doubledog said:

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Even the Democrats understand that losing the wealthy would necessitate taxing the less affluent to compensate for the shortfall, which would be political suicide for them.

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Maybe this should happen! I've always said tax withholding on paychecks should be itemized. People would get pissed real fast when it says going to support illegals healthcare/housing/food/etc, the homeless, climate change, and whatever causes the left has cooked up.

Rocky Rider said:

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jt2hunt said:

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Why not 100% tax

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This is the ultimate goal if we're talking about the long game. Eventually they'll propose collecting all wealth and redistributing it. This will kill entrepreneurship, innovation, hard working, and risk taking. At this stage everyone is poor…except for a few that control everything.

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That would end everything. You are talking about a dystopian 1984 nightmare.

So they began a tax to punish billionaires but they're going to walk it back to a smaller tax to punish billionaires. Gee thanks California.

I'm trying to think of how big of checks these people would have to write each year if this passed. You'd have federal income tax at 37%, state income tax (california) at 12%, plus writing a check for 2% annually based on your total NW.

Numbers can add up VERY fast.

ETA - the $$ amount will never be enough for government spending

T dizl televizl said:

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I'm trying to think of how big of checks these people would have to write each year if this passed. You'd have federal income tax at 37%, state income tax (california) at 12%, plus writing a check for 2% annually based on your total NW.

Numbers can add up VERY fast.

ETA - the $$ amount will never be enough for government spending

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The 5% thing scared the Google guys enough to move. There was talk that them selling enough stock to pay it might threaten their control of the company. The left just wants to destroy everything with no consideration for the consequences.

He doesn't care about the state's budget. He cares about billionaires walking away from writing him campaign checks.

Dirt 05 said:

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He doesn't care about the state's budget. He cares about billionaires walking away from writing him campaign checks.

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Maybe that's a beneficial side effect of the billionaires tax. Go woke, get broke Democrat Party.

ts5641 said:

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So they began a tax to punish billionaires ONCE but they're going to walk it back to a smaller tax to punish billionaires REPEATEDLY. Gee thanks California.

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FIFY

T dizl televizl said:

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I'm trying to think of how big of checks these people would have to write each year if this passed. You'd have federal income tax at 37%, state income tax (california) at 12%, plus writing a check for 2% annually based on your total NW.

Numbers can add up VERY fast.

ETA - the $$ amount will never be enough for government spending

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Not to diminish the amount of money we're talking about, but you're treading on what the Left refers to as "tax evasion" by the wealthy.

Yeah, they're likely in that 37% marginal bracket but not by as much as you'd think. Much of their pay and overall compensation is in the form of stock and stock options. I'm not certain how that is applied to ordinary taxable income. The taxes on these get messy and complicated very quickly.

There are plenty of ways to get company plane and travel as company/business expenses to offset shelling out big personal bucks.

This is why they want to go after net worth. The ultra wealthy "aren't paying enough" based on napkin W2 tax and the fact that long term capital gains are lower.

jt2hunt said:

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Why not 100% tax

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Because that wont be enough, and it would then be obvious, even to the stupidest commie Californian, that the problem has ALWAYS been ridiculous levels of Government spending.

People are mad that Elon is a trillionaire.
What they should be mad at, is that if we confiscated Elon's wealth, it will barely pay for a month of federal government spending. Same **** is true in California.

As a poster suggested earlier, Democrats are too stupid to understand econmics.
Maybe just have them read the tale of the Golden goose. But that would likely go over their head too.

I agree, but there is no real "fair" way to judge who should pay how much.

It is all subjective.

I'll ask it again.

How exactly do these blue states plan to actually get their hands on collecting these taxes from the billionaires that have left? I can see if the confiscate leftover property or assets in that state, but if someone is that sloppy to have left those behind, they deserve to lose it. But there is just no way that Texas or Florida are going to help California or New York to collect those taxes they want.

JWinTX said:

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I'll ask it again.

How exactly do these blue states plan to actually get their hands on collecting these taxes from the billionaires that have left? I can see if the confiscate leftover property or assets in that state, but if someone is that sloppy to have left those behind, they deserve to lose it. But there is just no way that Texas or Florida are going to help California or New York to collect those taxes they want.

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You are also talking about the uber wealthy who will have armies of attorneys to simply fight and delay ever paying the money.

YouBet said:

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JWinTX said:

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I'll ask it again.

How exactly do these blue states plan to actually get their hands on collecting these taxes from the billionaires that have left? I can see if the confiscate leftover property or assets in that state, but if someone is that sloppy to have left those behind, they deserve to lose it. But there is just no way that Texas or Florida are going to help California or New York to collect those taxes they want.

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You are also talking about the uber wealthy who will have armies of attorneys to simply fight and delay ever paying the money.

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No doubt. Which is why it's beyond stupid to sell voters on this. The state loses actual achievers and tax payers of some level to prosperous states that welcome the additions.

Newsflash, the rich and powerful aren't letting you fleece them.

JWinTX said:

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YouBet said:

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JWinTX said:

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I'll ask it again.

How exactly do these blue states plan to actually get their hands on collecting these taxes from the billionaires that have left? I can see if the confiscate leftover property or assets in that state, but if someone is that sloppy to have left those behind, they deserve to lose it. But there is just no way that Texas or Florida are going to help California or New York to collect those taxes they want.

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You are also talking about the uber wealthy who will have armies of attorneys to simply fight and delay ever paying the money.

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No doubt. Which is why it's beyond stupid to sell voters on this. The state loses actual achievers and tax payers of some level to prosperous states that welcome the additions.

Newsflash, the rich and powerful aren't letting you fleece them.

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There was article in WSJ and the folks who aren't leaving are doing everything in their power to mitigate this tax bill from impacting them because they aren't stupid.

If this bill passes, the communists are going to realize the expected theft from it is not going to be near the amount they expected to get.

YouBet said:

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JWinTX said:

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YouBet said:

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JWinTX said:

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I'll ask it again.

How exactly do these blue states plan to actually get their hands on collecting these taxes from the billionaires that have left? I can see if the confiscate leftover property or assets in that state, but if someone is that sloppy to have left those behind, they deserve to lose it. But there is just no way that Texas or Florida are going to help California or New York to collect those taxes they want.

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You are also talking about the uber wealthy who will have armies of attorneys to simply fight and delay ever paying the money.

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No doubt. Which is why it's beyond stupid to sell voters on this. The state loses actual achievers and tax payers of some level to prosperous states that welcome the additions.

Newsflash, the rich and powerful aren't letting you fleece them.

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There was article in WSJ and the folks who aren't leaving are doing everything in their power to mitigate this tax bill from impacting them because they aren't stupid.

If this bill passes, the communists are going to realize the expected theft from it is not going to be near the amount they expected to get.

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They don't actually care what they get from this particular tax. This is the proverbial camels nose under the tent. The income tax started out small and only targeted towards the rich but now it steals from everyone productive in some form or fashion. If this gets passed they'll move on to the next state and the calls for national wealth taxes will increase dramatically.

Gavin has to be careful with this one. The SEIU is probably 90% of the dems ballot harvesting brigade in Cali.

LOYAL AG said:

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YouBet said:

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JWinTX said:

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YouBet said:

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JWinTX said:

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I'll ask it again.

How exactly do these blue states plan to actually get their hands on collecting these taxes from the billionaires that have left? I can see if the confiscate leftover property or assets in that state, but if someone is that sloppy to have left those behind, they deserve to lose it. But there is just no way that Texas or Florida are going to help California or New York to collect those taxes they want.

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You are also talking about the uber wealthy who will have armies of attorneys to simply fight and delay ever paying the money.

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No doubt. Which is why it's beyond stupid to sell voters on this. The state loses actual achievers and tax payers of some level to prosperous states that welcome the additions.

Newsflash, the rich and powerful aren't letting you fleece them.

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There was article in WSJ and the folks who aren't leaving are doing everything in their power to mitigate this tax bill from impacting them because they aren't stupid.

If this bill passes, the communists are going to realize the expected theft from it is not going to be near the amount they expected to get.

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They don't actually care what they get from this particular tax. This is the proverbial camels nose under the tent. The income tax started out small and only targeted towards the rich but now it steals from everyone productive in some form or fashion. If this gets passed they'll move on to the next state and the calls for national wealth taxes will increase dramatically.

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True.

Maroon Dawn said:

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I think they're worried the wealth tax is too extreme (it is) and more billionaires will simply leave the state if it looks pretty certain it will pass. From what I've seen the retroactive exit tax part looks extremely illegal and won't pass constitutional muster and they know it.

So instead of scaring off all the income permanently, they're trying a smaller tax they hope the remaining billionaires will pay to not bother leaving.

We'll see because Gavin is desperate for this wealth grab and isn't likely to listen

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Yep. It's especially dumb because the billionaires they want to steal from have the resources to fight this, move their money, and find ways to get around it. In the meantime this is costing them billions because they are leaving in droves and they aren't coming back. A few chumps may pay it but they are trying to eat chicken instead of stealing a few more eggs. It's braindead.

aggie93 said:

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Maroon Dawn said:

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I think they're worried the wealth tax is too extreme (it is) and more billionaires will simply leave the state if it looks pretty certain it will pass. From what I've seen the retroactive exit tax part looks extremely illegal and won't pass constitutional muster and they know it.

So instead of scaring off all the income permanently, they're trying a smaller tax they hope the remaining billionaires will pay to not bother leaving.

We'll see because Gavin is desperate for this wealth grab and isn't likely to listen

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Yep. It's especially dumb because the billionaires they want to steal from have the resources to fight this, move their money, and find ways to get around it. In the meantime this is costing them billions because they are leaving in droves and they aren't coming back. A few chumps may pay it but they are trying to eat chicken instead of stealing a few more eggs. It's braindead.

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It used to be the rich tolerated the Democrats' political shenanigans because the climate in California trumped a lot of their nonsense. But the commies have gotten so bad they're willing to forsake perfect weather and move to a better political climate instead.