the weather is a real differentiator
The Commerce Clause covers exactly these scenarios.
> Larry and Sergey can’t stay in California since the wealth tax as written would confiscate 50% of their Alphabet shares.
> Each own ~3% of Alphabet's stock, worth about $120 billion each at today's ~$4 trillion market cap.
> But because their shares have 10x voting power, the SEIU-UHW California billionaire tax would treat them as owning 30% of Alphabet (3% × 10 = 30%). That means each founder's taxable wealth would be $1.2 trillion.
> A 5% wealth tax on $1.2 trillion = $60 billion tax bill, each.
lickmygiggle•4w ago
These people are stealing from you. Jail them like the thieves they are or make them pay back into the system from which they so happily benefited.
anamax•4w ago
Strawman.
No one is claiming "without utilizing".
However, they are part of the public that paid. Moreover, if I let you use my pen to take a note, I'm not entitled to all of the gain that you get from taking said note.
lickmygiggle•4w ago
throwawayqqq11•4w ago
> No one is claiming ...
> I'm not entitled to all of the gain ...
You put up two more of them to counter one.
SunshineTheCat•4w ago
I agree everyone should pay taxes, including billionaires, but this is like saying if my neighbor doesn't give me his couch, he's stealing from me. It's just logically (and morally) wrong.
Guvante•4w ago
For simplicity we only do this when a sale of an asset is made.
Claiming that adjusting this timing is theft is ridiculous, Larry Page has a debt that hasn't come due for his profits is all. Adjusting the timing on the payments of that debt isn't theft.
Per capita the rich get the best deal BTW as billionaires don't exist by a few orders of magnitude without the benefits of society. Sure they pay more taxes but they also benefit massively in comparison to most people in absolute terms of benefit.
adastra22•4w ago
Guvante•4w ago
adastra22•4w ago
Guvante•4w ago
In tax code sense I am not even sure the effects of buy, borrow, and die have even been settled.
EDIT: can't respond but "pay no taxes but at least your kids do" isn't exactly a fix
adastra22•4w ago
UncleMeat•4w ago
keernan•3w ago
Forgive me if I do not accept the proposition that the non-wealthy had equal influence in the decision how to fund the government. The wealthy decided 'wages earned' would be the determining factor to fund the government, not wealth. I guess I would have done the same if I had so much wealth I didn't need to earn a wage.
However it is accomplished, all citizens should share the same impact on their lives ( wealth being the best approximation I can think of ) in contributing to the annual cost of funding the government.
Put another way: it is immoral for the wealthiest and most powerful in society to shift the burden of paying for government away from themselves and onto the rest of society.
Guvante•3w ago
Unfortunately everyone realized the stock market is a shell game where there is no price limit and capital gains doesn't kick in until you sell and even then at a reduced rate...
thrance•4w ago
Better neighbor analogy: your neighbor asks for small favors all the time, and you provide. One day you ask him for one and he leaves the neighborhood entirely instead of obliging.