Conversation

Jesse Powell
@jespow
re: #TaxCABillionaires CA has the highest taxes in the nation. CA could raise more money by reducing taxes. Counter-intuitive but when you reduce fees, volume increases. The rich are fleeing CA because of high taxes. Unbundle the government. Let's see what we're paying for.
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Chris
@seoulbtc
Replying to
@jespow
and
@mitchellmoos
this is why i left. The additional cap gains tax is absurd. always been an investor with a long time horizon but had to liquidate some investments last year. Thought it was going to be around 20% tax but CA comes knocking too for their share....and it’s not insignificant at all
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Jesse Powell
@jespow
Yes, lots. CA has loads of opportunity between Hollywood and Silicon Valley. It's a millionaire making machine but it's in spite of CA's policies. It would be great to hold on to these people and have them reinvest in the state rather than move away to spend their money elsewhere
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joel garry
@joelgarry
Replying to
@jespow
and
@mitchellmoos
There are entire housing developments in Orange County selling McMansions to the Chinese, though China put a crimp on that. Your anecdotes should probably follow what anyone can read in the paper. The rich buy California real estate while establishing tax residency elsewhere.
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Jesse Powell
@jespow
Yup. That's why taxes should be more based on consumption than production. Under the current system, we drive out the tax revenue of wealth producers and we bring in the wealthy consumers who don't pay income tax but have low consumption taxes as well.
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