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California Billionaires Are Leaving the State in Response to Proposed Wealth Tax

Hentenza

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NxNW

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It’s true.
You've yet to demonstrate it.
How do? You asked me for an example but did not elaborate. I don’t read minds.
All socialist economic policies run out of money?
Not on a free market economy.
Even capitalism doesn't have unlimited money. You can't take 100% of our money to redistribute our wealth to the socialist US military, for example.
You don’t know how governments spend money? That’s economics 101.
And yet we still haven't run out of money for the socialist military and all the other government programs the right loves. Why is that?
 

Hentenza

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You've yet to demonstrate it.
Can you show a socialist government that did not go bankrupt?
All socialist economic policies run out of money?
Not all policies but socialist countries in general. In fact countries like Norway have some socialist policies but yet their economy is capitalist. But I know you know that so you are just looking for that aha moment. lol
Even capitalism doesn't have unlimited money. You can't take 100% of our money to redistribute our wealth to the socialist US military, for example.
There is no socialist military. It’s paid by taxes not by redistributing wealth.
And yet we still haven't run out of money for the socialist military and all the other government programs the right loves. Why is that?
Again, There is no socialist military. It’s paid by taxes not by redistributing wealth.
 
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CRAZY_CAT_WOMAN

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They buy home, where fire and mud slides are. They should want to pay more taxes period. It's funny how they don't what to put money into the extra's. But cry babies. When their stinginess, cause them their homes.And putting more into Insurance, kids programs is a good. I don't think CA tax payers should be putting so much money into the government. Since CA gets screwed.
 
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NxNW

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Can you show a socialist government that did not go bankrupt?
The point is that there are socialist governments and socialist economic policies. They are not the same. But there are socialist governments still in existence today
Not all policies but socialist countries in general. In fact countries like Norway have some socialist policies but yet their economy is capitalist. But I know you know that so you are just looking for that aha moment. lol
That's my whole point.
There is no socialist military. It’s paid by taxes not by redistributing wealth.
Those taxes redistribute taxpayer wealth to the military. You're just giving it a different label.
Again, There is no socialist military. It’s paid by taxes not by redistributing wealth.
Those taxes take our money and redistribute it to the military (and to the billionaire defense contractors). It's just wealth redistribution dressed up as something else.
 
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Hentenza

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The point is that there are socialist governments and socialist economic policies. They are not the same.
Sure.
But there are socialist governments still in existence today
Like which ones? Are they doing well economically?
That's my whole point.
Ok so why do you continue arguing against what I’m posting?
Those taxes redistribute taxpayer wealth to the military. You're just giving it a different label.

Those taxes take our money and redistribute it to the military (and to the billionaire defense contractors). It's just wealth redistribution dressed up as something else.
No. Taxes do not redistribute wealth. Taxes are based on income not on wealth or net worth.
 
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NxNW

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Like which ones? Are they doing well economically?
How quickly you move the goalposts.
Ok so why do you continue arguing against what I’m posting?
You restated what I said (which someone else actually said first), and now you're taking credit for it?
No. Taxes do not redistribute wealth.
That's exactly what they do.
Taxes are based on income not on wealth or net worth.
Taxes can be based on anything, from the color of your hair, to your birthday. We used to have poll taxes, for example.
 
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Hentenza

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How quickly you move the goalposts.
You said: “But there are socialist governments still in existence today” and I said “Like which ones? Are they doing well economically?”. How is that moving the goal posts? It is a direct response to your post. You don’t have an answer?
You restated what I said (which someone else actually said first), and now you're taking credit for it?
You’re loosing me here. Please explain.
That's exactly what they do.
Which is exactly what they do not do. Taxes are not based on wealth.
Taxes can be based on anything, from the color of your hair, to your birthday. We used to have poll taxes, for example.
But they are not based on anything in the US. They are based strictly on income hence why they are called income taxes.
 
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Lukaris

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Here is an example of socialism collapsing a nation that is front and center in today’s news: Venezuela. Here is an article from 2019 showing how years of socialism turned an uneven ( but far better off),pre socialist, Venezuela into mass poverty. Price controls & elimination of profits wrecked the food industry and caused shortages of grocery items. From an article by the Manhattan Institute:


The socialist regime also implemented price ceilings on hundreds of basic products such as beef, milk and toilet paper. At artificially low prices, more people were willing to buy these products but the few private factories left—not nationalized—could not profit at the government-capped price, so they reduced or halted their production. Instead of benefiting the poor, price ceilings predictably resulted in shortages that forced them to stand in lines for hours, while supermarket employees and the well-connected obtained the products they needed.




I do not support Trump’s action against Maduro.
 
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NxNW

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You said: “But there are socialist governments still in existence today” and I said “Like which ones? Are they doing well economically?”. How is that moving the goal posts?
You implied that they don't exist, and then retreated to asking how they're doing economically.
Which is exactly what they do not do. Taxes are not based on wealth.
Taxes can be based on anything.
But they are not based on anything in the US. They are based strictly on income hence why they are called income taxes.
Now you're moving the goalposts and trying to claim that the only taxes are income taxes. Sales tax is not income tax, nor is it based on income.
 
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Hentenza

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You implied that they don't exist,
Where? Maybe you can quote my post?
and then retreated to asking how they're doing economically.
Of course. Why wouldn’t I?
Taxes can be based on anything.
No. Is called income taxes because it’s based on income,
Now you're moving the goalposts and trying to claim that the only taxes are income taxes. Sales tax is not income tax, nor is it based on income.
No one talked about sales taxes. And even sales taxes are based on purchases not on wealth.
 
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Pommer

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Newsom is destroying California and harming the whole country. Besides this issue, oil corporations are movng and I think the latest ban on semi trucks is 2010 and older. This harmed the ma and pa truckers and will cause a supply chain shock and more inflation.

Too much ideology and not enough concern for the people.
Things is bad, out there in California, you say!?
Newsom sounds like he’s incompetent, were we to trust this naked assertion.
 
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Pommer

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This is laughable. California is a billionaire maker!
Even with their effort, California’s "exit tax" logic often tries to claim a piece of your wealth for years after you leave, based on how much of it you built while you were here. So, while they might think they "escaped" by moving last month, they’re likely in for a decade of expensive legal battles with California tax auditors who aren't just going to take their word for it that they’re suddenly "Texans." And all this for 5% for the poor and needy? Shameful!
Let us reason people or at the very least get on the right side of the situation like many billionaires who didn't leave.
The 1 Trillion dollar number is based on the total net worth of a handful of people who moved their primary residency, not a $1 trillion hole in California's current budget. The reality is that California remains home to about 215 to 240 billionaires, the highest count in the nation, and the vast majority of them are staying put. For every headline about a Larry Page moving to Florida, there are hundreds of other billionaires like Mark Zuckerberg, Jensen Huang, and the founders of various AI giants who are still deeply rooted in the state. Even if the wealth tax were to pass, these individuals are seeing their portfolios grow by an average of 7.5% per year, meaning they would still end up richer even after paying a 5% tax. The idea that the state is "collapsing" because of a few high-profile moves is a massive stretch if not a flat out lie. California’s unique tech and venture capital ecosystem continues to mint new billionaires faster than the state can even keep track of them. I commend those billionaires who have decided to stay and pay the tax purely for its purpose, to help those in need.
“Reasonable people” and “end-stage capitalists” are only rarely the same people. And that’s also why they don’t usually share a space for long. (So no real, actual politicking can be done, and we continue to bicker at one another for another year with the fatcats snuggled up to the nation‘s [mammary-glands].)

What a time to be alive!
 
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Pommer

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Yep. All governments spend but not all governments are socialist.

i think that you’re hung-up on the “socialist” because what our government does is a socialist endeavor. It takes in taxes and uses those dollars (and whatever we’ve “borrowed”), to provide service to it’s citizens, but that doesn’t mean the entire economy can be manipulated by, (say), withholding Congressionally authorized spending, to this (or that) state. That would be “bad”.
 
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Pommer

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Can you show a socialist government that did not go bankrupt?
We’re certainly “good for it” on our $39-T debt, but do we really hold the “moral-high ground”?
 
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Larniavc

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The government should not be in the business of redistributing wealth,
Yes it should. Income inequality is bad for any society.
 
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Larniavc

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can't tell if thats a statement against welfare, or just calling medicare and such welfare.
For me? Vociferous support. For thee? Literal cancer.
 
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timewerx

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“The ultrarich are leaving California as a result of a proposed billionaire tax. "Eat the rich" may be a popular rallying cry, but it's not viable public policy.

It's not viable in USA only. There, corrected it for you!

If the entire USA adopts the billionaire tax, I recommend the billionaires to move to Canada or Norway, Denmark.
 
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