Right everyboldy is going to leave California and New York and they will become Hippy Paradise with Blue Skies and Clean Water, what a losing proposition! 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
All of those spaces will be backfilled by 10 per individual by illegal aliens… errr… wards of the state. Now they mad and scared there won’t be enough people around to pay for them.
Wow how stupid are you. There is no Wealth Tax in any State, how is instituting one losing Tax Revenue. The Revenue is in the Wealth not the Income. Libertarians crack me up. 🤣🤣🤣🤣🤣🤣🤣🤣Being Libertarian: The ability to ignore all the pertinent facts that do not conform to your preconceived narrative.
Let me get this straight…. People leave NY and California to go to Florida and Texas for cheaper taxes, so NY and California lose tax revenue, and the solution is to raise the taxes even higher on the remaining population? Well, I guess my house in Florida is going to continue to go up in value after this. More people will be flocking down here.
That’s exactly what I’m saying! I need to buy another house in SE Florida before the next flock of people move here. Ive gained almost 200k in equity between my Florida home and condo in the last year.
@@KC-hn9wzI believe Texas ranks in the top 5 with the most billionaires & it's likely to rise because these billionaires are relocating their businesses to Texas & Florida.
I received a great job offer in Jan 2023, during the process they changed their mind and wanted me to relocate to the bay area which I said no to. Even with the raise, the cost of living increase was substantial. I turned down the job, a month later, they offered the position again and removed the relocation requirement. The hiring manager said, we can not find anyone in area or someone willing to move here. Home prices are ridiculous, traffic is awful, crime, schools, and then factor in taxes, it's not attractive.
I left Cali 1995 because I saw the change coming. I moved to AZ and now many Californians are coming here and bringing their voting habits with them, I guess they didn't learn their lesson. Anyway, AZ is turning into another California but I am too old to move. Crime, taxes, schools, government, traffic, etc. are all getting much worse here in AZ. I used to go days without hearing a siren, now I constantly hear sirens throughout the day.
@@winnon992 They're no good if they pay non liveable wages & ridiculous hours. Not much use if you can supply jobs but not quilty jobs that's worth it to be there.
@@nicoctane1669 libs literally bring in endless immigrants then complain about wage growth..... yall really need to take an econ class.... you have NO LEVERAGE for wage negotiations.... you welcome your replacements 😂
Taxing Wealth is like taxing morality. The ant may stash 80% of his earnings into as savings account and the Grasshopper spends money like a drunken sailor throughout his life and then ends up on welfare. The government steps in and then punishes the ant for their frugality and rewards the Grasshopper for their gluttony.
The Federal government is $35 trillion in debt, the state budgets are on the brink of collapse… yes our politicians are some of the dumbest people on the planet.
The independent people are less dependent on the government and contribute more to them. With them leaving the state looses on 2 accounts, less revenue and a larger proportion of the population more dependent on government services.
Meanwhile in Texas: In 2023 voters Proposition 3 which added language to the Texas Constitution to prohibit the state legislature from imposing a tax based on the wealth or net worth of an individual or family. In 2019 voters approved Proposition 4 which added language to the Texas Constitution to prohibit the state legislature from adopting a state income tax.
Are you serious? I have a feeling you are really thinking that those two things are similar... They are not, think about it more or better yet Google it and learn more about it.
How about the government start spending the huge amount they already collect the way they are supposed to, instead of on non citizens, other countries, and all the bribes and kickbacks to their donors?
How about they just start spending it all better foreign or domestic? Combined Federal , State and Local revenue for 2024 is projected to be around $9TRILLION. The vast majority of that is not going other countries. We need a better accounting by all levels of government as to where it is all going before we give them more.
@@carlanderson7618 all taxes combined are more than $9 trillion, and that is still $26,000 for every man, woman and child in the US (at least legally here). That works out to $104,000 for a family of four, which clearly is not being spent where it should be. A huge amount goes to paying off debt and other countries (projected to be close to 35% of upcoming Federal budgets), and a lot of the other money does go to donors and other rich friends, which is why it costs $900,000 to build per unit in CA for many of the “homeless units”. Turns out Newsome donors need about $700,000 in planning and architectural fees per unit.
@@jgg2220 Out of $9 Trillion about $50 billion in foreign aid excluding Ukraine. Figure about $50 billion to Ukraine (a good cause IMHO). A lot of aid to Ukraine is old equipment taken out of storage, sort of a break even as we don't have to maintain it anymore. So total foreign aid about $100 Billion.. Leaving $8.9 Trillion. minus about $1 Trillion for defense, $400 Billion to service the debt leaving $7.5 TRILLION (still an obscene amount of money) for social security , healthcare, education infrastructure etc. and they still run up a deficit.
There's a pronounced gulf between the on-air personalities and the editors and writers in charge of written content and packaged videos. The 2nd group are, shall we say, noticeably Ivy-esque (i.e., stunted of mind). Prime example: the articles on Tesla and Elon Musk vs. on-air coverage.
When your unrealized gain enables you to live without income then it’s fair game, actually. The accounting will work out later as you actually sell. If you don’t understand why it’s unfair to the average citizen then go research how the wealthy uses unrealized gain to avoid tax. To put it in one sentence they take loans against those assets then when they die use step up basis to avoid tax, meaning that money is never taxed once. I’m all with you conservatives that the gov taxes too much but there is merit in these conversations. I personally don’t support independent states doing this. I think the tax loopholes the wealthy use need to be eliminated first before talking about anything else
@@dailyrant4068 It's NOT Fair! Then go build your own empire and quit blaming successful people for their hard work and effort! The worst part is the government wastes ALL of the money they get anyway so what are we REALLY arguing about? The states with the highest income tax for 2023 include California 13.3%, Hawaii 11%, New York 10.9%, New Jersey 10.75%, District of Columbia 10.75%, Oregon 9.9%, and Minnesota 9.85% THEN look up the states that people are leaving, there are some parallels there: NY, Cali, Jersey... The Government doesn't need more tax revenue, they need to be WAY MORE EFFICIENT!
@@dailyrant4068 What makes you think they will stop with the "wealthy".? This just a foot in the door They sold the income tax as only affecting the rich. "If we has an income tax law, it would bring millions of money into the Treasury, and those paying would scarcely miss it, and it would lighten the burden that now rests so heavily upon the great body of consumers." -- J. Thomas Heflin (D-AL) on floor of the House in 1909 during the consideration of the 16th Amendment Even the rich don't have enough money to pay for all they want to do to us. Comrade Bernie Sanders admitted the would have to increase taxes the middle class to pay for all the progressive "free stuff". Imagine if they went after your unrealized gains. As home owner they could not only hit you with property taxes but any unrealized gains if its valued increased over what you paid for it instead of waiting for you to sell it. They could tax 401K before you even start to draw from it for any increased in value.
@@dailyrant4068 It does not take much intestinal fortitude to support a tax you don't have to pay. One could say it is fairly gutless to say tax the other guy to pay for the stuff I want. Even former governor Cuomo admitted the rich already pay 50% of the taxes in New York. Not much different on the federal level: According to the IRS : In 2020 The top 1 percent’s paid 42.3% of federal income taxes while their share of income was only 22.2% The average income tax rate in 2020 was 13.6 percent. The top 1 percent of taxpayers paid a 25.99 percent average rate, more than eight times higher than the 3.1 percent average rate paid by the bottom half of taxpayers.
@@dailyrant4068 oh, I’m not sure why you think accounting will work out later as you actually sell, all the stocks, or whatever can go down or be lost entirely, if they go broke. !! As to it’s unfair to the average citizen, that’s just not true, all of this average citizens, and every citizen has a chance to better ourselves it’s legal for everyone to buy stocks, to buy property, etc. if we don’t have money now then we can save it, or earn it or be entrepreneur.
“After the fall of communism, everybody in the world agreed that socialism was a failure. Everybody in the world, more or less, agreed that capitalism was a success. And every capitalist country in the world apparently deduced from that what the West needed was more socialism.” - Milton Friedman
In California, both citizens and undocumented immigrants can get free Medi-cal, free college tuition, free child care, rent subsidies, etc. The list goes on. There's too many billions being allocated for these costly welfare programs. The middle class and wealthier are leaving California and the poor are coming in for these welfare benefits. California will have to raise taxes much higher to support these programs. This type of spending has gotten out of control since the Democrats has completely taken over all levels of state government.
Free college tuition, with limits based on performance, is a must. Saddling young people with 10s of thousands in debt that just gets funneled into colleges and the banks is rediculous when most young people believe they'll never be able to afford a home.
These two states should pass a wealth tax. The will have to define wealth as anyone making $100,000 or less since all the really wealthy people have left these states. These liberal politicians are proving that there are no boundaries to stupidity.
Stupid, wealthy can afford expert CPA's. Wealthy know you have to live in the state 180 days to be considered a Resident. They will buy a home is a more favorable tax state and be tax residents in tax favorable states.
This is an example of "Trickle-down" taxation. Taxing the super-wealthy won't work because they'll just move, so the burden will meander its way to the middle-class, shrinking its population even further.
@@personnesenki4521 Right! Education is for suckers! That's why Mississippi is such a paradise! Taxes are low and no one's paying for anything they don't use like parks and libraries and schools! Billionaires rule! That's why so many live in Mississippi!
@@personnesenki4521 Right! I don't use the military every day. Why should I pay for it! Go billionaires! ALWAYS do what the billionaires do like not have any government or taxes!
Yep. This has been tried before in several countries. Result was less tax income. The wealthy can move to a state or country that tax less. Actually be welcome since they bring their tax dollars to the new residency.
You know it's heading for disaster when a reduction in spending is never on the table. I wonder if this wealth tax would include Nancy or if politicians would be exempt.
The government should take ALL of Pelosi’s money and asset’s away before asking the working people to pay more. That goes for all politicians regardless of party affiliation.
NY looses tax revenue because people are fleeing NY so NY decides to raise taxes on those most capable of leaving…. Anyone want to guess how this will go?
An old story, the wealthy are leaving. The solution? Let's raise taxes even higher on the wealthy that still remain. What could go wrong? Certain politicians fail to understand that say a tax rate of 5% on ten billion dollars is way more than a rate of 8% on one billion dollars (because the other nine billion left). Yep, just deep raising taxes, or in this new idea, just tax wealth. Stunningly stupid. Margaret Thatcher: "The problem with socialism is that you eventually run out of other people's money."
Many of these state's wealthy residents are leaving due to higher taxes. Introducing a wealth tax on top of what's already there is just going to incentivize even more to move (further reducing revenues).
The people in California and New York who voted for this need to be forced to stay in those states and pay their wealth tax. You make your bed, you lie in it.
They must realize that a wealth tax is a tax on productive capital. If you own a billion dollar factory in CA, then a wealth tax will make you pay a percentage of that value every year forever. That is a tax on everyone. Owning stock is just owning a portion of a company's capital.
If one wants a classic case of how people move to avoid high taxes, Lake Tahoe is a prime example. Part of Tahoe is in California, part in Nevada. Look where much of the high end real estate is-Nevada. Owning a lakefront mansion in Nevada vs, the same one in California just across the line translates into huge savings.
It's called a tax payers bill of rights and we have that in Colorado. It is a struggle to keep that bill of rights because our sodomite governor and his liberal sodomites are always looking for ways to break that bill of rights.
I really hope these two states go ahead with the wealth tax. Then a few years later they will also serve as study cases for 'How to Quickly Ruin Your State'.
I wonder how many people remember who Willie Sutton was. He was a serial bank robber, and when he was arrested, he was asked why he robbed banks. His response was simply, “that’s where the money is.”
Well, California and NY are uber Liberal states, so no shock that they want to punish people who are successful. No shock there. This is also why people are leaving these states as fast as they can. I've lost count of how many large corporations have moved out of California (leaving them in a giant budget crisis.)
The failing last dynasty of Korea, Joseon, had high tax in its last era (19th century). People fled to avoid taxes, and what the government did was grouping people together and making remaining people pay the tax of the people who had ran away in the group. What do you think happened? Yeah, more people ran away forming a vicious cycle.
Governments are taxing any money moving and now want to tax anything left standing. Perhaps consideration needs to be given to banning wealth taxes, as an infringement of property rights, by constitutional amendment.
If you are going to tax unrealized capital gains are you going to allow deductions for unrealized losses? They are taxing that which does not exist: unrealized, un·re·al·ized ADJECTIVE not achieved or created not converted into money
A tax on money that you really have not made yet or a tax on everything you already own. They need to learn to cut spending but they won't. Hope this drives their tax revenue down further
I visited my brother in California two years ago and when we went out to eat the waitress just happened to tell us it was her last day because she couldn’t afford to live in California and was moving back east. These states drive low, middle and high income people away in droves.
A federal wealth tax is blatantly unconstitutional. At state level administrative costs -- monitoring taxes and refund credits from year to year -- would be prohibitive. It would take hiring an army of bureaucrats whose salaries would consume most of any revenue gained. Thanks for your fair discussion.
It most certainly is. It is a "taking." The example cited by the interviewer (unrealized capital gains and losses) is arguably income. They are missing the larger picture. Those states are talking about taxing the capital, not gains -- totally unconstitutional.
@@rickprice6312No, I believe that a wealth tax is constitutional on the state level as several states have a personal property tax which is fundamentally a tax on assets, ie. a wealth tax.
@davidreidenberg9941 Uh, no. Disproportionate taxes on certain groups is illegal on all levels, because it's discrimination. Courts have already ruled on this in the past.
California's population decline has been so dramatic, the state actually LOST a seat in the US Congress. So, encouraging further flight by taxation doesn't make much sense. But who said California is governed by someone with common sense?
These wealth taxes also target a good portion of the middle class, and they are not limited to income tax. The utility companies are also instituting a wealth charge that targets middle income homeowners. Like we don't already pay enough? They are bankrupting the middle class.
I live in California. And my buisnesses were here for years. I had to move them to Nevada to get way from Cali taxes. All my stocks, bonds options and futures trading are held in trust outside of California. It's the only way to escape California taxes while still living here. Its a pain sometimes but my family has been in California since the 1800s. This is my home. But if you want to get at my money, your going to have to go to Nevada to get it.
why is no one asking the question why so many higher income people are leaving California... oh yes, because places like LA and SF have become unliveable! If you made them safe, sorted out homelessness people will stay.
There is no reason why all levels of government cannot look for ways to reduce spending. I personally have seen a Hugh amount of wasted tax dollars in various jobs I have worked. Identical State and Federal inspections of business and projects. Restocking obsolete inventory. Building projects that become useless in a short time. The list goes on. The waste is in the Trillions each year.
@@Jinchuricki27Texas and Florida, two states with no state income taxes saw big gains in population while New York and California both saw population decreases. Both CA and NY will now have fewer electoral college votes and fewer congressmen while both Florida & Texas have increased.
wealth taxes are going to get challenged in the courts and deemed unconstitutional if not the exodus is going to be extreme. if you own a home then that is an asset.
I left connecticut back in 2011 because they added a $200 to my monthly paycheck ...that scope creep into my cost of living triggered me to check why my cost of living was high and this new tax they announced was what got me to explore other options. I was single back then and by thank giving 2011, i left to houston. A year before, my cousin moved his family from phille to dallas to avoid wasting his life on a forever mortagage on a 80 year old house costing 500k. He now owns four homes renting out three of them. We built a brand new home back in 2016 for 330k and 3500 sq ft. Unimaginable in the north east in one of the burbs close to the big city.
People are leaving California in droves, and it isn't the poor leaving California (only because they can't afford to) - so California has figured out the best way to keep the rich from leaving California is to tax the rich more - yep, that is Liberal logic in action....
A wealth tax really would have to be a federal tax before it will be effective. He was so right about it being basically useless at a state level because the wealthy are probably the only people with the finances to uproot their whole life comfortably and move to another state. You would be back at square one with “low tax revenue” They’d be forced to change the tax to include the upper-middle and middle class earners which will make them want to leave as well. And the problem with California to begin with is that there is almost no middle class today. The state has a MASSIVE wealth gap. It’s basically a melting pot of the incredibly poor and the ultra wealthy. Same goes for NY.
In my 50 years on planet earth I can submit this is not the first time I’ve seen this tried. The news even said this is the second time this guy’s tried it. Heavily taxing the rich is the communist procedure, and not helpful. I’m a semi retired grocery clerk, middle class at best and I can say as an American, I believe the way to generate tax is to lessen unemployment, which won’t be improved overtaxing the successful in this country.
The funny thing is as the wealthy leave they don’t divert their real estate so it’s still impossible to buy a home there. The solution is simple: adopt Florida and Texas tax system. 0% income tax and relatively high property tax with generous homestead exemptions.
I live in NY and pay as much as any European but don't get free university for my kids or free healthcare. Not sure what I get exactly. Not happy. Don't be surprised if I'm out of here in 2 years when my youngest graduates...
Do they not understand that the rich can move (France learned that the hard was)? As to a wealth tax, do they not understand that if things like the stock market go down they will need to refund massive amounts?
He said they would only issue credits to be used on future gains, no refunds. So if a billionare (on paper) went totally bust, no refund ever....would have useless tax credits
It might be "fair" if the government gave back the money (with interest) to the unrealized capital gains that never became REAL gains. Of course, the government will never do that. If they did, then the extra bureaucracy would probably gobble up all the extra revenue generated.
@@reekinronald6776 it sounds better, but it becomes way too complicated. Plus it’ll be complicated for the individual to figure real or to pay for someone else to figure what about the elderly.
whatever brah, California taxes the heck out my income and don't get much in return. I live in San Diego and the homelessness problem is off the charts despite all the money thrown at the problem @@mrpablomx
How is it hard to get ahead in California when most of the people selling their house and leaving the state have so much money to spend in other states? Also how is it all democratic policies that are a problem when they have had both Republican and Democratic governors and they have more republicans than any other state in the country?
I saw 3 expensive cars with Cal plates last week in the parking lot at Trader Joe’s in Austin. Next years revenue losses will be even greater for California.
Oh sure... raising taxes on the wealthy... the ones who can most easily move... is sure to keep them in those states... the idiocy of politicians never ceases to amaze me.
Once the wealth- and those who own it- move to states like Texas and Florida, what then will California and New York tax? Will the last person to leave those states please turn out the lights?
That would not make sense since they would be taxing the ones with the resources to relocate BUT remember they also wanted to pass a law that would allow them to impose CA income tax on anyone leaving the state for further ten years.
