Reply to California's Wealth Tax

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[quote=Anonymous][quote=Anonymous]How much in taxes do these guys actually pay in California? We know their federal taxes are down to single digit percentages because of how their income is structured and reduced by huge phantom deductions like depreciation. Beneficial Trusts own their big expenses like yachts, homes, art. They can time their distributions of capital.

[/quote]

Probably close to nothing.

Screw the wealth tax - the way to go is to charge them an insane luxury purchase or use tax on every purchase or non-market transfer of billionaire-y items, like showy cars, mansions, yachts, private planes, priceless art, jewelry, designer clothing, etc. happening in or coming into the state. Implement a PPT scheme to keep the funds rolling in each year.

Charge a transfer tax when the property gets sold out of state or retitled to a divorced spouse or trust. All taxes based on FMV or sale price, whichever is higher.

Implement a luxury tax for household services. Lock it down so it’s airtight and unavoidable. Target a luxury tax to the use of plastic surgeons and aestheticians for any non medically necessary purpose.

The billionaires could avoid every single tax by living like how cash poor they claim they are. [/quote]

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