Tech billionaires are making plans to bail on California ahead a possible ballot measure that would tax their assets to help pay for healthcare.
Sources told the New York Times that venture capitalist Peter Thiel has explored spending more time outside California and opening an office for his Los Angeles-based personal investment firm, Thiel Capital, in another state.
Lol they already have like 500 homes in like 50 countries. Its either this or a series of Luigi Mangioni-like shootings and imo, I’d rather have these billionaires just pay their fucking taxes.
Good, making California a more affordable place for California families. I hope one their platinum-plated private jets collides with the others gold-plated mega yacht on their way out and I never have to read this shit from their publicists again.
A.) No they’re not
B.) If they do, then good for everyone in California. Let them dodge taxes elsewhere.
If he leaves the country maybe he’ll take his puppet Shady Vance with him.
There’s plenty of southern states with insanely regressive tax schemes these fuckers could live in.
But you know they won’t. Doesn’t Peter Thiel notoriously enjoy the liberal young men of San Francisco?
Oh I’m not saying they will but they will before they leave the country lol
Your taxes don’t mean shit to the state if all you do is look for reasons not to pay them, and don’t pay them.
Would it really be a great loss then?
Aren’t paying taxes if you stay, aren’t paying taxes if you leave.
go on, git!
You don’t have to sell it to me I was already in
If you’re rich beyond imagination, why nog pay taxes?
Liquidity issues.
For example, loads of elderly people in California own homes that have very low property taxes which were assessed decades ago. If their property values were re-assessed today they wouldn’t be able to afford the property tax and would have to sell their home and move (possibly flee the state).
Now that’s not the situation these billionaires are in. They aren’t tied up in a single house they’d have to sell. Their issue is that they’d have to sell a lot of stocks to pay a wealth tax, an event that could trigger a huge market drop in the price of those stocks.
You can be extremely asset-rich while being relatively cash-poor. I say relatively because these billionaires likely have millions in cash sitting around but that might not be enough to afford tens of millions in taxes every year (which must be paid in cash, not stocks).
5% is a pretty high wealth tax, so I actually find this credible.
As rough as property tax can be, 5% would be crazy. Imagine being told you owe 25,000 dollars because Zillow shows houses near you selling for 500k…
I prefer the concept of stock secured loans counting as income.
I mean I’m middle class and could afford this… sure I wouldn’t be happy about it but the idea that it would be so onerous on literal billionaires seems absurd.
Because all they have left is hoarding wealth and the fear of losing some of it. They’ve become the movie or book trope of the withered miser who is completely consumed by greed and has nothing else. Unfortunately most of the real misers don’t get any comeuppance while the fictional ones do.
I think we’ve allowed the rich people dick measuring contest to go on for too long. All these guys care about is the imaginary number next to their name is higher than the other guys. Greed yes, but competition, game, sport, between psychos…also yes.
We should hold a farewell party and hold them to it
The ultra wealthy said the same thing about New York City, they aren’t going anywhere.
“Leave” as in claiming their primary residence is in Florida while spending all of their time in California.
California is pretty strict about taxing you if you spend too much time there.
I’m in Washington state (no state income tax) and have had colleagues who’ve spent a lot of time in California warned by payroll that they’re approaching the limit on time before you’re deemed a tax resident (maybe 180 days per year, but I’m not sure).
In particular, any part of a day spent in California counts as a whole day, as I understand it. So if you fly in on Monday evening, spend Tuesday and Wednesday, then fly back Thursday morning, it’s 4 days.
I think Tennessee is the new hotness for tax free residency.
Puerto Rico does it right. In order to claim primary residence there you have to physically be there for something like 180 days of the year without any travel. States need to do that too.
180 uninterrupted days or 180 total? I think my state does 181 total
I live in a regional hub in a red area. All the people who live in the surrounding counties split their time between shitting on the “big city” and spending all their time here without paying any taxes
i doubt he wants to be associated with florida right now, considering what happened to his sidepiece last year, involving windows. thiel is a creature of habit, he hates anything news that unravel his behaviour.
They should flee earth. Start living on the moon and leave the rest of society.
Keep those evil fuckers running!
