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California ‘billionaire tax’ makes ballot despite opposition from tech moguls (www.theguardian.com)
submitted 3 months ago by to c/technology@lemmy.world
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[–] 8 points 3 months ago (1 child)

I was going to answer how taxing income instead of assets is more effective because it emphasizes reinvesting and creating jobs. But billionaires shouldnt exist. Its just too much accumulated in one person.

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  • [–] 2 points 3 months ago

    The problem with the "reinvestment" thesis is that the US and certainly not California, aren't some fledgling economies struggling to develop and grow--wealth is so unhealthily concentrated it leads to those with outsized portion of the gains investing in things for the sake of investing rather than actually doing anything good for the economy(let alone nation) long term.

    Billionaires have wealth managers and investment teams throwing money at returns regardless of externalities, tax minimization, lobbying...they aren't putting money into anything "real" that anyone on main street or any other street would benefit from.

    5% one time seems so poorly thought out it was designed to be voted down by those who want real change (permanent, ongoing), which is anyone not in the 1%

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