It almost looks like it‘s designed to fail. Probably all of those billionaires will be richer by the end of the year this tax comes into effect. Meanwhile the money raised from it won‘t be enough to solve all that many issues. It‘s not really supposed to but billionaires and their outlets will keep telling us how „taxing the rich was tried and failed!!!“ Mark my words.
I was going to answer how taxing income instead of assets is more effective because it emphasizes reinvesting and creating jobs. But billionaires shouldnt exist. Its just too much accumulated in one person.
The problem with the “reinvestment” thesis is that the US and certainly not California, aren’t some fledgling economies struggling to develop and grow–wealth is so unhealthily concentrated it leads to those with outsized portion of the gains investing in things for the sake of investing rather than actually doing anything good for the economy(let alone nation) long term.
Billionaires have wealth managers and investment teams throwing money at returns regardless of externalities, tax minimization, lobbying…they aren’t putting money into anything “real” that anyone on main street or any other street would benefit from.
5% one time seems so poorly thought out it was designed to be voted down by those who want real change (permanent, ongoing), which is anyone not in the 1%
The 2% would be applied to households worth 100 million dollars or more, I’m pretty sure they could spare the change without much impact on their lifestyles.
The goal is to have it low enough so that every single country in the world agrees to set it up, even tax havens like Bermuda, Luxembourg or Monaco. But high enough to be effective. Then, once it’s agreed upon, we can make it better and more progressive.
One time 5%, that’s like a bandaid on a severed artery
It almost looks like it‘s designed to fail. Probably all of those billionaires will be richer by the end of the year this tax comes into effect. Meanwhile the money raised from it won‘t be enough to solve all that many issues. It‘s not really supposed to but billionaires and their outlets will keep telling us how „taxing the rich was tried and failed!!!“ Mark my words.
They would never do that, right ? Right?
I was going to answer how taxing income instead of assets is more effective because it emphasizes reinvesting and creating jobs. But billionaires shouldnt exist. Its just too much accumulated in one person.
The problem with the “reinvestment” thesis is that the US and certainly not California, aren’t some fledgling economies struggling to develop and grow–wealth is so unhealthily concentrated it leads to those with outsized portion of the gains investing in things for the sake of investing rather than actually doing anything good for the economy(let alone nation) long term.
Billionaires have wealth managers and investment teams throwing money at returns regardless of externalities, tax minimization, lobbying…they aren’t putting money into anything “real” that anyone on main street or any other street would benefit from.
5% one time seems so poorly thought out it was designed to be voted down by those who want real change (permanent, ongoing), which is anyone not in the 1%
I think it sets a precedent
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At the very minimum, a 2% worldwide annual tax to prevent some tax evasion.
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The 2% would be applied to households worth 100 million dollars or more, I’m pretty sure they could spare the change without much impact on their lifestyles.
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The goal is to have it low enough so that every single country in the world agrees to set it up, even tax havens like Bermuda, Luxembourg or Monaco. But high enough to be effective. Then, once it’s agreed upon, we can make it better and more progressive.
Motherfucker they take 35% of what we make.
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Yes, I am well aware that the only path forward is playing mario brothers multiplayer, we can do it.
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Do it!
Should be national. Statewide doesn’t make any sense
Everything is statewide when the billionaires own the federal governing apparatus, sadly.
Our only power is local.