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The California billionaire tax is headed to the ballot.The ultrawealthy are bracing for what comes next.
(www.businessinsider.com)
this post was submitted on 28 Jun 2026
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politics
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Recurring would be nice, but they would move away immediately.
We need to have international regulation that set a minimum wealth tax, so the billionaires can't escape it.
Until then it has to be modest like 0.5% to have a chance to work.
Good. Why would we want people who take vastly more than they contribute to remain in our state? And make no mistake - billionaires cost us more than they contribute and regular taxpayers always foot the bill.
Just like how we have proved that trickle-down economics does not work, the wealthy will not pack up their entire business operation and move elsewhere to avoid paying a tiny fraction of their wealth back to the state in taxes.
People always say this, but I haven't seen it play out that way. That was the narrative for NY before Mamdani won as well. It was claimed the wealthy would all flee the city. And then it didn't happen. It just seems stupid that we keep defeating ourselves before we even attempt it.
Just pass actual taxes on the wealthy. If they flee, then oh well. What is anyone losing? They already weren't paying taxes. They are parasites. If parasites leave, that doesn't seem like a loss.
They won't move, this is where they make their money. They need us more than we need them
That was the narrative in Ma before the extra tax on income above $2M and it ended up raising even more money than predicted.
Right? Where are they going to go? You can't take your real estate with you. You can't pick up culture and move it.
I don't think the billionaires move because of a 1 time 5% wealth tax, depending on the rules, many won't be able to move in time anyway.
But if the tax is 5% every year, I'm pretty sure most billionaires would. Even if it's not all of them.
But when it's easy to move not too far away and avoid it many will.
Remember most billionaires don't register an income nearly as extreme as their fortune.
If a billionaire pays 30% tax on $100 mil. income, and most don't because of deductibles and outright cheating, then that's $30 mil. in tax.
I they pay 5% in wealth tax on a fortune of $1 billion, that's $50 mil. That would mean the wealth tax is higher than their income tax.
And if they can move almost anywhere else to avoid it they will.
Also the psychological effect of suddenly introducing a high yearly wealth tax would be worse than starting moderately with 0.5%, which my own government in Denmark has suggested they might, and even that the rich threw a hissy fit over. But start moderately, with 0.5%, then wait a couple of years and increase by 0.25%.
It's not that I think this is really fair, I personally think the very rich should pay more for the privilege of enjoying to be rich.
And the money should go to make conditions better for the poor and middle class.
I also very much agree with what Mamdani has done. Because they can't just move away to avoid those taxes on for instance their luxury houses that make a British castle look modest. They can't just move away and then come visit as they please, they would have to actually sell the property to avoid the tax.
do move on you indolent scum!
Citation needed.