That much sale in assets will affect the asset prices themselves. Unless the state is willing to take taxes in the form of assets instead of cash, it doesn't make sense to tax them.
I have no sympathy for folks who exert undue influence effort to avoid taxes. Public infrastructure made them their wealth. But… I do have sympathy for the rich person who is upset about what they might see as taxation on programs that yield questionable results. They’ll see yet another tax and immediately ask what will it be used for? Is that worthwhile? I guess if they really wanted to change the focus of the spending or the taxation itself they could just buy themselves a lawmaker or two.
Number 1 Billionaires wont leave lol and number 2 it doesnt matter because the companies they run still do business here and we can tax the fudge out of them.
the all-important question - does "thinking of leaving" mean:
a) thinking of actually leaving the state, or
b) thinking of telling their team of accountants to claim on tax paperwork that their permanent residence is in another state
because things like this make me think it's the latter:
> In mid-December, three limited liability companies associated with Mr. Page filed documents to incorporate in Florida, according to state records.
at the amount of wealth we're talking about, it's trivial for a billionaire to buy an additional mansion in (Florida|Texas|Nevada|Wyoming|etc), and claim that as their "official" residence.
if they get billed with a wealth tax, their team of lawyers will claim that they live in that other state, and simply happen to spend a huge amount of their time on "business trips" to California.
so the success or failure of this will hinge on how thoroughly it's actually enforced. the "progressive" Governor Newsom is opposed to it:
> The measure faces opposition from Silicon Valley investors and others, including Gov. Gavin Newsom. At The New York Times DealBook conference this month, Mr. Newsom said a wealth tax was not pragmatic. The Democrat, who has been close with people like Mr. Page, is raising money for a committee to oppose the measure. The committee received a $100,000 donation from the venture capitalist Ron Conway in November, according to state campaign finance records.
which makes me think that even if it does pass, he won't make enforcement of it a priority (especially since he'll be busy running for President)
There is existing rules that document the number of days you can be in the state of California, as well as types of assets, accounts that you can have, etc. that determine if you have to pay state income taxes. A large number of people in the past moved to the NV side of Lake Tahoe, traveling into CA for work. They found out quickly that it does not work. When I left CA, I closed all my accounts based in CA and got a new drivers license in WA in the first 30 days, turned in my old one, etc. I still received a letter from CA asking for details of my move.
They can not leave because all non-western countries have no real rule of law. If you flee to dhubai from russia taking your wealth with you, it takes one phone call for you to be send "home". All those shiny private non-western kingdoms come, surprise, suprise with a king who can undo any citizen on a whim.
The billionaires have shown they are emperors without clothes without competence (thanks DOGE) and have a disproportionate negative affect on society. Tax them out of existence.
That much sale in assets will affect the asset prices themselves. Unless the state is willing to take taxes in the form of assets instead of cash, it doesn't make sense to tax them.
https://archive.ph/1Bu8V
Tax their companies too.
I have no sympathy for folks who exert undue influence effort to avoid taxes. Public infrastructure made them their wealth. But… I do have sympathy for the rich person who is upset about what they might see as taxation on programs that yield questionable results. They’ll see yet another tax and immediately ask what will it be used for? Is that worthwhile? I guess if they really wanted to change the focus of the spending or the taxation itself they could just buy themselves a lawmaker or two.
Number 1 Billionaires wont leave lol and number 2 it doesnt matter because the companies they run still do business here and we can tax the fudge out of them.
yea, it is just so difficult to move a business out of state… :)
the all-important question - does "thinking of leaving" mean:
a) thinking of actually leaving the state, or
b) thinking of telling their team of accountants to claim on tax paperwork that their permanent residence is in another state
because things like this make me think it's the latter:
> In mid-December, three limited liability companies associated with Mr. Page filed documents to incorporate in Florida, according to state records.
at the amount of wealth we're talking about, it's trivial for a billionaire to buy an additional mansion in (Florida|Texas|Nevada|Wyoming|etc), and claim that as their "official" residence.
if they get billed with a wealth tax, their team of lawyers will claim that they live in that other state, and simply happen to spend a huge amount of their time on "business trips" to California.
so the success or failure of this will hinge on how thoroughly it's actually enforced. the "progressive" Governor Newsom is opposed to it:
> The measure faces opposition from Silicon Valley investors and others, including Gov. Gavin Newsom. At The New York Times DealBook conference this month, Mr. Newsom said a wealth tax was not pragmatic. The Democrat, who has been close with people like Mr. Page, is raising money for a committee to oppose the measure. The committee received a $100,000 donation from the venture capitalist Ron Conway in November, according to state campaign finance records.
which makes me think that even if it does pass, he won't make enforcement of it a priority (especially since he'll be busy running for President)
There is existing rules that document the number of days you can be in the state of California, as well as types of assets, accounts that you can have, etc. that determine if you have to pay state income taxes. A large number of people in the past moved to the NV side of Lake Tahoe, traveling into CA for work. They found out quickly that it does not work. When I left CA, I closed all my accounts based in CA and got a new drivers license in WA in the first 30 days, turned in my old one, etc. I still received a letter from CA asking for details of my move.
They can not leave because all non-western countries have no real rule of law. If you flee to dhubai from russia taking your wealth with you, it takes one phone call for you to be send "home". All those shiny private non-western kingdoms come, surprise, suprise with a king who can undo any citizen on a whim.
The billionaires have shown they are emperors without clothes without competence (thanks DOGE) and have a disproportionate negative affect on society. Tax them out of existence.