4 ms·

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 t

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)

darubedarob 10mo ago
They can not leave because all non-western countries have no real rule of law. If you flee to dhubai from russia taking your wealth with you, it takes one phone call for you to be send "home". All those shiny private non-western kingdoms come, surprise, suprise with a king who can undo any citizen on a whim.
myrandomcomment 10mo ago
There is existing rules that document the number of days you can be in the state of California, as well as types of assets, accounts that you can have, etc. that determine if you have to pay state income taxes. A large number of people in the past moved to the NV side of Lake Tahoe, traveling into CA for work. They found out quickly that it does not work. When I left CA, I closed all my accounts based in CA and got a new drivers license in WA in the first 30 days, turned in my old one, etc. I still received a letter from CA asking for details of my move.
silexia 10mo ago
I am not a billionaire, but I left California largely for tax reasons too. I am in Washington state which has no income tax. If Washington state adds an income tax, I will move to another state. It is easy for wealthy people to move. And they will absolutely move not just in name. I can have just as much fun in Florida or Texas or Mexico city or St. Martin or Aspen or Spain as I can have in California. It costs a few thousand dollars to move, a rounding error for a wealthy person. These tax laws that are so hostile to entrepreneurs will result in vast long term losses to the states that turn to socialism.
- archagon 10mo ago
  People who are able and willing to swap states on a whim don’t have roots. They’re mercenary citizens living in an insular wealth bubble. Money aside, what value do they bring to a community? I’d rather they just leave.
  - silexia 10mo ago
    Every community I have lived in has benefitted enormously. I grew up in Washington state and built my first company here, employing several people in landscaping. When I lived in Los Angeles, I built a company employing over 100 Californians. Now that I am back in Washington state, I have a farm employing 5 people and have invested hundreds of thousands of dollars in the local economy. I have NEVER taken any benefits from the government. I have paid millions of dollars in taxes in California and millions more to Washington state. City and counties have likewise collected huge sums from my work. People who move from place to place can contribute more than people who stay in one place living off the system.
    - Arainach 10mo ago
      > I have NEVER taken any benefits from the government Except if course billions of dollars in infrastructure dedicated to enabling your business to succeed. Also, the audacity to say that you took "no benefits" while operating a farm....

darubedarob 10mo ago

They can not leave because all non-western countries have no real rule of law. If you flee to dhubai from russia taking your wealth with you, it takes one phone call for you to be send "home". All those shiny private non-western kingdoms come, surprise, suprise with a king who can undo any citizen on a whim.

myrandomcomment 10mo ago

There is existing rules that document the number of days you can be in the state of California, as well as types of assets, accounts that you can have, etc. that determine if you have to pay state income taxes. A large number of people in the past moved to the NV side of Lake Tahoe, traveling into CA for work. They found out quickly that it does not work. When I left CA, I closed all my accounts based in CA and got a new drivers license in WA in the first 30 days, turned in my old one, etc. I still received a letter from CA asking for details of my move.

silexia 10mo ago

I am not a billionaire, but I left California largely for tax reasons too. I am in Washington state which has no income tax. If Washington state adds an income tax, I will move to another state. It is easy for wealthy people to move. And they will absolutely move not just in name. I can have just as much fun in Florida or Texas or Mexico city or St. Martin or Aspen or Spain as I can have in California. It costs a few thousand dollars to move, a rounding error for a wealthy person. These tax laws that are so hostile to entrepreneurs will result in vast long term losses to the states that turn to socialism.

archagon 10mo ago
People who are able and willing to swap states on a whim don’t have roots. They’re mercenary citizens living in an insular wealth bubble. Money aside, what value do they bring to a community? I’d rather they just leave.
- silexia 10mo ago
  Every community I have lived in has benefitted enormously. I grew up in Washington state and built my first company here, employing several people in landscaping. When I lived in Los Angeles, I built a company employing over 100 Californians. Now that I am back in Washington state, I have a farm employing 5 people and have invested hundreds of thousands of dollars in the local economy. I have NEVER taken any benefits from the government. I have paid millions of dollars in taxes in California and millions more to Washington state. City and counties have likewise collected huge sums from my work. People who move from place to place can contribute more than people who stay in one place living off the system.
  - Arainach 10mo ago
    > I have NEVER taken any benefits from the government Except if course billions of dollars in infrastructure dedicated to enabling your business to succeed. Also, the audacity to say that you took "no benefits" while operating a farm....