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These California politicians are bat shit crazy if they think the 169 billionaires they plan to tax won’t just change their residency... of course it's only a gambit in their quest for a wealth tax on everyone
https://californiaglobe.com/section-2/california-wealth-tax-proposed-in-constitutional-amendment/
@Full_node you are certainly right that the target of any tax is always going to be the group they can squeeze the most "revenue" from which ultimately means the middle class (what ever is left of it).
@notmandatory No real good can come from this.
@Full_node haha now I wouldn't go that far.. it will certainly be good motivation for society to stop trying to save their wealth in real/taxable assets 💸
@notmandatory Good way to look at it.
@notmandatory They know the billionaires will leave. The tax isn't for them. The tax is for the middle class that will be pushed into that bracket with coming inflation. These people wont be able to leave. Might sound far fetched but there's a photo from Zimbabwe of a guy holding a sign that states "starving billionaire" with a few massive fiat notes attached to it.