Number 1 Billionaires wont leave lol and number 2 it doesnt matter because the companies they run still do business here and we can tax the fudge out of them.
The billionaires have shown they are emperors without clothes without competence (thanks DOGE) and have a disproportionate negative affect on society. Tax them out of existence.
I have no sympathy for folks who exert undue influence effort to avoid taxes. Public infrastructure made them their wealth. But… I do have sympathy for the rich person who is upset about what they might see as taxation on programs that yield questionable results. They’ll see yet another tax and immediately ask what will it be used for? Is that worthwhile? I guess if they really wanted to change the focus of the spending or the taxation itself they could just buy themselves a lawmaker or two.
That much sale in assets will affect the asset prices themselves. Unless the state is willing to take taxes in the form of assets instead of cash, it doesn't make sense to tax them.
the all-important question - does "thinking of leaving" mean:
a) thinking of actually leaving the state, or
b) thinking of telling their team of accountants to claim on tax paperwork that their permanent residence is in another state
because things like this make me think it's the latter:
> In mid-December, three limited liability companies associated with Mr. Page filed documents to incorporate in Florida, according to state records.
at the amount of wealth we're talking about, it's trivial for a billionaire to buy an additional mansion in (Florida|Texas|Nevada|Wyoming|etc), and claim that as their "official" residence.
if they get billed with a wealth tax, their team of lawyers will claim that they live in that other state, and simply happen to spend a huge amount of their time on "business trips" to California.
so the success or failure of this will hinge on how thoroughly it's actually enforced. the "progressive" Governor Newsom is opposed to it:
> The measure faces opposition from Silicon Valley investors and others, including Gov. Gavin Newsom. At The New York Times DealBook conference this month, Mr. Newsom said a wealth tax was not pragmatic. The Democrat, who has been close with people like Mr. Page, is raising money for a committee to oppose the measure. The committee received a $100,000 donation from the venture capitalist Ron Conway in November, according to state campaign finance records.
which makes me think that even if it does pass, he won't make enforcement of it a priority (especially since he'll be busy running for President)
Wealth taxes are insane. It is very easy for wealthy to change their tax residence as most of them travel a ton anyways. Then the wealth tax has to move to lower and lower brackets, just like the income tax once did. Remember - the income tax was once only for the crazy wealthy. Now we all pay it.
This could be implemented differently to make tax evasion more difficult.
One idea: start progressively increasing property tax on homes over 10,000 sq.ft. - now billionaires can have their huge mansions but will need to pay double-digit percent property tax for it.
Two frequently mentioned destinations are Florida and Texas. Both are terrible on women's rights and having misogynist political leaders. Threads like this are such a tech bro sausage fest I'm un surprised that women are not mentioned once in the first 36 comments posted here. Women are over half of four year degree earners. Good luck staffing your technology company in a place where most politicians' knuckles drag on the ground.
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[ 3.2 ms ] story [ 30.6 ms ] threada) thinking of actually leaving the state, or
b) thinking of telling their team of accountants to claim on tax paperwork that their permanent residence is in another state
because things like this make me think it's the latter:
> In mid-December, three limited liability companies associated with Mr. Page filed documents to incorporate in Florida, according to state records.
at the amount of wealth we're talking about, it's trivial for a billionaire to buy an additional mansion in (Florida|Texas|Nevada|Wyoming|etc), and claim that as their "official" residence.
if they get billed with a wealth tax, their team of lawyers will claim that they live in that other state, and simply happen to spend a huge amount of their time on "business trips" to California.
so the success or failure of this will hinge on how thoroughly it's actually enforced. the "progressive" Governor Newsom is opposed to it:
> The measure faces opposition from Silicon Valley investors and others, including Gov. Gavin Newsom. At The New York Times DealBook conference this month, Mr. Newsom said a wealth tax was not pragmatic. The Democrat, who has been close with people like Mr. Page, is raising money for a committee to oppose the measure. The committee received a $100,000 donation from the venture capitalist Ron Conway in November, according to state campaign finance records.
which makes me think that even if it does pass, he won't make enforcement of it a priority (especially since he'll be busy running for President)
One idea: start progressively increasing property tax on homes over 10,000 sq.ft. - now billionaires can have their huge mansions but will need to pay double-digit percent property tax for it.