Enjoy this California billionaire standing in front of a private jet complaining about a 5% tax as many face a 100% increase in healthcare

[Chew Toy McCoy]

Maybe, but something tells me that CA is going to lose more tax revenue from chasing the billionaires out than they will ever get from the tax. The world is too connected now for it to matter where people live.

The fact is those at the top pay most of the taxes, even with their loopholes, but not enough to fund what is needed. And we won't be able to tax them to the level that would make that a lot less of an issue. What should have happened a long time ago is pay everybody else more at the expense of those at the top and more people would be contributing more to taxes and would have more say in government because those at the top wouldn't have the couch change to buy the government. But good luck getting that to happen now.

Having said that, if those at the top left a state or the country en mass there would be a big negative impact on government funding but I am in favor of that form of burning it all down. Take the initial hit and struggle and collectively build something better and more equitable.

If anything positive can be gained from all this is I think we are done as a society worshipping and respecting the wealthiest or believing they are a net positive on society. Less than 4% of the population are job creators and that includes people who are self employed. That needs to set in with people that we need policies that benefit the 96% that obviously most people are a part of.

 

[Eric]

But is it a long-term win? Like it or not, they do contribute a nice chunk of tax revenue to the state. Is there a plan to replace it, or will those who are left get stuck with higher and higher taxes?

European countries have no issues with it. They do not stimulate the economy in a meaningful way that benefits everyone, this is why THEY are the richest people on the planet and people like you and I get a 100% increase on our monthly healthcare bills. It's trickle down economics and has been a proven failure throughout time, unless you're one of them that is.

 

[Herdfan]

I think Americans would not react well to that level of taxes. Even for those at the very bottom of the income scales in the EU still pay a 20-25% VAT tax. Talk about a regressive tax, people over here freak at the idea of a national 5% sales tax.

 

[Cmaier]

But is it a long-term win? Like it or not, they do contribute a nice chunk of tax revenue to the state.

By paying 0 taxes? I probably paid more tax to California than Zuck did in the last 10 years.

 

[Eric]

By paying 0 taxes? I probably paid more tax to California than Zuck did in the last 10 years.

This. And so did the nurse or average blue collar worker in terms of percentages, it's baffling how much the working class wants to protect these people.

 

[Cmaier]

This. And so did the nurse or average blue collar worker in terms of percentages, it's baffling how much the working class wants to protect these people.

One year when I was an engineer I had a $500,000 tax bill. I remember thinking how lucky I was to have racked up enough income to accrue that bill, and I happily paid it. I didn’t engage in some tax avoidance scheme. Because schools, roads, police, etc. cost money.

 

[Eric]

One year when I was an engineer I had a $500,000 tax bill. I remember thinking how lucky I was to have racked up enough income to accrue that bill, and I happily paid it. I didn’t engage in some tax avoidance scheme. Because schools, roads, police, etc. cost money.

And to think you could've moved to Texas and complained on X just to stick it to the libs. Feels like a missed opportunity.

 

[Chew Toy McCoy]

Tech bros leaving CA over taxes is a BS cover story. They are leaving because they are thin skinned and locally loathed for their political shift and capitulation while rapidly proving to be innovation frauds and failures. I haven't heard anything of left leaning tech leaders abandoning the state but I'm open to being proven wrong.

They're running to states where they believe they will still be worshipped or at least not ridiculed. In a very short time TX is proving to be a tech fail which many are abandoning. So it's no surprise Zuck would skip that and go straight to FL but they are running out of places to hide that also has the workforce they need. Oracle recently moved their HQ from TX (which was also a recent move) to TN and it's being reported they are having problems trying to get people to move there.

 

[Eric]

Tech bros leaving CA over taxes is a BS cover story. They are leaving because they are thin skinned and locally loathed for their political shift and capitulation while rapidly proving to be innovation frauds and failures. I haven't heard anything of left leaning tech leaders abandoning the state but I'm open to being proven wrong.

They're running to states where they believe they will still be worshipped or at least not ridiculed. In a very short time TX is proving to be a tech fail which many are abandoning. So it's no surprise Zuck would skip that and go straight to FL but they are running out of places to hide that also has the workforce they need. Oracle recently moved their HQ from TX (which was also a recent move) to TN and it's being reported they are having problems trying to get people to move there.

Putting politics aside, Zuckerberg is generally a drab guy that so many don't like, especially his neighbors locally in Palo Alto where he's essentially turned the entire neighborhood into a constant construction zone for endless periods of time.

I also find it hard to believe that Priscilla Chan has switched allegiances to MAGA (at least through her silence) she's always seemed so grounded in her philanthropic work but she's apparently going along without a word.

 

[Chew Toy McCoy]

Putting politics aside, Zuckerberg is generally a drab guy that so many don't like, especially his neighbors locally in Palo Alto where he's essentially turned the entire neighborhood into a constant construction zone for endless periods of time.

I also find it hard to believe that Priscilla Chan has switched allegiances to MAGA (at least through her silence) she's always seemed so grounded in her philanthropic work but she's apparently going along without a word.

I think he may suffer from fraud syndrome and in this environment that results in bro-ing out. AFAIK there was no evidence of him being a leader and then he arrived in Silicon Valley and probably got manipulated by the vultures looking to turn his low innovation idea into an empire. They didn't see it at first with Friendster and then Myspace but by the time Facebook arrived they were locked and loaded with a master plan.

 

[Herdfan]

I also find it hard to believe that Priscilla Chan has switched allegiances to MAGA (at least through her silence) she's always seemed so grounded in her philanthropic work but she's apparently going along without a word.

You can lean conservative without being MAGA. But right now it seems that every who is right of you (not you specifically ) is MAGA. And that simply isn't the case.

You are iffy about bio men playing in women's sports (unless you have changed your opinion), but to some, that would make you MAGA. Which you clearly aren't, but simply someone who took a common sense approach to an issue.

Putting politics aside, Zuckerberg is generally a drab guy that so many don't like,

If half of what is in the movie The Social Network is true, then he is quite the a-hole.

One year when I was an engineer I had a $500,000 tax bill. I remember thinking how lucky I was to have racked up enough income to accrue that bill, and I happily paid it. I didn’t engage in some tax avoidance scheme. Because schools, roads, police, etc. cost money.

But do you have a 401(k)? IRA? Roth?

You aren't required to take those tax breaks, but probably do. Most people do. I don't consider using legal techniques "schemes". If the politicians make the laws and those laws allow deductions or other methods to reduce taxes, then they are legal and moral. And most people will take advantage of them.

The dealership where I work is in a low tax area. AZ has messed up sales taxes anyway, but where my dealership is located, our sales tax rate is 10% for the first $5000, then 7.35% on the rest. Flagstaff is 9.18% and Prescott is 9.3% from the first dollar. So don't think for a minute that people won't drive the 45-60 minutes to save hundreds or thousands on a vehicle. They do every day. And by doing so, not only "rob" their town of tax revenue, but then go and give to someplace they don't even live. Not all who do that are MAGA and some are probably left of anyone here on this board.

 

[Cmaier]

But do you have a 401(k)? IRA? Roth?

You aren't required to take those tax breaks, but probably do. Most people do. I don't consider using legal techniques "schemes". If the politicians make the laws and those laws allow deductions or other methods to reduce taxes, then they are legal and moral. And most people will take advantage of them.

I have a 401(k), and when i remove the money from the 401(k) i will have to pay taxes on it (and, in fact, I have to pay taxes on some contributions when I make them because of the new catch-up rules).

Big difference between paying taxes at a known future date (determined by my age and mandatory disbursement schedule) and not paying taxes.

 

[cbum]

Not to mention that wealth gives you disproportionate power, which you can use to push for laws that more than pay for themselves.

 

[Roller]

Except they were doing it long before MAGA ever existed. And it knows no party, they pretty much all do it.

Nah, I stopped doing it when I hit my first billion.

Oh, is this about dollars?

 

[Herdfan]

Not to mention that wealth gives you disproportionate power, which you can use to push for laws that more than pay for themselves.

Absolutely. So yes we need to get the big money out of politics. But I don't see that happening in my lifetime.

 

[Cmaier]

Absolutely. So yes we need to get the big money out of politics. But I don't see that happening in my lifetime.

If Roe could be overturned, so can Citizens United.