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[quote=Anonymous][quote=Anonymous]What are DCUM's thoughts on California's proposed wealth tax.

To me it makes more sense than capital gains taxes.  I feel that taxing earnings are problematic.  It encourages companies to reinvest rather than pay dividends that might be taxed.  Eventually creating the conditions that monopolies flourish in.

EG capital gains taxes it actually punishes people that make and report profits.  Personally, I feel we should really encourage profits at least the theoretical ideal, where a company efficiently produces a product and sells it for more than they needed to produce it.  Though, the standard profit that we have today, where each company feels it's entitled, to 10% profits is basically rent seeking, and that is exactly the problem I think capital tax solves.  Either you are putting your money to use and creating profits and paying them out to shareholders, or you don't deserve to have that amount of influence.  Full stop.

What are other thoughts on the idea?  Furthermore, I think it's justified in the amount of political influence that these billionaires garner and how much of our government is optimized for them.  Want government services, like USCIS Visa's, start paying.[/quote]

First of all, a lot of California based public companies pay dividends already so your first point is debunked.

Who are you to dictate how much profit a company should make? Let the free market decide especially for wants vs needs. If you think a product or service is too expensive then don't buy the product or service. Let competition work. If enough people do this, eventually the company will lower prices. It's called the power of the purse. Essentials such as food have razor thin profit margins as is.

Wealth taxes have been tried in other countries and have failed. Not a fan.[/quote]

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