Earlier quoted context omitted.
You need to install capital controls first.
California is not a country. States cannot install capital controls.
Yes, that's correct. I'm talking about the other examples mentioned in the post.
Billionaire Tax Officially Heads to Nov. 3 Ballot
61–67 of 67 posts
Re: Billionaire Tax Officially Heads to Nov. 3 Ballot
#62Earlier quoted context omitted.
I feel like the first dude is a good argument for taxing billionaires. He's still doing alright at what would be a 100% tax over a billion.
Never mind that when we tax billionaires, we (the people) decide what to spend it on.
Do we though? I’ve never been consulted.
I would like us to stop making Abram’s Tanks that the army doesn’t need and have repeatedly asked us to stop providing.
I think the high speed rail was a mistake, an illustration of all the reasons we can’t build infrastructure. I’d have preferred that we spent the money fixing those things rather than throwing it into the black hole.
The F35 is a mistake. Nobody asked me to weigh in a decade ago when it became obvious that.
Some people work to control costs. Those are not the same ones who get elected on that platform. The last famous attempt actually cost us more than it saved.
I would say that I’ve ever had the chance to decide what to spend it on.
Re: Billionaire Tax Officially Heads to Nov. 3 Ballot
#63All of the wealth has been taxed before, often multiple times. Adding another layer sure seems like overkill.
Be honest.
It has been taxed once at 1/3 the rate that wages are taxed.
Capital gains gets taxed at 10% (which is how rich people get their money). Poor people pay about 30% of their income in tax.
Our tax system disproportionately favors the wealthy. I know. I’ve been poor, I’ve worked minimum wage. Now I make much more money and the I’ve watched the tax system favor me more the more I make.
Re: Billionaire Tax Officially Heads to Nov. 3 Ballot
#64Even if it fails, California has taken a multi billion dollar tax hit from all of the wealth flight as a result of this. Not to mention that those people may take jobs with them, straight to Florida or Texas or other friendlier states. These taxes are an abject disaster everywhere they're tried. France tried it and it was extremely bad for them. The cash raised from the tax is dwarfed by the wealth flight, every time…
I actually think billionaire flight is a good thing. Billionaires do not contribute to their community. Sure some tax accountant and some security people will lose their jobs, but this not matter for regular folk. If nothing else, billionaires flight is a positive thing. I am hoping all the billionaires leave my Washington state as a result of the millionaire tax - it may become a normal state like Oregon.
Aren’t those billionaires the founders and CEOs of all the tech companies in Silicon Valley? And the VC firms that get them off the ground.
Maybe it would be fine for them to leave, but I’m pretty sure you want their companies to stay.
Maybe not. 50% of the tech companies moving out of Silicon Valley would probably improve traffic, lower housing costs etc. I’m pretty sure the cities that host them enjoy the tax revenue they bring in.
Re: Billionaire Tax Officially Heads to Nov. 3 Ballot
#65Even if it fails, California has taken a multi billion dollar tax hit from all of the wealth flight as a result of this. Not to mention that those people may take jobs with them, straight to Florida or Texas or other friendlier states. These taxes are an abject disaster everywhere they're tried. France tried it and it was extremely bad for them. The cash raised from the tax is dwarfed by the wealth flight, every time…
Florida has never had an income tax. With few exceptions, most of its wealthy are retirees or heirs, who don't have much income anyway. Texas does not have an income tax. Despite its century of oil wealth, it has fewer billionaires than CA or NY. These states don't have income taxes because they're unpleasant places to live at the best of times and nobody would choose to live their if they had to pay income taxes.
Florida is an unpleasant place to live?
Re: Billionaire Tax Officially Heads to Nov. 3 Ballot
#66Earlier quoted context omitted.
I actually think billionaire flight is a good thing. Billionaires do not contribute to their community. Sure some tax accountant and some security people will lose their jobs, but this not matter for regular folk. If nothing else, billionaires flight is a positive thing. I am hoping all the billionaires leave my Washington state as a result of the millionaire tax - it may become a normal state like Oregon.
Aren’t those billionaires the founders and CEOs of all the tech companies in Silicon Valley? And the VC firms that get them off the ground. Maybe it would be fine for them to leave, but I’m pretty sure you want their companies to stay. Maybe not. 50% of the tech companies moving out of Silicon Valley would probably improve traffic, lower housing costs etc. I’m pretty sure the cities that host them enjoy the tax reven…
A lot of people that work (and thus benefit) from these tech companies are from out of state. Local people have to put up with insane housing costs because of tech work.
In Seattle at least some of the tech work is receding already because of layoffs. Which started to lower housing costs: landlords are starting to give 4 or 6 weeks of free rent.
More of this please.
Re: Billionaire Tax Officially Heads to Nov. 3 Ballot
#67Earlier quoted context omitted.
Never mind that when we tax billionaires, we (the people) decide what to spend it on.
Do we though? I’ve never been consulted. I would like us to stop making Abram’s Tanks that the army doesn’t need and have repeatedly asked us to stop providing. I think the high speed rail was a mistake, an illustration of all the reasons we can’t build infrastructure. I’d have preferred that we spent the money fixing those things rather than throwing it into the black hole. The F35 is a mistake. Nobody asked me to w…
Your only chance of course is when you elect people to represent you in our government.