4 ms·

2026 California Billionaire Tax

15 points by leonidasrup 6mo ago

1970-01-01 6mo ago
It needs to be a federal tax or they'll just move to another state. Not saying this isn't a good thing, but it won't produce anything until the taxman has teeth in every other state.
- chabes 6mo ago
  This is a myth, perpetuated by the wealthy. Very few people would actually go through the trouble of moving from California. Be serious.
  - seanmcdirmid 6mo ago
    Billionaires are definitely mobile and can easily move states, many already have. It will be hard for a single state to get focused revenue from the really rich, and that federal intervention is required. Parent was right.
    - lokar 6mo ago
      The Google founders left
  - 1970-01-01 6mo ago
    Elon Musk moving to Texas was a myth?
    - chabes 6mo ago
      Tax evaders gonna tax evade. Sure, a couple token public billionaires make a big stink about how they are “moving”, while still maintaining homes and businesses in California. This is for the narrative, with the added bonus of tax fraud that they can and will get away with.
- lokar 6mo ago
  And that seems unrealistic. IMO we would be better off closing other loopholes: - various special carve outs (real estate stuff, carried interest, etc) - enforce the estate tax for real - ban stock buy backs, make companies return cash via dividends, which are easy to tax - remove special treatment for capital gains - hire lots more auditors and lawyers for the IRS to go after high wealth returns, where all the fraud is
lokar 6mo ago
I wonder what it would look like if the federal income tax was removed, and instead the amount needed was assigned to the states to produce proportional to population, however they want.
stevenalowe 6mo ago
Note that this vote also has to alter the state constitution to permit this kind of tax If passed it will not be a “one-time” event, it will be a long-term disaster
- leonidasrup 6mo ago
  The ability to tax extremly large accumulated wealth is very positive. Don't forget, bilionares have succesfully exploited weakneses of the current tax laws. 1. Capital Gains Are Favored 2. Dividends Are Tax-Advantaged 3. Payroll Taxes Are a Non-Issue 4. “Buy, Borrow, Die” Strategy https://www.americans.com/money/see-why-warren-buffett-pays-a-lower-tax-rate-than-his-secretary/ https://www.americans.com/money/see-why-warren-buffett-pays-... We have to not obly fix the current tax laws, but also fix the results of past tax laws (extreme concetration of wealth and power).
  - stevenalowe 6mo ago
    Wealth != income This amendment creates a new power that is very destructive

15 points by leonidasrup 6mo ago

1970-01-01 6mo ago

It needs to be a federal tax or they'll just move to another state. Not saying this isn't a good thing, but it won't produce anything until the taxman has teeth in every other state.

chabes 6mo ago
This is a myth, perpetuated by the wealthy. Very few people would actually go through the trouble of moving from California. Be serious.
- seanmcdirmid 6mo ago
  Billionaires are definitely mobile and can easily move states, many already have. It will be hard for a single state to get focused revenue from the really rich, and that federal intervention is required. Parent was right.
  - lokar 6mo ago
    The Google founders left
- 1970-01-01 6mo ago
  Elon Musk moving to Texas was a myth?
  - chabes 6mo ago
    Tax evaders gonna tax evade. Sure, a couple token public billionaires make a big stink about how they are “moving”, while still maintaining homes and businesses in California. This is for the narrative, with the added bonus of tax fraud that they can and will get away with.
lokar 6mo ago
And that seems unrealistic. IMO we would be better off closing other loopholes: - various special carve outs (real estate stuff, carried interest, etc) - enforce the estate tax for real - ban stock buy backs, make companies return cash via dividends, which are easy to tax - remove special treatment for capital gains - hire lots more auditors and lawyers for the IRS to go after high wealth returns, where all the fraud is

lokar 6mo ago

I wonder what it would look like if the federal income tax was removed, and instead the amount needed was assigned to the states to produce proportional to population, however they want.

stevenalowe 6mo ago

Note that this vote also has to alter the state constitution to permit this kind of tax If passed it will not be a “one-time” event, it will be a long-term disaster

leonidasrup 6mo ago
The ability to tax extremly large accumulated wealth is very positive. Don't forget, bilionares have succesfully exploited weakneses of the current tax laws. 1. Capital Gains Are Favored 2. Dividends Are Tax-Advantaged 3. Payroll Taxes Are a Non-Issue 4. “Buy, Borrow, Die” Strategy https://www.americans.com/money/see-why-warren-buffett-pays-a-lower-tax-rate-than-his-secretary/ https://www.americans.com/money/see-why-warren-buffett-pays-... We have to not obly fix the current tax laws, but also fix the results of past tax laws (extreme concetration of wealth and power).
- stevenalowe 6mo ago
  Wealth != income This amendment creates a new power that is very destructive