4 ms·
People making over 5M a year, are going to move in order to pocket 3% more?
by ec109685 6y ago
People making over 5M a year, are going to move in order to pocket 3% more?
- husgfdsr3 6y agoWhy not? It's a lot more than just "3%" because that's in addition to the 13% state taxes they already pay. Many California businesses have already moved to Texas for lower tax rates.
- joemazerino 6y ago3% of 5M is $150,000. Not shabby. One percenters often have multiple houses to move to so this isn't some major obstacle.
- paul_f 6y agoThis is not taxing income, it is a tax on net worth. This is not done because it is completely unworkable. If I own a successful business, who gets to decide what it is worth?
- ac29 6y ago> If I own a successful business, who gets to decide what it is worth? The market, if its publicly traded. This proposed law is about taxing the Zuckerberg's and Musk's in the State, not worrying about putting a precise value on smaller assets.
- robk 6y agoGoogle had a lot of pre ipo refugees. It's sort of the reason we opened the Zurich and Seattle offices.