Feel like an outlier here, but creating a billionaire tax at the state level seems ridiculous, and would actually harm the state. It is so easy to move the money outside the jurisdiction of that state to another when you are that wealthy, so the only effective way to implement would be at the federal level. Can someone help me understand why a state level billionaire tax makes sense?
Didn’t New York already do it and it proved that billionaires will stay put and not move to a hick backwater just to save a few bucks they wouldnt even notice losing?
What they did is very different. They taxed residential properties not used as primary residences valued over 5 million. The CA tax is a one time 5% tax on the worldwide net worth of billionaires.
It has been shown multiple times that a few will flee, but many just stay. Depends on how good life is for them in that area, and a highly developed state with a massive GDP will have no problem to stay attractive.
But i agree, making it harder to avoid on a federal level would be better.
You’re not an outlier, but it’s where the current political climate sits. State governments have to do something because the federal government, headed by a facist, has withheld funds from states it deems enemies.
The difference between trying to get rid of a leech on the government and just sitting there and taking it is pretty clear to me. If they leave… so be it, billionaires don’t create jobs, the companies full of employees do. At the point they become billionaires, they are likely trying their hardest to reduce jobs as well.
But also California is a very nice place to live and people want to live here. It’s not like you can just say “I don’t reside in California” and not pay the tax either. The FTB has the 5th largest economy in the world behind it, it will determine if you have residency in CA or not regardless if you say you don’t. And it’s in their best interest to put the time and effort into proving it for the billionaires that want to try.
Feel like an outlier here, but creating a billionaire tax at the state level seems ridiculous, and would actually harm the state. It is so easy to move the money outside the jurisdiction of that state to another when you are that wealthy, so the only effective way to implement would be at the federal level. Can someone help me understand why a state level billionaire tax makes sense?
Didn’t New York already do it and it proved that billionaires will stay put and not move to a hick backwater just to save a few bucks they wouldnt even notice losing?
What they did is very different. They taxed residential properties not used as primary residences valued over 5 million. The CA tax is a one time 5% tax on the worldwide net worth of billionaires.
Or, and hear me out, the states that they move to could follow suit and completely negate the ridiculous argument to begin with.
Somebody has to do it, and waiting for the death of the filibuster to have anything get done is a terrible idea
If it’s so easy to move, why are they fighting it?
It has been shown multiple times that a few will flee, but many just stay. Depends on how good life is for them in that area, and a highly developed state with a massive GDP will have no problem to stay attractive.
But i agree, making it harder to avoid on a federal level would be better.
You’re not an outlier, but it’s where the current political climate sits. State governments have to do something because the federal government, headed by a facist, has withheld funds from states it deems enemies.
The difference between trying to get rid of a leech on the government and just sitting there and taking it is pretty clear to me. If they leave… so be it, billionaires don’t create jobs, the companies full of employees do. At the point they become billionaires, they are likely trying their hardest to reduce jobs as well.
But also California is a very nice place to live and people want to live here. It’s not like you can just say “I don’t reside in California” and not pay the tax either. The FTB has the 5th largest economy in the world behind it, it will determine if you have residency in CA or not regardless if you say you don’t. And it’s in their best interest to put the time and effort into proving it for the billionaires that want to try.
billionaires arnt going to live in redstate hellholes like missouris/misssipi, unless its an wealthy community, but they wont do businesses there.