At least I understand the "innovation and capital will leave the state" argument.
Brin says he opposes the law out of fear California will become the USSR. This is a democratic vote, on a one-time tax, that leaves private property and corporate ownership structures intact. It's a ridiculous stretch, the motives are transparent.
This was always such a hollow argument... where are they going to leave? Some tax heaven like Panama or Cayman Islands? South America? Are they trying to get kidnapped for ransom? These people are not going to leave, because outside of 1st world countries they will get eaten alive.
A “one time tax” is pure third worldism. It’s like Chicago trying to close its deficit by selling off its parking meters. But Brin should propose an alternative tax that is sustainable.
Keep telling yourself that you are richer because the number is bigger. If you want to be even richer move to Zimbabwe where everyone is a zillionaire.
We are all poorer than 20 or 30 years ago. Most cities are filled with people chained to work, very few people are actually enjoying time off.
Roads, parks, beaches, rivers, the nice places people should be enjoying with family and friends are mostly empty but the roads and workplaces are overflowing.
I don't understand the point of a "one time" tax. What happens once the money runs out a year later? Another "one time" tax?? Why not implement a permanent tax if you want to permanently solve the problem??
Zillionaires troll to avoid taxes. Research Buy-Borrow-Die clause in taxation if you can. Using that clause they hardly pay any taxes so tax laws have been hacked to allow it. They pay less in percentage than people who work for Wendy's . They naturally resort to red baiting for their own benefit. $100M to him is like $100 for other people.
This really ends one of two ways. Either California's defaults on it's unfunded pension liabilities and screws a whole generation of government workers, or there's a federal bailout and people in states like Texas and Florida stop paying federal taxes.
Why is it that you consider the possibility that Texas and Florida will "stop paying federal taxes" (how?), while omitting the possibility that California itself will do the same rather than defaulting?
If California stoped, I believe that would trigger red states to do similar in protest. I don't think Texas and Florida would be the only ones. It's a different situation entirely when one state stops vs when multiple states stop.
I used to admire these two people when I was a teen, but look at them now. Where is their goal to do good?. May be money really blind people. Why cannot they just spend 5% onetime? I'm wondering how much they will spend if there is recurring tax of 40%?
These oligarchs have enormous power over us, at least impose 50% recurring tax as a start. In 19s tax rates were really high (even 94%)
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[ 0.19 ms ] story [ 3.4 ms ] threadBrin says he opposes the law out of fear California will become the USSR. This is a democratic vote, on a one-time tax, that leaves private property and corporate ownership structures intact. It's a ridiculous stretch, the motives are transparent.
This was always such a hollow argument... where are they going to leave? Some tax heaven like Panama or Cayman Islands? South America? Are they trying to get kidnapped for ransom? These people are not going to leave, because outside of 1st world countries they will get eaten alive.
But in the case of the California tax, their concern is billionaires will just leave California for another US state.
Today it’s $539B. Total inflation has been about 64%, California’s population has grown by only about 10%.
California has a spending and state capacity problem, not a tax problem.
https://dof.ca.gov/media/docs/budget/historical-budget-infor...
We are all poorer than 20 or 30 years ago. Most cities are filled with people chained to work, very few people are actually enjoying time off.
Roads, parks, beaches, rivers, the nice places people should be enjoying with family and friends are mostly empty but the roads and workplaces are overflowing.
https://news.ycombinator.com/item?id=49284381
The tax is just Gavin positioning before the 2028 elections.
Even taxing 1% of wealth annually makes more sense than this.
And oh yeah, let's fund healthcare, but let's also sleep on the housing crisis and the homelessness crisis.
On the other side, Prop 41 and 42 are absolute jokes. It's like Robert California himself wrote those laws or something.
These oligarchs have enormous power over us, at least impose 50% recurring tax as a start. In 19s tax rates were really high (even 94%)