That piece of shit ought to be moved to the bottom of the ocean.
Taxes are how to get rid of billionaires. Tax the rich!
sure i dont mind but rather do land value tax and all of them should have to pay 50% tax as if they liquidated their holdings then at the time of leaving and market value of all assets.
like most wealth tax that is. income tax based then. 5% isnt even much remove income tax instead
When are they going to write an article about me for also doing this normal thing?
that would be a perfect onion or mcsweeneys premise :)
Didn’t know all 3 had or planned to move.
I wonder how many would have to move before the tax actually becomes revenue negative (compared to not being implemented.)
I’m sure they didn’t actually move. They just bought a house in another state and declared it as their primary residence.
Could be the only good use for flock. We now can show they’ve been in the state the whole time.
The average tax income from billionaires in california looks to be around 10million a year. So combined the about 200 billionaires in california are paying 2 billion a year. Rough numbers would be that is 150 of them left then the one time tax would start being a negative income in 10 years. That assumes money stays flat.
Honestly there is no way that this ends up being a serious net negative and these folks are still operating in California enough that they may fail to avoid residency review.
Estimates seem to vary but I’ve found a good few at 3 billion total from the wealthiest 200 Californians.
Also, given the article noted that:
Departing billionaires slashed projected one-time revenue from $100 billion to $40 billion, with Page and Brin’s exits alone costing California $26.7 billion.
That implies the current tax revenue from billionaires would drop 60 or so percent. So, presumably tax revenue drops from 3 to 1.2 billion, just based on current flights (and ignoring knock on effects.)
So, no one else leaves and we don’t count knock on effects, I’d guess it’d take ~ 21 or so years before this starts cutting. But, of course, knock on effects (folks decamp to say, Texas which seems to be snagging as many once Californian businesses as possible…) It’s going to be a very interesting, depressing experiment. (Really feels like a race to the bottom but that’s the America we know and,uhhh, love?)
avg income tax from billlionaires 10 m a year ONLY thats so absurdly low and 200 billionaires paying 2 b a year is like 1% of their billions? holy fuk we need to increase the taxes.
wow, he’s so brave
How many billions will he even have left ??.? I can’t imagine,… poor mr Jensen’s wallet
take his leather jackets next
G.Threepwood: I sell these fine leather jackets…
Grog, grog, grog!
He doesn’t want others to think he’s as poor as those guys who cannot afford to pay these taxes.
Edit: typo
So they just went somewhere else to not pay taxes?
These folks don’t actually wanna leave. Peter Thiel will blow a lot of smoke about how he’s totally gonna leave California because of Communisim or whatever, but there’s a couple things to keep in mind.
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The billionaires are spending mad money to fight this tax. This is not the action of someone who plans to leave the state.
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The infrastructure that makes the billionaires rich cannot be moved from California easily. A person is easy to move, a warehouse less so. Those assets can be taxed, even if the owner leaves the state.
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Fuck these guys. Billionaires do not contribute to the economy; they suck out the wealth and hoard it. Even in the worst case scenario of rich folks leaving the state with their ill gotten gains, the state wasn’t gonna get that money anyways The worst case scenario for California of the mythical “Wealth Flight” is a bunch of parasites moving elsewhere.
These parasites have had it too good for too long. A measly little one time tax is a step in the right direction that I hope opens the door to more aggressive taxation on these dregs of society.
The billionaires are spending mad money to fight this tax.
Mad for regular people money. From what I’ve read, what they’ve spent is a small fraction of what said tax would cost them (though if you’ve seen different, I love new info!)
A person is easy to move, a warehouse less so.
These folks don’t usually have warehouses, but whatever, say physical infrastructure. All that can stay, the boss can roll out, rock in Texas and take their private jet to and fro as needed. (Or, do their stuff remotely. I doubt Thiel is walking through cubicles etc.)
The worst case scenario for California of the mythical “Wealth Flight” is a bunch of parasites moving elsewhere.
The worst case is that the tax revenue that those billionaires bring (which sure, in a moral vacuum should probably be higher) goes elsewhere leaving California needing to plug the fiscal gap by taxing less wealthy folks or eliminating/reducing services.
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Yeah. Texas usually. Maybe another Red State.
Thiel went to Nazi land, Argentina.
Nazi land
A horrific, grizzly panoply of rides and exhibitions the next superbowel winning quarterback will declare they want to go!
He’s actually a decent man, but I’m sure I’ll be hated for that opinion around here
A slave owner can be decent to his slavee, right?
And we can oppose slavery as an institution.
Same with the billionaires. An individual billionaire might not be a pedo fascist. Possible? Sure. I still hate all the billionaires. Even the decent ones. Because allowing a single individual or a single familiy to hoard that much wealth is toxic to the society.
Yes and no. He is really lieing about AI and misleading the public and investors. He may be more benign than most, but AI is harmful, even if just at the energy use/environmental impact side.
The thing is are you sure that this is his believes? It could very well be that he is believing everything he says.
Bye, Felicia
