Two takeaways here:
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I thought billionaires would leave the state if we taxed them?? Are you telling me there is a compelling reason that either they or their companies might want to stay located in CA? Who would have guessed?
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I’m OK with this. It is basically a corporate tax now instead of a personal tax. As long as CA gets the billions of dollars it needs from someone, I don’t care where it comes from. We should be taxing corporations more and should be taxing billionaires more, but it is a start. Also, this fucks the shareholders who might maybe possibly think of restricting pay packages for him.
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If they won’t give voluntarily…
“All animals are equal, but some animals are more equal than others.”
Under the deal, Zuckerberg will receive new shares that could be sold to potentially foot a multibillion-dollar tax bill in the event that California passes a one-off billionaire tax. In return, he is committed to remain a resident of the state, or wherever Meta maintains its base, for eight years
Cool…
So we can do another “one time” wealth tax again the next 7 years and lil zuck the duck is locked in?
Billionaires wealth and their companies assets have been interchangeable for a long time, just keep fucking take it back from either of them, it accomplishes the same thing.
We just can’t stop with the one off.
“Or whether Meta maintains its base”
Does anyone else feel like that’s the weasel clause in things?
Honestly, there should just be a clause that specifies any financial arrangements intended to effectively nullify the personal wealth tax will be further taxed at 150% of the value of said financial arrangements. I am willing to bet a whole hell of a lot forensic accountants would have a blast with that :)
I think tax avoidance schemes like that should result in basically exile. You don’t want to pay your fair share to participate in society? Ok, enjoy no society. Not even jail. Just drop them in international waters. Sorry, food requires roads to be able to transport and those use taxes, so since you don’t want to pay your share of taxes you don’t get the privilege of anything they supply. Just the one free transport and confiscation of everything else since you don’t exist as a person in society.
That’s probably a little harsh, but I am just over theses people. What ever happened with the Panama papers? Oh, that’s right, nothing. They are ruining society for everyone else and there is just no recourse.
I mean… making a person stateless is actually considered a crime against humanity by the UN.
I think exponentially-compounding fines for hyper-wealthy individuals would be perfectly fine, tbh. Also, we’d definitely need to be a LOT more aggressive in terms of slapping those types down as vexatious litigants - look up the implications of that (in US courts, at least) if you’re not familiar with the term.
I was admittedly being hyperbolic. Here’s me saying the same thing not too long ago: https://reddthat.com/comment/29539867
It would also be a crime because you’re essentially killing them. Being dropped randomly into international waters with no preparation would probably be a bigger concern for them than if their passport is still valid. There are definitely a lot of solutions we haven’t tried between our current nothing and state sanctioned murder, I just wish we’d actually implement one.
All that said, it’d be kinda sweet if we could just give these broligarch fuckwits the Napoleon Bonaparte treatment (marooned on St Helena - but these days, probably with a watchdog naval detachment of some sort to detain and similarly incarcerate any broligarch buddies who try to un-exile them with their mega-yachts).
Or, hell, we could even grant Phony Stark his wish: send the fuckers to Mars. Move fast and break things, right guys? That’s what they all say they want, yeah? 😜
We just can’t stop with the one off.
Maybe a one off every year. 😋
I bet it’s an attempt to make the billionaires not flee California. But really, if they don’t pay fair taxes good riddance.
They should consider themselves lucky every day they are allowed to keep their head.Sounds more like Meta is just paying him to pay the tax. They turned it from a wealth tax to a corporate tax.
Oh no! So anyway…
Yeah, that’s kind of how I feel. Does it really matter if Meta decides to foot his bill for him? Either way the tax is getting paid.
Good job, Zuck. Thanks, Zuck. 🤭
Gross.
Perfect as in protect his control of the company, he would still have to cough up some money, he just has shiny new non voting shares he can sell.
Certainly masturbatiry, but making the ultra wealthy dildos pay still.
