I sincerely hope the notion that avoiding your taxes is theft from the public at large returns in any semblance sooner rather than later.
Nobody likes paying for taxes but the notion that all of these billionaires became as such without utilizing any resources or regulations paid for by the public is completely upside down (to put it as gently as possible)
These people are stealing from you. Jail them like the thieves they are or make them pay back into the system from which they so happily benefited.
The notion that someone keeping what they earn is "theft" while having something forcibly taken from them via taxation isn't, is wild.
I agree everyone should pay taxes, including billionaires, but this is like saying if my neighbor doesn't give me his couch, he's stealing from me. It's just logically (and morally) wrong.
Its a one time tax that is expected to raise $100 billion over 5 years, with a bulk of that payment going to preserve existing medical, education and food support programs due to federal budget shortfalls. However without a concerted effort to make these programs more efficient and accountable, its very likely that we are faced with the same budget crisis over and over again. We see this all the time with the government shutdown theater every few years, but guess this is just how the country functions. At some point this has to break the system though!
> Larry and Sergey can’t stay in California since the wealth tax as written would confiscate 50% of their Alphabet shares.
> Each own ~3% of Alphabet's stock, worth about $120 billion each at today's ~$4 trillion market cap.
> But because their shares have 10x voting power, the SEIU-UHW California billionaire tax would treat them as owning 30% of Alphabet (3% × 10 = 30%). That means each founder's taxable wealth would be $1.2 trillion.
> A 5% wealth tax on $1.2 trillion = $60 billion tax bill, each.
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[ 3.4 ms ] story [ 32.5 ms ] threadThese people are stealing from you. Jail them like the thieves they are or make them pay back into the system from which they so happily benefited.
I agree everyone should pay taxes, including billionaires, but this is like saying if my neighbor doesn't give me his couch, he's stealing from me. It's just logically (and morally) wrong.
Taxes on land or property are impervious to capital flight and are much more effective, but they're neutered in California.
the weather is a real differentiator
The Commerce Clause covers exactly these scenarios.
> Larry and Sergey can’t stay in California since the wealth tax as written would confiscate 50% of their Alphabet shares.
> Each own ~3% of Alphabet's stock, worth about $120 billion each at today's ~$4 trillion market cap.
> But because their shares have 10x voting power, the SEIU-UHW California billionaire tax would treat them as owning 30% of Alphabet (3% × 10 = 30%). That means each founder's taxable wealth would be $1.2 trillion.
> A 5% wealth tax on $1.2 trillion = $60 billion tax bill, each.
https://x.com/garrytan/status/2009776299666223265