong things. This encourages the ultra rich to invest in land or large properties, driving up that particular asset class. Instead of venture capital, we’ll just get a bunch or people hoarding land
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#430Earlier quoted context omitted.
Ah, yes, threatening to murder people you're jealous of. This is the content I come to Hacker News for!
I can't say I have much time to engage today, but since this seems to have some support and a fundamental misunderstanding, I want to address this one. Hatred towards the ultra-rich is not based in jealousy but in a moral stance. The argument is not "I want your 30M" it is that "people having this much wealth is bad for all of society". See: https://www.nytimes.com/2019/02/06/opinion/abolish-billionai... There's much…
Your explanation sounds something like when a racist says that he doesn't hate people because of the color of their skin but because they bring diseases, take away jobs and are not cultured.