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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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teyrnon 5 points 3 days ago

Motherfucker they take 35% of what we make.

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bacon_pdp 1 point 2 days ago

Or more.

But you do realize that the billionaires are going to try to poison pill any such legislation by making it apply to everyone.

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teyrnon 2 points 2 days ago

Yes, I am well aware that the only path forward is playing mario brothers multiplayer, we can do it.

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bacon_pdp 1 point 2 days ago

It would be easier if the location of bowser was tracked on some map (ideally realtime) so that players could speedrun to their boss fight.

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