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hightrix 6 minutes ago [-]
The whole point of taxing wealth is that these leeches are not paying their fair share today. So if Zuck leaves, he’ll just go not pay taxes in another state while using the states resources.
This isn’t a threat. I’d argue many Californians would enthusiastically support this.
ppeetteerr 2 hours ago [-]
Tesla’s move to austin had little effect on california. These people also hide their income so it doesn’t risk much in way of taxes.
ssttoo 3 hours ago [-]
I don’t get the threat from folks like Zuckerberg and Brin. First of all these feel like empty posturing. But if they are not, what if they do leave CA? And even if (however unlikely) they take the HQs with them? What does CA lose? It’s not like these folks and companies are paying their share anyway. What am I missing?
jmathai 3 hours ago [-]
If the HQs move then along with them moves the high paying jobs and retail, housing, etc taxes also go. Rank and file employees at Meta can't dodge taxes as efficiently as their CEO.
jansport123 2 hours ago [-]
i 100% doubt, one guy could disrupt the SV ecosystem - they might threaten to leave but they'll come back. The network and culture of SV which made these guys insanely rich is not something a few people moving away can disrupt. The rank and file might move to miami but the talented people will just find other jobs.
jmathai 2 hours ago [-]
Elon moved the Tesla HQ to Austin which employs around 22k people. I'm not sure how much that moves the needle but it's not 0. California is doing just fine but if I were a public servant there then I'd think twice before making sweeping reforms.
tetris11 2 hours ago [-]
On the plus side, the average cost of food, rent, and services might drop
gruez 1 hours ago [-]
"If we crash the economy, everyone will lose their jobs and be poor!"
"On the plus side, the average cost of food, rent, and services might drop"
Arodex 48 minutes ago [-]
"If you stop feeding Moloch with kids, the world will end!"
gruez 35 minutes ago [-]
But it's not clear where there's a Moloch situation here? The benefits of agglomeration is basically economics 101.
Rebelgecko 2 hours ago [-]
We'll lose their income (and other tax revenue) forever. You can argue that Zuck can/should pay higher taxes, but California's budget is already disproportionately dependent on a relatively small # of people. In practice, scaring them off for a one-off boon feels like a huge own goal (especially the way prop 40 punishes founders with voting shares). And we're losing that permanent revenue that used to go to the general fund for prop 40, which is designed to funnel money to a single industry
estearum 1 hours ago [-]
Land Value Tax solves this
gruez 1 hours ago [-]
As much as I support LVT, how does it have to do with billionaire startup founders? They don't have zero real estate, but they're not exactly real estate moguls either. It's also unclear how tech startups derive their value from land, given that it's presumably all tied up in IP and network effects. Even "datacenters" seem dubious given that the land they sit on is probably dirt cheap, it's the GPUs that's worth money.
estearum 60 minutes ago [-]
California’s budget and residential cost problems are both caused by its ridiculous property taxes scheme.
It’s an ultra-high productivity region which naturally drives up land rents, and California has simply opted out of collecting those rents, which then perversely amplifies the land values even further.
The “this” that LVT solves is not “billionaires exist,” it’s “a state can be the most productive place in the world and end up with spiraling COL and revenues ultra-concentrated in just a few individuals.”
zombocomvibes 1 hours ago [-]
Brin is MAGA-aligned now. Dunking on CA is virtue signaling for his tribe.
jjtheblunt 8 minutes ago [-]
Is that just ephemeral, in the sense that he'll be whoever-wins aligned in a couple years?
What you might not realize is that except for those living in CA, this is a major threat. We don't want your evil billionaires. Please stay in CA. Ideally, don't even leave the state.
If you know what legislation keeps billionaires away, please let me know.
hyperhello 2 hours ago [-]
Apparently CA just figured that out, or so the billionaires would have us believe at this point.
National wealth tax fixes this problem b/c then they'd have to leave the country entirely & there is nowhere they can go.
twoodfin 1 hours ago [-]
A national wealth tax would almost certainly require a Constitutional amendment to survive today’s SCOTUS.
That’s about as DOA as a policy proposal gets.
credit_guy 3 hours ago [-]
The point of this move is that they actually wouldn’t have to leave the country.
roosterIllusi0n 3 hours ago [-]
They would not leave, they cannot leave and still grift. The US's lack of regulations and tax enforcement is how they all get rich.
This is just more fraud by boards controlled by CEOs. The CEO screws up his personal finances despite being a billionaire and now we steal from all existing shareholders to fund the entire tax bill. This is just fraud out in the open. They take tax free bank loans against their stock to avoid selling it and any time they screw this scheme up, boards seem to automatically give them more free stock to fully cover taxes or losses while they keep the tax free loan money. It's insane.
We used to stop this in the 1950s with a 90% federal income tax bracket and post-1929 financial regulations. Republicans cut both over decades and now we are back to the late 1920s waiting for the next great depression to officially start. Everything we did to end the great depression was undone, so we are back to a new great depression.
Finnucane 3 hours ago [-]
"Argentina?"
measurablefunc 3 hours ago [-]
I guess Peter Thiel already has a compound there but I'm not sure if they would all get along.
asdff 1 hours ago [-]
The argentina time share might actually be available while thiel spends time in the $130m bel air mansion he bought last month.
lrvick 2 hours ago [-]
So New Mexico hits Meta with record fins and settlements for knowingly violating privacy rights, and endangering children and for repeatedly lying about it.
Meanwhile in California we are doing anything we can to keep him here even fully knowing he is one of the most evil and hated people on earth. That checks out.
This isn’t a threat. I’d argue many Californians would enthusiastically support this.
"On the plus side, the average cost of food, rent, and services might drop"
It’s an ultra-high productivity region which naturally drives up land rents, and California has simply opted out of collecting those rents, which then perversely amplifies the land values even further.
The “this” that LVT solves is not “billionaires exist,” it’s “a state can be the most productive place in the world and end up with spiraling COL and revenues ultra-concentrated in just a few individuals.”
If you know what legislation keeps billionaires away, please let me know.
That’s about as DOA as a policy proposal gets.
This is just more fraud by boards controlled by CEOs. The CEO screws up his personal finances despite being a billionaire and now we steal from all existing shareholders to fund the entire tax bill. This is just fraud out in the open. They take tax free bank loans against their stock to avoid selling it and any time they screw this scheme up, boards seem to automatically give them more free stock to fully cover taxes or losses while they keep the tax free loan money. It's insane.
We used to stop this in the 1950s with a 90% federal income tax bracket and post-1929 financial regulations. Republicans cut both over decades and now we are back to the late 1920s waiting for the next great depression to officially start. Everything we did to end the great depression was undone, so we are back to a new great depression.
Meanwhile in California we are doing anything we can to keep him here even fully knowing he is one of the most evil and hated people on earth. That checks out.