cross-posted from: https://feddit.online/c/politics@piefed.world/p/2035951/the-ultra-rich-are-spending-one-million-dollars-a-day-fighting-californias-proposed-bil
Or that corporations are allowed to do them at all.
That power if corporations is invested by individual states, and 2 have already taken it away from them
I will never understand how people who are dumb enough to pay more money stopping a tax than they’d have to pay if the tax passed were able to make so much money in the first place.
Because if you do the one-time tax, people might start asking for a permanent rise in billionaire taxes. When it succeeds, people might start asking about broader redistribution policies.
They cannot allow one single victory, because any momentum to the left threatens their absolute power, and wherever possible will crush it under their heel.
But it’s a wealth tax. What do you do if their wealth goes down before if realized into cash? So you refund them?
What do you do when they don’t have the cash to pay the tax? Force liquidations? Who buys the assets? Blackrock or china?
There are plenty of ways to set up a taxation system to deal with unrealized assets. And as far as what to do when they don’t have the cash, why should we treat billionaires different? If they can’t pay immediately, they can set up an installment plan.
Just keep pushing this bill, and push bills like it in more states. If we can’t tax them directly, them pissing money away fighting these bills might be an indiriect tax. Unfortunatley the money goes to politicians.
Other states are already preemptively trying to resist it. Reports from early voters show NC has state constitutional amendment questions about preventing state taxes from being raised above a certain percentage and, separately, preventing one-time taxes.
If they actually had jobs and weren’t societal leaches, they could just pay taxes and wouldn’t have time for all of these stupid plots
I need to start a pac that fights legislation that billionaires dont like and then use the money to fund legislation to tax billionaires.
So it’ll take one thousand days for one billionaire to lose one billion dollars.
The tax should be done at the federal level, else they just move to Wyoming.
This is a GOP talking point. They don’t move - they like where they live, that’s why they live there. This was proven with NYC, almost none of them left even though they were saying that they would. Turns out millionaires and billionaires like infrastructure, things to do, and actual goods and services. Something that Wyoming generally lacks.
It’s a GOP talking point when in bad faith and when also resisting billionaire taxes, but in good faith it’s the way we used to do it when we used to tax billionaires appropriately. I’d support it at the state level too but I’m not in California I’m in NY and we have a lot of billionaires here too and arguably better infrastructure.
Wyoming has the most billionaires per capita is the only reason I mentioned it specifically. Wyoming residents won’t benefit from a California Billionaire tax, and they have one of the worst gaps between rich and poor, and the worst infrastructure for those residents. Billionaires don’t actually have to move like us poors, they just buy second houses and claim residency.
edit: since some GOP use it as a talking point, run with it and trap them into reenacting the high billionaire tax we once had.
I don’t disagree that we need something federally, but that isn’t going to happen any time soon, by design. The best we can do is tax them in the states where they actually spend most of their time.
Wyoming has the most billionaires per Capita, sure. But they aren’t spending most of their time there, for most of them, it’s just spending portions of winter in Jackson Hole. Wyoming residents need to tax them too, but they won’t, because they’re some of the most anti-tax populations in the US. They won’t suddenly realize that they’re never going to be billionaires and will continue to vote against their own interests.
The tax code shouldn’t be based on residency claims, if you have a house somewhere, you should have to pay the taxes of that area. It’s only fair.
Don’t let the idea of them being more mobile prevent them from being taxed at all. That’s all this talking point serves. “They’ll just move, guess we should do nothing” is a bad line of thinking. Honestly, they already aren’t paying their fair share, so who gives a shit if they just leave. I’m all for it. But they won’t leave.
yeah, a one-time state-level tax in no way precludes raising future state or federal tax rates again. It’s not a get out of jail free card that avoids future taxes on their excessive wealth.
