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(KTLA Los Angeles)   It's a very, very, very small start, but it's a start. Maybe, possibly, we'll see   (ktla.com) divider line
    More: Interesting, Tax, new tax legislation, D-San Jose, state's wealthiest residents, Progressive tax, Proposal, Northern California, state's 24th district  
•       •       •

3728 clicks; posted to Politics » on 25 Jan 2023 at 12:17 AM (11 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



59 Comments     (+0 »)
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2023-01-25 12:22:45 AM  
Fark user imageView Full Size
 
2023-01-25 12:23:07 AM  
[dialdialdial] Hi, Katie?
 
2023-01-25 12:23:53 AM  
FTA: The measure has yet to be assigned to any committee or slated to receive a hearing, Sacramento TV station KCRA reported. The proposed legislation would require a two-thirds majority vote from the state legislature, and voters would ultimately decide its fate during the 2024 election.

Though this is something that is needed, there's a long way to go.

I'm not holding my breath.
 
2023-01-25 12:26:20 AM  
They can afford it.
 
2023-01-25 12:26:47 AM  
No one's going to want to live in California anymore.  It's too crowded!
 
2023-01-25 12:27:12 AM  
Republicans will raise taxes on the middle and lower class, for fairness
 
2023-01-25 12:29:12 AM  
Fark user imageView Full Size
 
2023-01-25 12:30:40 AM  
In unrelated news, the net worth of Califonia Supreme Court judges, the judges on the 9th Circuit, and the U.S. Supreme Court are suddenly expected to double in the next six months.
 
2023-01-25 12:31:18 AM  
Yeah, but what we really need is just normal taxes on cap gains.
The rates ain't the problem.
I'm not worried that we are undertaxing athletes and rock stars.
 
2023-01-25 12:34:33 AM  
Damn it. I'll have to donate even more art this year.
 
2023-01-25 12:36:01 AM  
It's a shame when some poor farkers struggle to pay personal property tax on a mobile home in a trailer park thats worth chump change while the posh roll around in $200k automobiles that aren't taxed any more than a 30 year old Hyundai.
 
2023-01-25 12:37:45 AM  
I am sure the response from thousands of MAGArats living in California working menial jobs at below $50k annual will be to pretend as they are the ones being repressed by the WOKE liberals taxing them to death and flee to Texas.
 
2023-01-25 12:39:52 AM  

jso2897: Yeah, but what we really need is just normal taxes on cap gains.
The rates ain't the problem.
I'm not worried that we are undertaxing athletes and rock stars.


This taxes wealth. It looks like it even hits unrealized gains
 
2023-01-25 12:42:04 AM  

etoof: Republicans will raise taxes on the middle and lower class, for fairness


It's California.  We keep the Republicans confined to Irange County and the rural spots. They ain't passing jack shiat
 
2023-01-25 12:44:08 AM  

Pats_Cloth_Coat: jso2897: Yeah, but what we really need is just normal taxes on cap gains.
The rates ain't the problem.
I'm not worried that we are undertaxing athletes and rock stars.

This taxes wealth. It looks like it even hits unrealized gains


I want to believe.
Fingers crossed.
 
2023-01-25 12:44:41 AM  
Oh no! Now everyone in California is going to move to Texas again!!!!
 
2023-01-25 12:45:26 AM  
It's either taxes today, or torches and pitchforks tomorrow.

Take your pick richies.
 
2023-01-25 12:46:12 AM  
1.5% of a billion dollars is 15 million dollars.

Not sure how many California State Senators you can buy for $15 mil, but I'm about to find out.

/not taxing me. That's not how we do things
 
2023-01-25 12:46:59 AM  
The most hilarious outcome of this would be if SCOTUS ruled wealth taxes unconstitutional & accidentally outlawed property taxes in the process, & that winds up desegregating school districts again.
 
2023-01-25 12:51:11 AM  

andrewagill: The most hilarious outcome of this would be if SCOTUS ruled wealth taxes unconstitutional & accidentally outlawed property taxes in the process, & that winds up desegregating school districts again.


again?
 
2023-01-25 12:53:48 AM  
So, all the rich people are gonna move to Montana or Wyoming.
 
2023-01-25 12:54:26 AM  
And as a response, Texas just introduced a bill to shake down poor people and give their money to the rich.
 
2023-01-25 12:54:57 AM  

BlousyBrown: So, all the rich people are gonna move to Montana or Wyoming.


What? No.

Just shuffle some money around so you can't prove actual wealth.
 
2023-01-25 12:56:47 AM  
They won't even miss it. These people are so rich that they have more money than any of us could spend in our collective lifetimes before they feel a pinch.

Pre-Reagan corporate taxes.
 
2023-01-25 12:57:00 AM  

DannyBrandt: BlousyBrown: So, all the rich people are gonna move to Montana or Wyoming.

What? No.

Just shuffle some money around so you can't prove actual wealth.


That seems like a smart idea.
 
2023-01-25 12:57:09 AM  
*rates
 
2023-01-25 12:59:12 AM  

BlousyBrown: So, all the rich people are gonna move to Montana or Wyoming.


You're a farking billionaire. Your net worth is growing by 10+% a year, But a 1.5% haircut is going to make you leave Menlo Park for exile in redneck Siberia. Uh huh, suuure.
 
2023-01-25 1:00:47 AM  
Actually, Montana or Wyoming seem like nicer places to live than California.
 
2023-01-25 1:05:21 AM  

BlousyBrown: Actually, Montana or Wyoming seem like nicer places to live than California.


I suppose if you enjoy shait weather.
 
2023-01-25 1:07:32 AM  
i.imgflip.comView Full Size
 
2023-01-25 1:08:03 AM  

BlousyBrown: Actually, Montana or Wyoming seem like nicer places to live than California.


I assume you've never been to any of the three states.
 
2023-01-25 1:13:25 AM  
Next should be churches. They are leaches on the rest of society. They use roads, general infrastructure, fire department, police protection paid by me and they steal from me. They change laws, without paying their fair share. If they act like citizens, they should pay taxes like citizens, rather than stealing money from me.

Or they should just pay for their roads, traffic lights, police, fire department, etc. - which they won't because they always want to steal money from me.

It is an institution of thievery.
 
2023-01-25 1:22:03 AM  
California already has the most progressive taxes in the nation, so it's not a very small start; it's a continuation.
 
2023-01-25 1:25:26 AM  
It's a nearly impossible law to write well. The very wealth can avoid holding their wealth in easy to value vehicle like bonds or stocks. They can shift to having exercisable interests in other investment vehicles as is typical of venture capitalists. I'm sure myriad alternative loopholes can be established.

The fundamental problem isn't with taxing wealth as much as it is in finding a way to measure wealth. Cash can be readily measured. Stocks and bonds are problematic but you can pick a method like average daily value over the course of a year, or average value at the end of the end of tax quarters. What about the value of a privately held corporation?

What if you own a large acreage of land with timber but you are choosing to not log your redwoods but to leave them be? Do you owe tax on the value if you clearcut your forested land? What if you have oil reserves that you are choosing to leave underground because you think that's the best way to sequester that carbon, do you owe on the value of the oil if you pumped it out and sold it? Write the law, not just a slogan.
 
2023-01-25 1:41:06 AM  
We'll call it the "Pack your shiat and get the hell out" Act.
 
2023-01-25 1:41:28 AM  

Gyrfalcon: BlousyBrown: Actually, Montana or Wyoming seem like nicer places to live than California.

I assume you've never been to any of the three states.


I've driven through all of them. I'm from New York, so know all about shiat states. I do love New York though.
 
2023-01-25 1:47:33 AM  

Ishkur: It's either taxes today, or torches and pitchforks tomorrow.

Take your pick richies.


I appreciate the sentiment, but I don't see it happening anytime soon.

The richies can afford to pay goons with guns to keep them safe. And the usual gun-rights folks will nod in agreement with them.
 
2023-01-25 2:02:18 AM  

wademh: What about the value of a privately held corporation?


Assets, revenue.


What if you own a large acreage of land with timber but you are choosing to not log your redwoods but to leave them be? Do you owe tax on the value if you clearcut your forested land? What if you have oil reserves that you are choosing to leave underground because you think that's the best way to sequester that carbon, do you owe on the value of the oil if you pumped it out and sold it?

Yeah it's not like you can put a price on land

Write the law, not just a slogan.

Noway, Spain and Switxerland do it. Most OECD countries have some more limited form where its just specific assets
 
2023-01-25 2:02:21 AM  

BlousyBrown: Actually, Montana or Wyoming seem like nicer places to live than California.


csb
In another life I bought a couple of acres on the Kootanai. Beautiful. Planned to retire there. But then, Nazis.
After my mom died, by dad decided he was going to be a rugged independent cowboy and move to Wyoming.
Dad, have you ever been to Wyoming?
No. But the pictures on Facebook are beautiful.
Yes, Wyoming is beautiful. But before you move there, perhaps you should visit the place you're looking at buying that has no municipal utilities and is 2 hours from the nearest hospital. In the winter. Alone.
So dad bought this giant ass Ford 4x4 with these huge ass tires that were almost taller than he was and he went for a visit. In January. It was only -10 until the real cold came down from Canada. He almost died.
My rugged independent cowboy came home to Northern California and spent the rest of his life biatching about the taxes and those damned liberals and the weather when it dropped below 60 degrees.
/csb
 
2023-01-25 2:39:04 AM  

Pats_Cloth_Coat: wademh: What about the value of a privately held corporation?

Assets, revenue.


What if you own a large acreage of land with timber but you are choosing to not log your redwoods but to leave them be? Do you owe tax on the value if you clearcut your forested land? What if you have oil reserves that you are choosing to leave underground because you think that's the best way to sequester that carbon, do you owe on the value of the oil if you pumped it out and sold it?

Yeah it's not like you can put a price on land

Write the law, not just a slogan.

Noway, Spain and Switxerland do it. Most OECD countries have some more limited form where its just specific assets


So if you tax wealth on a private company based on assets and revenue, is that fixed translation to wealth or does it vary by industry, say agriculture versus retail versus financial service industry? If you own stock in a public company can you choose to have your shares valued by the same assets and revenue formula or do you have to use public trading value --- would make a big difference for companies like Tesla and Twitter. What's the value of unexercised options and warrants?  Mind, I'm not completely opposed to the concept, but few advocates seem to understand how ambiguous (and volatile) some of the "wealth" numbers are that get tossed about actually are. And I do think that some types of wealth really are different. Owning property and rights to lucrative untapped mineral reserves is very different from owning T-bills.
 
2023-01-25 2:43:23 AM  

jso2897: Pats_Cloth_Coat: jso2897: Yeah, but what we really need is just normal taxes on cap gains.
The rates ain't the problem.
I'm not worried that we are undertaxing athletes and rock stars.

This taxes wealth. It looks like it even hits unrealized gains

I want to believe.
Fingers crossed.


I'm guessing any attempt at that will result in the GOP twisting it into a means of farking with the IRA retirement income and modest investment savings of the not-anywhere-near super wealthy.  Or at least use it as poison pill scare tactic to scuttle public support.
 
2023-01-25 2:58:12 AM  

Serious Post on Serious Thread: jso2897: Pats_Cloth_Coat: jso2897: Yeah, but what we really need is just normal taxes on cap gains.
The rates ain't the problem.
I'm not worried that we are undertaxing athletes and rock stars.

This taxes wealth. It looks like it even hits unrealized gains

I want to believe.
Fingers crossed.

I'm guessing any attempt at that will result in the GOP twisting it into a means of farking with the IRA retirement income and modest investment savings of the not-anywhere-near super wealthy.  Or at least use it as poison pill scare tactic to scuttle public support.


The california legislature has been in Dem control for 48 of the last 50 years.
 
2023-01-25 2:59:02 AM  

BlousyBrown: Actually, Montana or Wyoming seem like nicer places to live than California.


That's why property values in Montana and Wyoming are so much higher than they are in California.

/that's not how it works dumbass
 
2023-01-25 3:00:12 AM  

Pats_Cloth_Coat: Serious Post on Serious Thread: jso2897: Pats_Cloth_Coat: jso2897: Yeah, but what we really need is just normal taxes on cap gains.
The rates ain't the problem.
I'm not worried that we are undertaxing athletes and rock stars.

This taxes wealth. It looks like it even hits unrealized gains

I want to believe.
Fingers crossed.

I'm guessing any attempt at that will result in the GOP twisting it into a means of farking with the IRA retirement income and modest investment savings of the not-anywhere-near super wealthy.  Or at least use it as poison pill scare tactic to scuttle public support.

The california legislature has been in Dem control for 48 of the last 50 years.


It's funny that "where educated people with high incomes live" and "where Democrats live in" are almost exactly the same.
 
2023-01-25 3:07:13 AM  

jst3p: BlousyBrown: Actually, Montana or Wyoming seem like nicer places to live than California.

That's why property values in Montana and Wyoming are so much higher than they are in California.

/that's not how it works dumbass


Are you calling me a dumb ass? You're a jerk. Dumb ass.
 
2023-01-25 3:14:18 AM  

BlousyBrown: jst3p: BlousyBrown: Actually, Montana or Wyoming seem like nicer places to live than California.

That's why property values in Montana and Wyoming are so much higher than they are in California.

/that's not how it works dumbass

Are you calling me a dumb ass? You're a jerk. Dumb ass.


I will give your opinion of me the proper respect that a person who doesn't understand how supply and demand works deserves.

Good day.
 
2023-01-25 3:17:43 AM  

nicholas m schumacher: andrewagill: The most hilarious outcome of this would be if SCOTUS ruled wealth taxes unconstitutional & accidentally outlawed property taxes in the process, & that winds up desegregating school districts again.

again?


The funding of schools by property taxes of people living in the district has led to some extreme segregation, particularly in the North.
 
2023-01-25 3:19:24 AM  

Pats_Cloth_Coat: Serious Post on Serious Thread: jso2897: Pats_Cloth_Coat: jso2897: Yeah, but what we really need is just normal taxes on cap gains.
The rates ain't the problem.
I'm not worried that we are undertaxing athletes and rock stars.

This taxes wealth. It looks like it even hits unrealized gains

I want to believe.
Fingers crossed.

I'm guessing any attempt at that will result in the GOP twisting it into a means of farking with the IRA retirement income and modest investment savings of the not-anywhere-near super wealthy.  Or at least use it as poison pill scare tactic to scuttle public support.

The california legislature has been in Dem control for 48 of the last 50 years.


Annnnnd, what? How's that keep republicans from going full tilt 'the libs are coming for nanna's nest egg!' fear mongering? Or actually farking with nanna's anywhere and time they get a chance.
 
2023-01-25 3:34:22 AM  

jst3p: BlousyBrown: jst3p: BlousyBrown: Actually, Montana or Wyoming seem like nicer places to live than California.

That's why property values in Montana and Wyoming are so much higher than they are in California.

/that's not how it works dumbass

Are you calling me a dumb ass? You're a jerk. Dumb ass.

I will give your opinion of me the proper respect that a person who doesn't understand how supply and demand works deserves.

Good day.


I really like you. I love your comments.
 
2023-01-25 3:37:54 AM  

jst3p: BlousyBrown: jst3p: BlousyBrown: Actually, Montana or Wyoming seem like nicer places to live than California.

That's why property values in Montana and Wyoming are so much higher than they are in California.

/that's not how it works dumbass

Are you calling me a dumb ass? You're a jerk. Dumb ass.

I will give your opinion of me the proper respect that a person who doesn't understand how supply and demand works deserves.

Good day.


You aren't helping your case by presuming that  "nicer places to live" is identical to "in demand" or "more expensive". And if the depth of your understanding of economics is "supply and demand", you also aren't presenting well. For your consideration: demand is very independent of "nice place to live" as "nice" runs very independently of many extenuating circumstances. The job opportunities in different parts of California vary wildly, and differ yet again compared to Montana and Wyoming for reasons that are mostly unrelated to many factors that go into "nice place to live". Yet, living somewhere where one can get some personally acceptable combination of a job one likes and one that enables a certain lifestyle depends a great deal on regional economies. The point being, it isn't as simple as "supply and demand" and you really have to be quite a fool to reduce things to a sloppy application of a bumper-sticker level reduction of economic theory. And doing so to call somebody else dumb invokes a corollary to muphrey's law.
 
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