Post

no. glad you're able to repost your horse race post from earlier today about if we should keep letting the oligarchs oligarch quite so hard. Gotta get it up several times a day to keep the page views up. & yes, we should tax the motherfuckers & yes, your boss is a class traitor.

You are asking the questions will the state's economy suffer and will billionaires leave as if they are the same. I think it's both to no but it's weird to think that billionaires are a sign of a healthy economic policy.

They already skirt paying their taxes. We won’t miss those that leave and the others paying their fair share will help our economy. Not many are going to leave in reality anyway.

A clarification @npr.org on "1% of the state's residents pay nearly 50% of all personal income taxes." That's 1% of *filers* not residents. Also, it would be useful context to provide the amount of wealth concentrated in that 1% so that the reader could better gauge the relative fairness.

Plus, billionaires structure their entire lives to avoid taxes. Their yachts are registered under flags of convenience and they move just in time to avoid paying state and local taxes. Same with their planes. And all their stuff is owned by shadowy corporations so they can write off expenses.

No the state economy won’t suffer, but a few billionaires might move to red states to shirk taxes. They’d hate to give up 5% to ensure all their neighbors have healthcare. So Florida it is!

"...union leaders who support the measure insisting the state's very wealthiest residents should pay their fair share." They should. But not through a one-time tax that can easily become a two-times tax, then a three-times tax, and eventually a multiple-times tax. Redo tax code, close loopholes.

No. They never actually leave, because where will they go to? They love the amenities California and other blue states have to offer. They love the mansions, the ocean access, the airports, the restaurants, the salons, the luxury stores. They also have family and business connections they would lose

My bet is, the people’s economy, and health, will improve and lift the economy, although fewer yachts, sports cars and mansions will be tough on the billionaire economy. Which is preferred should depend on what benefits the most people.

California is doing the right thing. Make billionaires contribute back to the society that enabled them to get rich. And if they want to leave great, fuck them, the red can states have the Epstein Class hold them hostage if they want.

If we don’t make health care funding dependent on the billionaire tax, and use that revenue as bonus funding, then nobody will miss the billionaires moving away. We still get to tax them for the income they generate as a result of working here, however.

Of the red states that received more Fed funds than paid in the total is $277B. CA alone paid $276B more in than they received back and is supporting all of those states. Then just add up how much more CA, NY, IL, NJ, WA, MA, & MN paid in less received back. $628B, more than half a trillion.