wow, he’s so brave

How many billions will he even have left ??.? I can’t imagine,… poor mr Jensen’s wallet

enough to buy more jackets still.

Unrelated, but I’m sure he’s got the tackiest wallet imaginable. Maybe crocodile leather or something.

The dude is showing example to others, doing it right and Lemmy still manages to be miserable doomers with petty insults.

One thing is clear - If I ever become rich, who gives a shit if I pay taxes because you all will hate me regardless

Now do your thing and downvote this.

Nah, honestly I expected to be the one getting downvoted. He’s objectively doing the right thing by paying his taxes.

If I ever hoard money until I’m among the richest 10% in the world, who gives a shit if I pay taxes because you all will hate me regardless

FIFY

When normies pay their taxes it’s simply a requirement for being a member of society. When the ultra wealthy pay their taxes it’s heroism.

The difference is you have no option

take his leather jackets next

G.Threepwood: I sell these fine leather jackets…

Grog, grog, grog!

Bye, Felicia

So they just went somewhere else to not pay taxes?

Yeah. Texas usually. Maybe another Red State.

Thiel went to Nazi land, Argentina.

[deleted]

These folks don’t actually wanna leave. Peter Thiel will blow a lot of smoke about how he’s totally gonna leave California because of Communisim or whatever, but there’s a couple things to keep in mind.

1. The billionaires are spending mad money to fight this tax. This is not the action of someone who plans to leave the state.

2. The infrastructure that makes the billionaires rich cannot be moved from California easily. A person is easy to move, a warehouse less so. Those assets can be taxed, even if the owner leaves the state.

3. Fuck these guys. Billionaires do not contribute to the economy; they suck out the wealth and hoard it. Even in the worst case scenario of rich folks leaving the state with their ill gotten gains, the state wasn’t gonna get that money anyways The worst case scenario for California of the mythical “Wealth Flight” is a bunch of parasites moving elsewhere.

These parasites have had it too good for too long. A measly little one time tax is a step in the right direction that I hope opens the door to more aggressive taxation on these dregs of society.

The billionaires are spending mad money to fight this tax.

Mad for regular people money. From what I’ve read, what they’ve spent is a small fraction of what said tax would cost them (though if you’ve seen different, I love new info!)

A person is easy to move, a warehouse less so.

These folks don’t usually have warehouses, but whatever, say physical infrastructure. All that can stay, the boss can roll out, rock in Texas and take their private jet to and fro as needed. (Or, do their stuff remotely. I doubt Thiel is walking through cubicles etc.)

The worst case scenario for California of the mythical “Wealth Flight” is a bunch of parasites moving elsewhere.

The worst case is that the tax revenue that those billionaires bring (which sure, in a moral vacuum should probably be higher) goes elsewhere leaving California needing to plug the fiscal gap by taxing less wealthy folks or eliminating/reducing services.

He doesn’t want others to think he’s as poor as those guys who cannot afford to pay these taxes.

Edit: typo

When are they going to write an article about me for also doing this normal thing?

that would be a perfect onion or mcsweeneys premise :)

He’s actually a decent man, but I’m sure I’ll be hated for that opinion around here

A slave owner can be decent to his slavee, right?

And we can oppose slavery as an institution.

Same with the billionaires. An individual billionaire might not be a pedo fascist. Possible? Sure. I still hate all the billionaires. Even the decent ones. Because allowing a single individual or a single familiy to hoard that much wealth is toxic to the society.

Yes and no. He is really lieing about AI and misleading the public and investors. He may be more benign than most, but AI is harmful, even if just at the energy use/environmental impact side.

The thing is are you sure that this is his believes? It could very well be that he is believing everything he says.

That doesn’t make it any less harmful.

Yes but then he is not lying

he just want to keep the grift going long enough so the other AI dont stop buying his chips.

Lemmy is very groupthink. :)

He’s actually a decent man

Zionist. Trumpist. “A decent man” indeed.

Didn’t know all 3 had or planned to move.

I wonder how many would have to move before the tax actually becomes revenue negative (compared to not being implemented.)

The average tax income from billionaires in california looks to be around 10million a year. So combined the about 200 billionaires in california are paying 2 billion a year. Rough numbers would be that is 150 of them left then the one time tax would start being a negative income in 10 years. That assumes money stays flat.

Honestly there is no way that this ends up being a serious net negative and these folks are still operating in California enough that they may fail to avoid residency review.

avg income tax from billlionaires 10 m a year ONLY thats so absurdly low and 200 billionaires paying 2 b a year is like 1% of their billions? holy fuk we need to increase the taxes.

Estimates seem to vary but I’ve found a good few at 3 billion total from the wealthiest 200 Californians.

Also, given the article noted that:

Departing billionaires slashed projected one-time revenue from $100 billion to $40 billion, with Page and Brin’s exits alone costing California $26.7 billion.

That implies the current tax revenue from billionaires would drop 60 or so percent. So, presumably tax revenue drops from 3 to 1.2 billion, just based on current flights (and ignoring knock on effects.)

So, no one else leaves and we don’t count knock on effects, I’d guess it’d take ~ 21 or so years before this starts cutting. But, of course, knock on effects (folks decamp to say, Texas which seems to be snagging as many once Californian businesses as possible…) It’s going to be a very interesting, depressing experiment. (Really feels like a race to the bottom but that’s the America we know and,uhhh, love?)

I’m sure they didn’t actually move. They just bought a house in another state and declared it as their primary residence.

Could be the only good use for flock. We now can show they’ve been in the state the whole time.

Sadly, they don’t seem to me to be the type to drive from state to state

Yes and then the audit will be entertaining. If they have multiple properties and fuck up, they could easily maintain residence.

And whatever their residence is, if they do things that look like working while physically present in the state, they are at risk of being forced to pay.

Taxes are how to get rid of billionaires. Tax the rich!

sure i dont mind but rather do land value tax and all of them should have to pay 50% tax as if they liquidated their holdings then at the time of leaving and market value of all assets.

like most wealth tax that is. income tax based then. 5% isnt even much remove income tax instead

No no just tax the rich, no convoluted scheme they can avoid.

A tax aimed at their worth would help

Not disagreeing, but how would that work?

Most of their worth isn’t going to be liquid so you’d have to take some sort of average for the year and force them to sell assets?

I guess it could be something like RMDs if above a certain threshold?

excuse me most of their worth isn’t going to be liquid because they made it illiquid by design and every incentive to pump their own assets we are asking for real valuation if they want to avoid taxation. meaning the stock market housing market all bubbles will be much more muted if they dont wanna pay the taxes. the whole reason for the extreme bubbles in housing is precisely for the buy hold die strategy while paying almost no taxes and instead use the borrowed money to buy up everything and enslave multiple generations with borrowed money off hot air balloon money.

either they can sell covered calls on their own stock sell their stock or dividends. or they can take out loans on the stock or take out loans on their house or rent it out for extra income i dont care they have millions and billions in value so go tap it and pay the tax if you dont wanna pay as much tax lower the valuation or extract value from it to pay the tax no one cares.

thing is the closest easiest tax to implement that would target the elite networth is the land value tax not wealth tax because they cannot move land. it literally is right there cannot be hidden. they may argue about the value but they cannot escape. its the least bad tax as well. but homeowners keep on complaining like little girls that boomers cant pay for it except boomers have already been bailed out by 2-3 generations already they stole futures from and now they still complain whine moan while voting for nimby policies they are literally destroying multiple generations putting them and us all into slavery for their own gain because they are the most spoiled brat generation to have ever walked the earth.

so sick of it. just tax them until they all go bankrupt. 20% lvt will cover income tax and sales tax for the whole country

That piece of shit ought to be moved to the bottom of the ocean.

The guy depends on Trumps goodwill, and Trump would punish him if he ditched the tax.

They didnt flee the billionaire tax.

They fled to other countries to avoid their epstein ties and to keep raping kids.

A one-time tax of 5%. Any respectable billionaire is confident they can make that up in a year.