What do you think of California's Billionaire Asset Tax?

[AviatorTom]

Want to know why major companies are leaving California for other states like Texas and Florida?

This video explains what is happening in California due to its policy of taxing the assets of billionaires, at least that's what it intended to do.

Please watch the video, it's only 17 minutes, and let us know what you think in an opinion.

[Hagar88]

Its no surprise. Why would anyone choose to live somewhere where they are going to be taxed to the hilt by incompetent politicians who blow tax money on woke SJW projects. Its like Newson and democrat politicians when california was burning, did they meet to discuss getting the fires put out and what more could they do? Or how to help those thst lost their homes? Or did they meet to put $50 million to the side to oppose Trump?

[RavVid]

The Australian local branch of the Global Left is trying this out too. Taxing unrealised capital gains. Our's initially targeted large superannuation balances. Those with large balances immediately shifted them elsewhere of course.

The Left didn't seem to think of this response and they seem to feel hurt by it. It hasn't helped that they have already spent the unrealised tax revenue from it.

This is the reason I put the global into Global Left. It is not just an idea limited to Kamala. The Left is highly interconnected internationally and these FITH ideas go global.

FITH = fucked in the head by the way.

[RavVid]

Thanks for a MHO.

It is quite funny because the Left is finding out an 'eat the rich' line doesn't play as well as they thought it would. The average tax payer can see unrealized profit taxes in their future too and don't like it.

A decade or more ago the federal Left tried to unconstitutionally tax state mineral rights. They felt very hurt when it turned out the people had a higher regard for BHP (worlds biggest miner) than they did for the Left. Cost them an election.

I think the current mob is on track.

[OlderAndWiser]

Pull out your dictionary, turn to the word "idiot," and you will see a picture of Gavin Newsome. Now you know what the problem is.

[Chazmatazz269]

Newsom isn’t dumb. He’s corrupt.

[Chazmatazz269]

It doesn’t affect me…. yet. I’m not about to defend billionaires but when they escape, i know that Newsom and his scumbag cronies are coming for people like me. That’s what always happens. NYC is about to learn that the hard way.
Fortunately my knowledge and skills travel well. I might go international. 🤞🤞

[SieghardWalsung]

Good for California.

This country is close to having its first trillionaires while everyone else struggles.

Anyone who still puts that on people being "arrogant in spirit" or whatever needs to wake the fuck up and stop making excuses not to start forcing things to be even.

[Jersey2]

Billionaires are an asset to a state or country. They can just leave when things get bad for them. They will move the next batch of people into the so-called billionaire tax bullseye. More and more people will be fed into this tax’s purview.

This reminds me of the Federal Alternative Minimum Tax (AMT) which was meant for very high earners in 1980 or so but never adjusted for inflation so decades later a huge number of people were hit with it.

They piss our money away too. Just look at all the fraud and misuse of funds. We should not be $40T in debt, they put us there and now it will take its toll. Their last grasp is socialism so they can hide this and continue raping the country and people economically.

[Static_In_The_Attic]

The more you make the more they take & if you live in California you can save money by moving out of the state. I love when businesses decide to close especially when the taxes get so out of hand they are forced to leave.

[NaultD]

Historically the top 1% gave back to the community they lived in because it was the only way to spend that amount of cash. They also didn't want to live in squalor.

Now they live in some limbo nebulous tax haven dargon hordes completely disconnected from everyday llife. Why give a single fuck about them staying? They don't give anything back yet take so much.

[MrOracle]

Even if they pay 0 personal income taxes, these people tend to both employ a lot of people, produce lots of products and services, pay lots of other taxes, lease real estate, and on and on - all of which provides more money for the state and for the citizens of the state.


Apple is leaving California. Probably 20,000 of their 80,000 workers will move out of the state with them, and the other 60,000 will be left behind. Their building will either remain empty forever or will have to be torn down, because there's no business in California big enough to lease it. California will lose billions of dollars a year, forever, when Apple leaves.

Oracle is leaving. Tesla is leaving. Budweiser is leaving. Coca-Cola is leaving. Pepsi/Frito-Lay is downsizing. All of the grocery stores and fast food chains are closing stores, and many are moving their operations and headquarters out of state. California is going to lose 150,000 jobs in the next year. All of those people pay taxes - or used to. They won't anymore.

That's all because those top 1% are leaving. Do you see how them leaving is a WHOLE LOT MORE than just the loss of their personal income tax?

California (and Oregon, Washington, Illinois, Minnesota, Maryland, Maine, etc.) continue to add more regulations and bureaucracy that makes it more difficult and more expensive to do business in those states, so companies are going to continue moving to business-friendly states, and the revenue of those blue states is going to keep crashing. It's a death spiral. All because these Marxists don't understand Econ 101.

[NaultD]

@MrOracle to where?

Another indistinguishable dragon horde void of human contact or meaning.

Elon is getting a trillion dollar payout to be a nutshell dipshit again doing nothing. How is any one respect the value a dollar doing that?

[MrOracle]

Elon built the value of Tesla from virtually zero to being worth over a trillion dollars. It's likely to be the first 5 trillion dollar company. He did this by working insanely hard for an insane number of hours, investing most of his money, and of course by hiring the best people. Nothing Telsa (or SpaceX) has created would exist if not for him. If anyone deserves the money, it's him. But keep in mind that it's not like he's got billions of dollars sitting in a bank - what he's got are shares of his own company, which is important mostly because it gives him voting power.

Explain why you think that someone who has created a huge amount of significant technologies and products - I should mention here that SpaceX is currently launching 89% of the world's space payloads by weight, and is the ONLY company that can currently take people to and from the ISS - shouldn't reap the rewards from his incredible risk and hard work? I should also note that Tesla alone has made thousands of people millionaires.

[Anonymous]

Taxing billionaires or the companies? Because if it's billionaires themselves then you're shit out of luck because they're poor as dirt in reality. All those "billions" they have are nonliquid ill-liquid non-tangible they basically don't have a pot to piss in since all they have are unrealized gains. They can't just go up to any bank and say Hey i want to withdraw a couple of million from my account and have it as cash sorry it doesn't work that way

If it's companies billion and trillion dollar corporations then they can get taxed based on their revenue and gross profits not their net profits or net or (capital) gains

Those "lawmakers" need to take some financial education courses before they start doing stupid shit like this

[DonaldDarko]

It's commie foolishness and will lead to capital flight.

[BCRanger10]

It's almost as if they don't understand basic economics and human nature and motivation.

Either that or it's on purpose.

[Friendlybro79]

Yeah that being greed and truly believing everyone else should pay taxes but them.

[BCRanger10]

@Friendlybro79 I'll hazard that you didn't watch the video.

[Friendlybro79]

I can’t view it. Wouldn’t let me

[front2back]

Sounds like a great way to convince them to move themselves and their businesses somewhere else.

[exitseven]

I heard it cost them 1 trillion dollars in tax revenue

[Anonymous]

do socialists realize the best way to combat capitalism is to not engage in capitalism?

[Chazmatazz269]

Ethical capitalism is dead if it ever existed at all. You can’t defeat greed with greed. But you know that or you wouldn’t have posted that nonsense anon. 🙄🙄🙄

[Opinion Owner]

@Chazmatazz269 you do know what boycotting is, right?

rich people are only rich because we spend money on their products. why not buy from your local fish and chips shop instead of McDonalds? why not use a separate browser like Firefox instead of Google? how about not subscribe to Netflix or Disney+? no FaceBook, no Tesla, no Amazon, no TikTok and many billionaires would go broke.

but nah we gotta teach our youth to go to expensive college to one day participate in corporate America. trade jobs are looked down upon and SAHMs are pushed to be corporate feminist girl bosses participating in capitalism.

[CaptainSmartass]

It's a prime example of FAFO.

Simples...

[Shiprex]

Good to see proper redistribution going on. Billionaire should not be a thing. No one can spend that much ever.

[goaded]

If it's a 17 minute video, it's a 5 minute read.

Oh, please: "Dana Sterling, ... Maddow News." talk about click bait.

[goaded]

"Altered or synthetic content"

[Anonymous]

It's the beginning of the end for progressive California.

[msc545]

Well, we might as well go ahead and do it. These fuckers don't pay any taxes here anyway. So I suppose if we can get a little bit of money out of them, that's better than nothing.

[Anonymous]

Amazing to see people who are rock sucking poor (compared to billionaires) protecting and praising billionaires who don't give a sh!+ about them, can easily buy politicians and never pay their fair share in taxes! Totally AMAZING!!!

[Dargil]

Rent a U-Haul.

[AgentG111]

They are complete idiots.

[AngryCarl2]

Video was TL;DW, but it looks fake.