Thanks centrists!
Blue maga
They got gay rights wrong the first time. Better come to their senses.
deleted by creator
As a CA voter who voted in favor of prop 40, this is disappointing.
If the ballot had simply said “Do you want to tax billionaires’ wealth?”, I bet the result would have been different. There were 3 separate ballot measures, one of which needed to be voted Yes, and the other two of which needed to be voted No (as they would negate the first), they weren’t super clear, and there was a lot of propaganda getting shoved down their throats about this. I’d be willing to bet that no small amount of people supported the measure but fucked it up when they were voting.
For me personally I was a bit on the fence because you don’t want to tax illiquid assets, since if I have a billion dollar business but all that money is in the business, that money is already doing work and in the economy which I don’t have as much an issue with. But turns out most billionaires exploit that and try to make ALL their assets seem as illiquid as possible, as to avoid having visible personal wealth. I can see reasons for voting against it but those reasons don’t cover all the ones cheating the system.
If you have a billion dollar business and you leverage $100 million for a loan, whatever you leverage ought to be taxed and considered income if you ask me.
If it isn’t liquid you can’t use it, if you can use it, it is taxable.
If I am given a stock that is worth $1. I pay taxes on the $1 because $1 is income.
If the stock goes to $2. Do I automatically owe the government more tax?
Now if I take my $1 stock that is now worth $2 and trade it for a 2 dollar bill. Do I automatically owe the government more tax?
But if I take out a $1 loan and use my $1 stock that is now worth $2 as collateral, I do owe taxes?
If you have a billion dollar business and you leverage $100 million for a loan, whatever you leverage ought to be taxed and considered income if you ask me.
Lets say I have $10,000 in total assets (car included) and I leverage my car worth $1,000 for a loan. You expect me to pay taxes on that $1,000 loan like it was income? Why would a business be different?
Because you are a person and a business is not.
If I buy a house for 100$ then that house is now worth 100$, as that transaction set the market value at the time of purchase. 5 years later an assessor from the AHJ comes by and informs me it’s worth 150$ because “market”. My property tax burden has now increased as its percentage based on the market value of the house. I now owe higher taxes on unrealized gains.
If it works in property why not stocks? Is it the risk that makes the difference?
The risk the American tax payer has been forced to burden since we’ve bailed major institutions out of insolvency since 2008 (and before).
We are/have been allowing the ultra wealthy to create a system where they mitigate all their personal financial risk and then the people philosophize why it would be “unfair” to level the playing field. I don’t get it.
Yes, it might appear silly in the above hypothetical to be taxed on the same dollar 5 times but that isn’t the discussion. We are talking about a one time set rate tax on billionaire assets because it’s obvious that this game is rigged and something needs to be done.
Unfortunate, this didn’t pass as it might have been a proof of concept for the rest of the nation.
almost like it was deliberately made confusing to systematically defeat the measure.
Yeah, having a measure, and then separate initiatives against that measure, on the same ballot should honestly be illegal. “Do you want to do this thing?” and “Do you want to prevent this thing from being done, now and in the future?” have no place being voted on at the same time.
Yup, people in this thread are quick to blame the voters. Most voters, unless taking extreme preparations beforehand, were aware there was a ballot measure to tax the rich, but probably very confused by the three ballot measures and how they would interact.
I suspect Gavin Newsom is having a laugh on a yacht right now with quite a few billionaire friends (figuratively, maybe literally). They wanted to confuse voters with scary language, and they did, by spending hundreds of millions of dollars in disinformation. Musk probably is furiously taking notes.
Musk was probably in on bribing him.
Dumbasses
Ahem, actual retards
Let’s not insult the mentally handicapped, at least one of whom I know and votes very sensibly. Turns out it’s not that hard to see through BS and pick kind people if that’s what you want.
The problem is greed and cruelty, not mental capacity.
deleted by creator
“it wasn’t written clearly enough, if the billionaires relocated their money outside of the reach of the California government they’ll be forced to fill in the excess by taking from the retirement accounts of less wealthy people, we will just need to agree to cancel each other’s votes on this issue” my mother in law.
My concern is with 42 passing will we be able to change tax code at all going forward? That proposition seems sinister and further reaching than 40 would’ve been had it passed
To respond to your mother in law: Either way the billionaires are paying nothing in taxes and the healthcare system still has to be funded somehow.
Also the other comments I saw a lot of “it’s never a one time tax and it’ll trickle down to everyone”
Look at all those embarrassed would-be-billionaires!But you guys dont get it. All those voters, that majority, they might be billionaires one day and they’ll want that money
Keep on laying those golden eggs, goose.
this is why democrats can’t be trusted. They will always betray the working class
People can downvote you all they want but just look at WA state. Since we have had a Dem trifecta majority for nearly a decade the state constitution has been rewritten by the state supreme court, unions have become weaker, costs have skyrocketed, businesses get more tax breaks while paying employees less and politicians have reduced transparency. Now that WA Democrats hold a supermajority they don’t have to answer to anyone because they know at this point they can hold onto power forever.
Lol you people don’t want change. You want the status quo back.
The status quo from 40 years ago? Yes, we do.
I think it’s partly cause people don’t want to take what’s rightfully theirs.
if you have 10 apples and I have 1, I wouldn’t want to take one from you simply cause you have more. if, however, I knew you’d nefariously gotten 5 apples by forcibly taking them from others, then that would be a different story
It’s more like you have a million apples, and there’s a whole town with 1 apple each who’re starving. It doesn’t matter how you got those apples, that town should storm your house and take them, because you don’t need them and the fact that you’re hoarding them at all is an indication that you shouldn’t be allowed to make that decision.
A difference in moral philosophy. The ability to help, absent some other relationship, does not create the obligation to help.
Wouldn’t the analogy be 1,000,000,000 apples compared to a few apples and for a sizable population, 0 apples. Isn’t that a sign of a broken system? Isn’t there some level of greed and most likely corruption in the idea of holding 1 billion apples to yourself?
