California Democrat Ro Khanna, Investor Mark Cuban Clash Over Proposed 5% Wealth Tax on Billionaires, Startup Founders Exodus Out of State; 'Only Idiot Would Stay’
https://sundayguardianlive.com/world/california-democrat-ro-khanna-investor-mark-cuban-clash-over-proposed-5-wealth-tax-on-billionaires-startup-founders-exodus-out-of-state-only-idiot-would-stay-262859/amp/Open linkView original on thelemmy.club
6 replies
So let's say you make 100,000, this would put having to pay like 5K.
Single payer for that tax bracket right now is ~30K if you make 100K in California.
In other words, Mark Cuban can get fucked.
It's not an income tax, it's a wealth tax.
So let's say you make 100,000 per year, you rent an apartment, and own an old shit bucket car worth $1000.
Assuming it was written to apply to everyone and not just people with over a billion in assets, you'd pay
$5$50.Edit: typo.
Why $5?
Should be $50. Typo
It is the same old story of paper billionaire. I always find it very fascinating how easily people get convinved of this argument.
The problem is it is not the monetary capital that makes this billionaire tag valuable, but the social capital. You get access to the uber rich class and that network is going to bring you more wealth.
Also there are monetory benefits. If you have huge amount of stock, and say accumulation of stock as salary or bonus, then yearly liquidation of the part of the stock if not going to plunge the stock to oblivion. This is exactly how they make money. How do you think billionaires get money to buy yachts?
Oh no...billionaires are leaving....oooohhhhh noooooooo. Oh whatever will the rest of us do....gasp...my heart...I don't think it can take it.....if only they'd leave the country and renounce all american assets.