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Larry Page has moved to Florida

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Re: Larry Page has moved to Florida

#11

Post by lapcat »

> it has cost California both Larry's presence and all the tax revenue it made from him.

1. Google itself isn't moving. I don't think Larry is closely involved anymore, and a move out of state seems to prove that.

2. How much tax revenue did California even make from him? If he doesn't sell stock, then he has no capital gains to tax. That's the whole point of the wealth tax. The ultra-wealthy are infamous for tax avoidance schemes such as rotating loans against their stock to avoid capital gains.

Re: Larry Page has moved to Florida

#12

Post by Alupis »

GenerWork wrote: post #3

>"He wasn't just pretending to move to Florida." Do people often pretend that they're going to move? Seems like a weird thing to say.

Every election you have celebrities and wealthy individuals threaten to leave the country, etc. Nearly none of them follow-through, and of the ones that do, many ultimately move back.

Page left California specifically because of the so-called "Billionaire Tax", and is taking with him his family (which will inherit his vast riches), his philanthropy, his non-profits, many jobs, taxes and more. The effect will be generations of lost benefits to California.

Re: Larry Page has moved to Florida

#15

Post by snapetom »

This part from Paul Graham on his own move was eye opening:

"After we'd been in England for several years, I asked the people who do our taxes to check, and they told me that I actually saved money by moving to England. That's how high California state taxes are already."

Re: Larry Page has moved to Florida

#16

Post by georgemcbay »

GenerWork wrote: post #3

>"He wasn't just pretending to move to Florida." Do people often pretend that they're going to move? Seems like a weird thing to say.

> Do people often pretend that they're going to move?

It isn't unheard of.

Adam Carolla has been threatening to move out of California for like at least a decade at this point.

Re: Larry Page has moved to Florida

#17

Post by lotsofpulp »

lapcat wrote: post #11

> it has cost California both Larry's presence and all the tax revenue it made from him. 1. Google itself isn't moving. I don't think Larry is closely involved anymore, and a move out of state seems to prove that. 2. How much tax revenue did California even make from him? If he doesn't sell stock, then he has no capital gains to tax. That's the whole point of the wealth tax. The ultra-wealthy are infamous for tax avo…

#2 is a problem with California’s tax laws. A marginal land value tax would easily tax wealth without wealthy people having to sell assets. Also, more economic activity, such as rich people buying products and services, results in sales tax and income for other Californians.

Re: Larry Page has moved to Florida

#18

Post by garciasn »

Alupis wrote: post #12
GenerWork wrote: post #3

>"He wasn't just pretending to move to Florida." Do people often pretend that they're going to move? Seems like a weird thing to say.

Every election you have celebrities and wealthy individuals threaten to leave the country, etc. Nearly none of them follow-through, and of the ones that do, many ultimately move back. Page left California specifically because of the so-called "Billionaire Tax", and is taking with him his family (which will inherit his vast riches), his philanthropy, his non-profits, many jobs, taxes and more. The effect will be gener…

Yeah; there's absolutely no way he could possibly support philanthropic efforts in one state from another. Nope; everyone now loses out because of it!

There is absolutely 0 reason that someone worth $270 billion needs to worry about the 5% tax. The 5% tax will reduce his estimated worth by $13.5B bringing him to a paltry $256.5B.

To put $256.5B in perspective: over two /lifetimes/, he would need to spend around $4.5MM a day to exhaust that number, assuming it did not grow exponentially over that same time.

Re: Larry Page has moved to Florida

#20

Post by Alupis »

lapcat wrote: post #11

> it has cost California both Larry's presence and all the tax revenue it made from him. 1. Google itself isn't moving. I don't think Larry is closely involved anymore, and a move out of state seems to prove that. 2. How much tax revenue did California even make from him? If he doesn't sell stock, then he has no capital gains to tax. That's the whole point of the wealth tax. The ultra-wealthy are infamous for tax avo…

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