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badbrainstorm@lemmy.world

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California Billionaire Tax Has Signatures Needed for Ballot, Backers Say (www.nytimes.com)

submitted 2 weeks ago by silence7@slrpnk.net to c/california@lemmy.world

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The measure calls for placing a one-time 5 percent tax on the assets of California residents with at least $1.1 billion. Opponents are backing competing measures to counter the tax.

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[–] RIotingPacifist@lemmy.world 32 points 2 weeks ago (2 children)

California’s Legislative Analyst’s Office found that the proposed wealth tax was likely to increase state tax revenue by tens of billions of dollars over several years. That analysis also found that the measure would decrease income tax revenue by hundreds of millions of dollars or more annually because some billionaires would leave the state.

It’s gambling a potential one-time revenue bump in exchange for massive ongoing losses, which would force cuts to schools and health care

God I fucking hate centerists, Trump's tax cuts take effect now and will cripple healthcare for years (you can't just rehire thousands of medical professionals), if fixing this means we need to increase taxes on billionaires by a different measure later that fine.

[–] Rentlar@lemmy.ca 8 points 2 weeks ago (1 children)

And it would be perfect to convert this into a California annuity/state wealth fund that would turn it into, I estimate, some M hundred million dollars or more a year.

[–] RIotingPacifist@lemmy.world 5 points 2 weeks ago

I think it will barely cover the cuts to, Healthcare & education that Trump made, we should do that if there is leftover funds though.

[–] pinball_wizard@lemmy.zip 3 points 2 weeks ago* (last edited 2 weeks ago)

The one time revenue is 100 times bigger, even if you tweak N & M, your looking at 30ish years before the total revenue is less.

Yes. Plus, the billionaires will be back after other states get a taste and do the same.

Or maybe the parasites hide out in Wyoming or something, in which case, probably a net win all around. Wyoming gets a massive income tax bump, and everyone else gets to be rid of the parasites.