Rumor has it that some of the tech world's biggest names - including venture capitalist Peter Thiel and Google co-founder Larry Page - are among those considering fleeing their California mansions.
  • _chrisEnglish
    10·
    2 months ago

    Make billionaires extinct again.

  • ExeousEnglish
    10·
    2 months ago

    “The union proposes hitting Californians worth over $1 billion where it hurts most with a 5 percent tax on every dollar of their vast fortunes.”

    So big tax!!

    • bus_factorEnglish
      3·
      2 months ago

      If it’s a tax on holdings applied every year, 5% is significant. It’s best compared with property taxes, which is another tax which works in a similar way. Property taxes are often capped at 1% of assessed value.

      I’m in favor of taxing the rich, and taxing their holdings at 5% (without too many loopholes) would exceed my expectations. I expect this to get whittled down to around 1% before actually making it into law, though.