Capital gains affects San Francisco's middle class too. There's got to be a way to promote wealth generation which is a net benefit to society, while curbing obscene wealth. A blanket tax on capital gains isnt targeted enough - meaning yes the rich wouldn't notice - others would.
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Replying to @HelloMcDonough
Fair point. It would be easy enough to target the tax increase to larger gains and/or higher net worth people to address that concern.
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Replying to @DeanPreston @HelloMcDonough
Soooo… everyone is leaving, and your solution is to tax the remaining folks more and drive all the highest tax payers out?! Well done!
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Replying to @Jason @HelloMcDonough
Leaving where? Most of these ideas would need to be implemented at national/state level. Locally, every tax proposal is met w/ response that rich people/corps will leave; hasn’t been the case. We’re not even close to taxing the wealthy at levels that impact choice of residence.
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Replying to @DeanPreston @HelloMcDonough
You’re position is that people are not leaving San Francisco in droves because of crime, taxes, and regulations?! Really?!
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Replying to @Jason @HelloMcDonough
You are switching topics. Back to taxes: I wrote & we passed Prop I to tax sellers of $10m+ real estate. Already raising ~$150m funding rent relief, social housing, public transit, parks. Nobody has moved out of SF because of Prop I, but many will be able to stay because of it.
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Replying to @DeanPreston @HelloMcDonough
Actually, I was talking to folks impacted by that specific tax and they said it contributed to their giving up on SF. Like very rich folks who feel SF is over. Taxing folks more to live in a city that is dangerous, mismanaged, & that lets criminals run amuck, isn’t a good plan.
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Replying to @Jason @HelloMcDonough
You must be talking to some very confused rich folks if that’s what they are saying. Prop I tax is paid when they sell the $10m+ property. So leaving/selling doesn’t avoid the tax; to the contrary, leaving/selling is what’s being taxed.
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Replying to @DeanPreston @HelloMcDonough
They are not confused at all... they see what you and
@chesaboudin are doing to the city and they are leaving in droves.1 reply 0 retweets 8 likes -
So you think the very rich are leaving because of a tax that I wrote and somehow that’s
@chesaboudin fault? Fascinating.4 replies 2 retweets 8 likes
Oh no. The rich who can afford to live anywhere in the world are leaving? God I hope the housing prices go down accordingly since it's become so undesirable. No? Hmmm. Must just be fear mongering then.
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