>First, any wealth tax being seriously discussed has a floor and/or has marginal rates, probably starting at 1 or 5 or 10 million (or higher).
The floor is adjustable. As more tax money is squander, the floor will be adjusted for greater taxation.
>Second, taxes don't disappear into nothingness
They actually do. The return on your tax dollar in California is abysmal.
>Fifth, the idea that people "will just move to another country" is very silly.
They can move to another state. Schwab is moving to TX. The tax savings will build their new corporate HQ in Westlake. How many Hedge Funds have left Conn, NY, NJ, etc for Florida?
I don't have a dog in this fight. Taxes are necessary but when the State is not held accountable for their spending and continues to squander tax dollars, there is no amount of money that will ever satiate them.
I hope California goes through with their plan. It will be an interesting to see the outcome.
The floor is adjustable. As more tax money is squander, the floor will be adjusted for greater taxation.
>Second, taxes don't disappear into nothingness
They actually do. The return on your tax dollar in California is abysmal.
>Fifth, the idea that people "will just move to another country" is very silly.
They can move to another state. Schwab is moving to TX. The tax savings will build their new corporate HQ in Westlake. How many Hedge Funds have left Conn, NY, NJ, etc for Florida?
I don't have a dog in this fight. Taxes are necessary but when the State is not held accountable for their spending and continues to squander tax dollars, there is no amount of money that will ever satiate them.
I hope California goes through with their plan. It will be an interesting to see the outcome.