You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more
Clarification: my concern here has nothing to do with whether high taxes are ethical or good/bad for society. It's that: 1) moving within the country has always been trivially easy for wealthy people 2) California's COVID response forcibly decoupled work from physical location
Whatever you think of a federal wealth tax, the debate has always meaningfully hinged on whether it causes capital flight. The people who would pay the bulk of this tax already have secondary residences in their favorite places, and they've been working remotely for months now.
California has a very challenging needle to thread with its massive anticipated budget shortfalls and already exceptionally high state taxes. I see massive federal bailouts in the future.
An exercise for the reader: look at this list of the wealthiest Californians, calculate their annual obligations under a 0.4% wealth tax, and think about how many of them run companies that're already widely geographically distributed & increasingly remotehttps://www.google.com/amp/s/www.forbes.com/sites/angelauyeung/2020/04/07/with-more-billionaires-than-most-countries-californias-richest-attempt-to-step-up-to-fight-the-coronavirus/amp/ …
Any data on how much tax revenue comes from top 1%? I could prob google but curious
According to the CBO, “In 2013, households in the top, middle, and bottom income quintiles received 53, 14, and 5 percent, respectively, of the nation's before-tax income and paid 69, 9, and 1 percent, respectively, of federal taxes.https://www.cbo.gov/publication/51361 …
What are you thoughts on a formal separation of cal (or wet coast) from the US? Especially if the Donald gets reelected? If you want, call it like the east and west Roman Empire split?
Personally, I think the majority of people would stay >70%. I also think that a state trying this first would be a wonderful test for capital flight that would really inform the federal debate on it.
If 30% leave — not only failing to pay this tax, but no longer paying capital gains or income tax in CA — it will absolutely cripple the state. Especially if the departures are skewed toward the richest residents, some of whom are facing >$50 million *per year*
Your argument seems to generalize to *any* tax. If we raise taxes at all, the richest will leave. On the margins that's probably true but most people will stay behind, leaving the tax base about the same. Why are wealth taxes in particular terrible?
Because wealth taxes have the unique ability to make you poorer YoY while creating unique challenges around paying them, as they're often targeting highly illiquid assets. An income tax or capital gains tax will never hit you for more than you made that year.
Wealth taxes are supposedly aimed at inherited fortunes, but they discourage the creation of new fortunes. Old money finds ways to protect itself.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.
