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California ‘billionaire tax’ makes ballot despite opposition from tech moguls

3 days ago by sanitation to c/technology

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Wealth tax criticized by billionaires and Gavin Newsom would levy a one-time 5% tax on residents worth over $1bn
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BestBouclettes 139 points 3 days ago

One time 5%, that's like a bandaid on a severed artery

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bacon_pdp 5 points 3 days ago

That is why it needs to be a 1% annual tax.

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BestBouclettes 5 points 3 days ago

At the very minimum, a 2% worldwide annual tax to prevent some tax evasion.

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bacon_pdp -5 points 3 days ago

At 2% it would hurt those who hold bonds at 3.9% (and below) and when there is a planned 2% inflation rate. (The economy is usually better for the working class when bonds average between 2-5% returns).

But I agree that it should be global.

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BestBouclettes 9 points 3 days ago

The 2% would be applied to households worth 100 million dollars or more, I'm pretty sure they could spare the change without much impact on their lifestyles.

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bacon_pdp 6 points 3 days ago

Why not make it go, 1%, 2%,4%,8%,16%,32%,64% based on how much they had? Hurting the trillionaire and the centibillionaires the hardest

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BestBouclettes 2 points 3 days ago

The goal is to have it low enough so that every single country in the world agrees to set it up, even tax havens like Bermuda, Luxembourg or Monaco. But high enough to be effective. Then, once it's agreed upon, we can make it better and more progressive.

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