Two takeaways here:
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I thought billionaires would leave the state if we taxed them?? Are you telling me there is a compelling reason that either they or their companies might want to stay located in CA? Who would have guessed?
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I’m OK with this. It is basically a corporate tax now instead of a personal tax. As long as CA gets the billions of dollars it needs from someone, I don’t care where it comes from. We should be taxing corporations more and should be taxing billionaires more, but it is a start. Also, this fucks the shareholders who might maybe possibly think of restricting pay packages for him.
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Under the deal, Zuckerberg will receive new shares that could be sold to potentially foot a multibillion-dollar tax bill in the event that California passes a one-off billionaire tax. In return, he is committed to remain a resident of the state, or wherever Meta maintains its base, for eight years
Cool…
So we can do another “one time” wealth tax again the next 7 years and lil zuck the duck is locked in?
Billionaires wealth and their companies assets have been interchangeable for a long time, just keep fucking take it back from either of them, it accomplishes the same thing.
We just can’t stop with the one off.