I felt something similar to Danny Taggart encountering all those missing wealth creators when I logged onto Parler early on after exiting the old twitter. There were dozens of names I remembered who'd been disappeared from that platform as punishment.
Then the marxist's at Apple & AWS came for Parler.
Even among the super rich, few of them have $50 million in easily liquid assets. Dumping enough stock or whatever to pay that bill will probably cost them even more than $50 million.
This ballot proposition redefines net worth in such a way that founders are considered owners of anything they control, assessing a founder with 10x voting rights per share in his own company, for example, as being “worth” 10x the dollar value of his equity.
Per the late November amendment:
“(C) For any interests that confer voting or other direct control rights, the percentage of the business entity owned by the taxpayer shall be presumed to be not less than the taxpayer’s percentage of the overall voting or other direct control rights.”
Question: what is 5% of 10x everything you actually own?
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For someone like Mark Zuckerberg the tax would be 50% of his Meta stock. It also completely destroys the VC industry as a whole since many successful VCs would end up potentially owing under this tax. Even though they aren't technically billionaires they might well have sufficient voting stock of companies that their, say, $200M in meta, google etc. is counted as being worth $2B
Government has forgotten taxes are paid so the government can serve the people effectively. Government hasn't served anyone "effectively" in so long, I don't believe it's happened in my lifetime. Government wastes our money, steals our money, lets others steal our money and then spends the little bit of our money leftover on things they know damn well if they put the expenditure in a ballot referendum, the majority of the population would be laughing in the voting booth as they shot it down. I'm starting to think we need a movement where millions of the people withhold their taxes until government remembers they build nothing, earn nothing and that means they exist at our pleasure and the consent of the governed. Clearly, they've forgotten that if they believe one is a "piece of 💩" for wanting to keep more of what one earned by the sweat of one's brow and the thoughts in one's head.
Obama stole that "you didn't build that line" from Liz Warren. Her original was much more convincing. Here's what she said:
I hear all this, you know, 'Well, this is class warfare, this is whatever.' No. There is nobody in this country who got rich on his own — nobody. You built a factory out there? Good for you. But I want to be clear. You moved your goods to market on the roads the rest of us paid for. You hired workers the rest of us paid to educate. You were safe in your factory because of police-forces and fire-forces that the rest of us paid for. You didn't have to worry that marauding bands would come and seize everything at your factory — and hire someone to protect against this — because of the work the rest of us did. Now look, you built a factory and it turned into something terrific, or a great idea. God bless — keep a big hunk of it. But part of the underlying social contract is, you take a hunk of that and pay forward for the next kid who comes along.
The problem with that is she did not acknowledge taxes. That hypothetical factory owner paid income tax, business tax, land tax, gas tax to pay for the roads, sales tax, state business tax, plus water, sewer and electric rates to pay for consumption. Plus his employees paid taxes. Warren acted like the factory owner got all of that for free and she was the first to consider taxing corporations.
And, when she wrote that the US had the highest corporate tax rate in the world.
I felt something similar to Danny Taggart encountering all those missing wealth creators when I logged onto Parler early on after exiting the old twitter. There were dozens of names I remembered who'd been disappeared from that platform as punishment.
Then the marxist's at Apple & AWS came for Parler.
Check your math there brother. Five percent of one billion isn't fifty thousand dollars. It's fifty million.
God damn it, you're right. I brainfarted when figuring and forgot to add the zeroes back.
Life happens
That it does.
Even among the super rich, few of them have $50 million in easily liquid assets. Dumping enough stock or whatever to pay that bill will probably cost them even more than $50 million.
50 million per billion.
It's worse. From pirate wires - https://www.piratewires.com/p/californias-tech-industry-kill-switch
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This ballot proposition redefines net worth in such a way that founders are considered owners of anything they control, assessing a founder with 10x voting rights per share in his own company, for example, as being “worth” 10x the dollar value of his equity.
Per the late November amendment:
“(C) For any interests that confer voting or other direct control rights, the percentage of the business entity owned by the taxpayer shall be presumed to be not less than the taxpayer’s percentage of the overall voting or other direct control rights.”
Question: what is 5% of 10x everything you actually own?
---
For someone like Mark Zuckerberg the tax would be 50% of his Meta stock. It also completely destroys the VC industry as a whole since many successful VCs would end up potentially owing under this tax. Even though they aren't technically billionaires they might well have sufficient voting stock of companies that their, say, $200M in meta, google etc. is counted as being worth $2B
Good point.
Government has forgotten taxes are paid so the government can serve the people effectively. Government hasn't served anyone "effectively" in so long, I don't believe it's happened in my lifetime. Government wastes our money, steals our money, lets others steal our money and then spends the little bit of our money leftover on things they know damn well if they put the expenditure in a ballot referendum, the majority of the population would be laughing in the voting booth as they shot it down. I'm starting to think we need a movement where millions of the people withhold their taxes until government remembers they build nothing, earn nothing and that means they exist at our pleasure and the consent of the governed. Clearly, they've forgotten that if they believe one is a "piece of 💩" for wanting to keep more of what one earned by the sweat of one's brow and the thoughts in one's head.
Obama stole that "you didn't build that line" from Liz Warren. Her original was much more convincing. Here's what she said:
I hear all this, you know, 'Well, this is class warfare, this is whatever.' No. There is nobody in this country who got rich on his own — nobody. You built a factory out there? Good for you. But I want to be clear. You moved your goods to market on the roads the rest of us paid for. You hired workers the rest of us paid to educate. You were safe in your factory because of police-forces and fire-forces that the rest of us paid for. You didn't have to worry that marauding bands would come and seize everything at your factory — and hire someone to protect against this — because of the work the rest of us did. Now look, you built a factory and it turned into something terrific, or a great idea. God bless — keep a big hunk of it. But part of the underlying social contract is, you take a hunk of that and pay forward for the next kid who comes along.
The problem with that is she did not acknowledge taxes. That hypothetical factory owner paid income tax, business tax, land tax, gas tax to pay for the roads, sales tax, state business tax, plus water, sewer and electric rates to pay for consumption. Plus his employees paid taxes. Warren acted like the factory owner got all of that for free and she was the first to consider taxing corporations.
And, when she wrote that the US had the highest corporate tax rate in the world.