It looks likely that a wealth tax is probably heading to the ballot in California, and once again, rich psychopaths are threatening to leave it it passes.
When one looks at the effects of the billionaire class on a society.
If they stay, they pay the tax.
If they leave, they are no longer a feature of California politics, and their colossal compounds will be subdivided and occupied by mere centimillionaires, and their former properties will be subdivided and occupied by mere decimillionaires, and so on down the line, freeing up scarce housing resources for the ordinary people.
Billionaires are a drain on society, not an asset, and their wealth is used to bid up nedcessities like housing for the rest of us.
Billionaires including Peter Thiel, the tech venture capitalist, and Larry Page, a co-founder of Google, are considering cutting or reducing their ties to California by the end of the year because of a proposed ballot measure that could tax the state’s wealthiest residents, according to five people familiar with their thinking.
Mr. Thiel, 58, who owns a home in the Hollywood Hills and operates a personal investment firm from Los Angeles, has explored opening an office for that firm, Thiel Capital, in another state and spending more time outside California, three of the people said.
Other billionaires who appear to be making moves to decrease their presence in California include Mr. Page, 52, a longtime resident of Palo Alto. He has discussed leaving the state by the end of the year, according to two people briefed on the talks. In mid-December, three limited liability companies associated with Mr. Page filed documents to incorporate in Florida, according to state records.
The moves are being driven by a potential California ballot measure from the health care union, Service Employees International Union-United Healthcare Workers West, the people said. The proposal calls for California residents worth more than $1 billion to be taxed the equivalent of 5 percent of their assets.
Not good enough. You need to start lower down, ½% of $100,000,000.00, and stepping up by ½% for every additional centibuck in value.you get to 5% at a billion.
Also don't plateau until you get to $10 billion (10%), at least.
It would be only be on the amount above the line, as it works in income tax, so if one is worth $100,000,200.00, you would be charged $1.00 in taxes.
To quote Br'er Rabbit, "Don't throw me in that briar patch!"
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