Billionaires abound in California. Why not tax their wealth?

Noking said:
And they also payout a lot of campaign money for their favorite candidates, and I'm sure that they are expecting something back in return.
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Thats why all donations to politicians should be illegal. You want to run for office, you pay for it
 
Yakuda said:
How did billionaires get rich through taxation?
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Because it is via taxation that the US has a military, has roads, has airports and all the infrastructure a new company relies HEAVILY upon as they grow from startup to mega corp.

Without taxation (Yemen) no such companies can or will be able to grow.
 
Yakuda said:
So taxation didnt make then rich you mean less taxes left more money in their pockets. No one gets wealthy through taxation.
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Taxation allows them to get rich. Without taxation they would never have been rich.
 
Hume said:
Sept 20 (Reuters) - No state may be a more natural fit for a tax on billionaires than California. The state leans left politically, needs funds for healthcare and is home to as many as 250 billionaires collectively worth upwards of $2 trillion.
But the November 3 ballot initiative Proposition 40, which asks Californians whether to impose a ‌one-time 5% tax on the state's billionaires, is far from certain to pass, political analysts say, amid a debate that has raised questions about income inequality and the state's future business prospects.

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And, if they decide to leave rather than pay the tax, then what? California gets nothing and loses its billionaires. Even if only half or one quarter leave that's a big dent.

Then there's the long-term problem with this. You take 5% of their wealth, spend it, and do nothing to reduce spending. When it's gone, you're right back where you started, up to your eyeballs in debt. What then, try and take another 5%, maybe 10% this time? The billionaires will either leave or no longer be billionaires eventually while government solved nothing by robbing them of their success.

This is an asinine idea based entirely on the envy of wealth and nothing less. California's tax, borrow, and spend Democrat government is the problem and until you fix that no amount of rapacious money grabbing will fix California's state government spending problems.
 
T. A. Gardner said:
And, if they decide to leave rather than pay the tax, then what? California gets nothing and loses its billionaires. Even if only half or one quarter leave that's a big dent.

Then there's the long-term problem with this. You take 5% of their wealth, spend it, and do nothing to reduce spending. When it's gone, you're right back where you started, up to your eyeballs in debt. What then, try and take another 5%, maybe 10% this time? The billionaires will either leave or no longer be billionaires eventually while government solved nothing by robbing them of their success.

This is an asinine idea based entirely on the envy of wealth and nothing less. California's tax, borrow, and spend Democrat government is the problem and until you fix that no amount of rapacious money grabbing will fix California's state government spending problems.
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Let them leave.
 
QP! said:
Because it is via taxation that the US has a military, has roads, has airports and all the infrastructure a new company relies HEAVILY upon as they grow from startup to mega corp.

Without taxation (Yemen) no such companies can or will be able to grow.
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So again its not taxation that makes them rich its the results of taxation that make getting rich available to them. They still have to produce a good or service that people want to buy. That is what makes them rich and thats what they want to tax. How much should "the rich"?
 
The reason the super wealthy are getting away with tax evasion and gutting regulations is money buys power and influence. That is true in California too.
 
Nordberg said:
The reason the super wealthy are getting away with tax evasion and gutting regulations is money buys power and influence. That is true in California too.
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And you think the powerful and influential will just let you tax them into oblivion?
 
Hume said:
Sept 20 (Reuters) - No state may be a more natural fit for a tax on billionaires than California. The state leans left politically, needs funds for healthcare and is home to as many as 250 billionaires collectively worth upwards of $2 trillion.
But the November 3 ballot initiative Proposition 40, which asks Californians whether to impose a ‌one-time 5% tax on the state's billionaires, is far from certain to pass, political analysts say, amid a debate that has raised questions about income inequality and the state's future business prospects.

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And you want him to pay more?
 
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