"Pretending to propose his own national solution is clearly a cynical smoke screen to let California billionaires off the hook," argues the Billionaire Tax Now campaign as it seeks to counter "5 tricks" being deployed by Gov. Gavin Newsom and his allies.
It has already been thoroughly proven that that’s not the case. Rich people live where they do because they want to have the best lifestyle they can, not for tax reasons. There’s already no shortage of tax havens.
If this wasn’t California, I might somewhat agree with your statement. These people aren’t going anywhere, because the California coast is obscenely beautiful. Some might leave, but the majority will stay since the tax will end up just being a tiny inconvenience for their level of wealth.
California loses more people each year than live in the entire state of Wyoming, and that’s normal. If you know people that moved states for lower taxes, then I doubt they are billionaires. Why are you, someone who lives outside of California, so invested in a proposed law for a place you don’t live? I don’t live there either, but I don’t care about where billionaires live. I’m just pointing out that it’s mostly empty threats. Remember when Mamdani passed a tax on secondary residences and people threatened to leave? Guess what happened.
I think people on here like to shit all over Newsom for BS reasons. This headline is a great example. He’s against a statewide wealth tax, which makes sense for the reasons I gave. We can agree to disagree, that’s fine.
But has he come on against nationwide wealth tax? I don’t think so. I don’t honestly know what he stands for (which is a legitimate complaint).
Well, given that there is an abominable glut of billionaires in California ruining everything by bribing politicians like Newsom, getting rid of them would be a GREAT result.
That’s assuming that billionaires contribute more to the economy than they receive, which is the opposite of reality.
Not sure what you think will be the benefit
From the article I linked:
when wealth is concentrated in the hands of one person, it tends to stagnate. Billionaires invest in tax shelters, financial assets, and luxury goods that benefit very few. That money circulates less, creates fewer jobs, and contributes less to local economies compared to wealth distributed across more people.
The opportunity cost is massive. Every dollar hoarded in a hedge fund is a dollar not building schools, funding infrastructure, or supporting small businesses. Billionaire spending rarely benefits the broader economy. Especially compared to what working-class or middle-class millionaires would do with that same money.
So yeah, California would do well to offload some of its over hundred billionaires and in the meantime get some of that hoarded wealth flowing through the system again.
You are assuming that the political, financial, criminal, and mental illness baggage that comes with billionaires is worth it. A state filled with billionaires is NOT going to be better than the states that don’t want them. Not for working citizens, anyway.
It’s not in an economy that’s the 4th largest in the world. California led the way with partial zero emissions vehicles and everyone followed suit due to simple economics. Sure, some people may move, but overall this is leading the way.
This would be relevant to Newsome if he were proposing a national wealth tax like the California tax he’s opposing, but he’s not. He’s proposing higher income taxes on people who don’t make income and pretending the important part is state vs. federal.
It’s pretty clear what he stands for - his own ambitions. He knows that he can ride a long ways with BOTH sides on his looks, so he’s carefully playing both ends against the middle as confirmed Centrist, which means another 4-8 more years of no appreciable progress on anything this country needs.
I’ve been watching the can get kicked down the road for 50 years now. It’s long past time to deal with it, and he’s a can-kicker.
A statewide billionaire tax is stupid. All it will do is chase rich people out of your state. It only makes sense as a nationwide bill.
Which study did you read that in?
It has already been thoroughly proven that that’s not the case. Rich people live where they do because they want to have the best lifestyle they can, not for tax reasons. There’s already no shortage of tax havens.
Tell that to New Jersey
If this wasn’t California, I might somewhat agree with your statement. These people aren’t going anywhere, because the California coast is obscenely beautiful. Some might leave, but the majority will stay since the tax will end up just being a tiny inconvenience for their level of wealth.
I live in a red state and have met tons of people they left California tor tax purposes. I guarantee the state will lose money from doing this.
California loses more people each year than live in the entire state of Wyoming, and that’s normal. If you know people that moved states for lower taxes, then I doubt they are billionaires. Why are you, someone who lives outside of California, so invested in a proposed law for a place you don’t live? I don’t live there either, but I don’t care about where billionaires live. I’m just pointing out that it’s mostly empty threats. Remember when Mamdani passed a tax on secondary residences and people threatened to leave? Guess what happened.
I think people on here like to shit all over Newsom for BS reasons. This headline is a great example. He’s against a statewide wealth tax, which makes sense for the reasons I gave. We can agree to disagree, that’s fine.
But has he come on against nationwide wealth tax? I don’t think so. I don’t honestly know what he stands for (which is a legitimate complaint).
Well, given that there is an abominable glut of billionaires in California ruining everything by bribing politicians like Newsom, getting rid of them would be a GREAT result.
Perfect. They move to Texas and California loses the income and Texas is the net benefactor.
Not sure what you think will be the benefit. Statewide wealth tax does not make sense period. Nationwide or not at all.
That’s assuming that billionaires contribute more to the economy than they receive, which is the opposite of reality.
From the article I linked:
So yeah, California would do well to offload some of its over hundred billionaires and in the meantime get some of that hoarded wealth flowing through the system again.
You are assuming that the political, financial, criminal, and mental illness baggage that comes with billionaires is worth it. A state filled with billionaires is NOT going to be better than the states that don’t want them. Not for working citizens, anyway.
It’s not in an economy that’s the 4th largest in the world. California led the way with partial zero emissions vehicles and everyone followed suit due to simple economics. Sure, some people may move, but overall this is leading the way.
Taxing a handful of people literally nothing like forcing millions of vehicles to be built differently.
This would be relevant to Newsome if he were proposing a national wealth tax like the California tax he’s opposing, but he’s not. He’s proposing higher income taxes on people who don’t make income and pretending the important part is state vs. federal.
The thing I dislike the most about Newsom is it’s not clear at all what he stands for.
It’s pretty clear what he stands for - his own ambitions. He knows that he can ride a long ways with BOTH sides on his looks, so he’s carefully playing both ends against the middle as confirmed Centrist, which means another 4-8 more years of no appreciable progress on anything this country needs.
I’ve been watching the can get kicked down the road for 50 years now. It’s long past time to deal with it, and he’s a can-kicker.