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California plan for wealth tax on anyone who spends 60 days a year in the state

wsj.com

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Re: California plan for wealth tax on anyone who spends 60 days a year in the state

#11

Post by eloff »

AlexanderDhoore wrote: post #5
fortran77 wrote: post #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…

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

Re: California plan for wealth tax on anyone who spends 60 days a year in the state

#13

Post by wolco2 »

Bancakes wrote: post #4
fortran77 wrote: post #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…

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.

Re: California plan for wealth tax on anyone who spends 60 days a year in the state

#16

Post by z3ncyberpunk »

wolco2 wrote: post #13
Bancakes wrote: post #4

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.

cry me a river, that's way more than the average person has

Re: California plan for wealth tax on anyone who spends 60 days a year in the state

#17

Post by paulpauper »

Hnrobert42 wrote: post #9
fortran77 wrote: post #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…

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.

but living expenses are also very high, as is student loan debt and other recurring expenses

Re: California plan for wealth tax on anyone who spends 60 days a year in the state

#20

Post by raverbashing »

AbrahamParangi wrote: post #10

Of course it excludes real-estate. In California the only legitimate wealth is the land you inherit.

NIMBYism or in English: F the younger generation, we got ours

But who knows who'll pay for the extortionate rents if the whole thing falls apart

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