General Discussion

walkingman

(10,295 posts)

31. Wealth Taxes should be at the Federal level not State level

Tue Dec 30, 2025, 12:10 PM

Tuesday

Arguments for nationalizing wealth taxes:

1. Preventing "Millionaire Flight": State-level wealth taxes may cause top talent and entrepreneurs to move to less regressive states, making national policy more effective.
2. Addressing Economic Inequality: Federal taxes are seen as a necessary tool for distributive justice to curb extreme wealth concentration.
3.Targeting Unrealized Gains: A national policy could address taxes on paper wealth or assets, which are difficult to tax effectively at a state level.
4. Uniformity: Federal, rather than state, rules would eliminate loopholes for the ultra-rich.

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Highlight:

Gavin Newsom warned that billionaires will 'permanently relocate' if California wealth tax passes [View all] CoopersDad Tuesday OP

Don't let the door slap you on the ass on your way out, parasites. Ocelot II Tuesday #1

You beat me to it SheltieLover Tuesday #27

Parasites is EXACTLY what they are. USS_Dauntless 22 hrs ago #87

I guess that will open housing for people who pay taxes. NT Gore1FL Tuesday #2

Newsom's response should be: CousinIT Tuesday #3

Newsom dweller Tuesday #8

Ugh karin_sj Tuesday #23

Ugh. CousinIT Tuesday #26

Better get the nose clips ready. BannonsLiver Tuesday #30

Most of those people Boo1 Tuesday #50

They would have to move in the next day to avoid the retroactive tax? newdeal2 Tuesday #4

The BILLIONAIRE Class have become the WHINER class. ProudMNDemocrat Tuesday #5

It is called greed Stargazer99 Tuesday #6

They are as addicted to money as any heroin addict is addicted to heroin. travelingthrulife Yesterday #76

I think they should whine louder and more publicly EYESORE 9001 Tuesday #20

They always have been Johonny Tuesday #22

Is it 1 or 5%? Either way, they can afford it, just curious which is correct? Jmb 4 Harris-Walz Yesterday #71

Make it a National Law, save SS Law. multigraincracker Tuesday #7

Yes! SheltieLover Tuesday #28

"So, what's the bad news?" nt Buns_of_Fire Tuesday #9

Good Riddance! NT Daigan Tuesday #10

I honestly think a majority would gladly have the Kardashians (and of course, Musk) depart California... hlthe2b Tuesday #11

Contribute to the common good or goodbye. C_U_L8R Tuesday #12

Money hoarders UpInArms Tuesday #13

"Sometimes the coppice needs to be cleared lest it becomes a hedgerow." Hugin Tuesday #14

Hey MAGA, it's not the immigrants who are ruining America! It's the billionaires! Initech Tuesday #15

Bye.. .... Lovie777 Tuesday #16

The state of California's economists have projected that this tax would result in a net loss of revenue Jose Garcia Tuesday #17

Link? nt drmeow Tuesday #32

New York Times: Jose Garcia Tuesday #34

I keep hearing that they don't pay any taxes anyway MichMan Tuesday #43

These entitled assholes... GiqueCee Tuesday #58

Typically a billionaire will be shielded from direct income tax PCB66 Yesterday #74

Point taken... GiqueCee 20 hrs ago #91

Feels like a poison pill measure designed to get GOP Johonny Tuesday #18

It could probably get renewed every 5 years MichMan Tuesday #38

They are his peeps though Blue Full Moon Tuesday #19

Good riddance, assholes! karin_sj Tuesday #21

California will be better without them. spanone Tuesday #24

Are you sure about that? pcdb Tuesday #48

They don't pay DiverDave Tuesday #61

They won't leave. intheflow Tuesday #25

As long as they take Zuckerberg with them Retrograde Tuesday #29

Wealth Taxes should be at the Federal level not State level walkingman Tuesday #31

Totally agree with you, however, our inept president would never allow it. Jmb 4 Harris-Walz Yesterday #73

I believe there would need to be a constitutional amendment MichMan Yesterday #81

As far as a "direct tax" but couldn't you raise the tax rate based on income? walkingman 21 hrs ago #88

Sure, but that isn't a wealth tax, like people are advocating for here. MichMan 21 hrs ago #89

I see, I agree to claw back wealth would never work. They would just go offshore walkingman 21 hrs ago #90

Spiro is a F'ing con man. haele Tuesday #33

Spiro is a scumbag Hassin Bin Sober Tuesday #46

Silly billionaires. hunter Tuesday #35

California will be better off when these leeches leave. bluestarone Tuesday #36

Not a good idea jonstl08 Tuesday #37

Of course they will? OC375 Tuesday #39

50 million dollars one time kwolf68 Tuesday #40

So California will lose the tax money of people who don't pay taxes? LostOne4Ever Tuesday #41

Massachusetts was warned that the wealthy would flee if a wealth tax was instituted. TheRickles Tuesday #42

How will the government determine how much they owe? MichMan Tuesday #44

The low cost of living has never been a reason to live in California. Buddyzbuddy Tuesday #45

I hope they don't come to my state. BoomaofBandM Tuesday #47

Can they please move out of the US altogether? Luciferous Tuesday #49

Well, that's a good thing, isn't it? Scrivener7 Tuesday #51

Where they gonna move? Alabammie, for the lifestyle, right? bucolic_frolic Tuesday #52

Lol like how all the billionaires said theyll leave MA after their progreesive tax was passed? SSJVegeta Tuesday #53

Why are they in CA to begin with? Because they like it there. Maybe it's the weather. Intractable Tuesday #54

If they're willing to brave the threats of fire, earthquakes, floods, coastal erosion, etc., they'll leave over a Jmb 4 Harris-Walz Yesterday #72

Billionaires will not ignore an entire economy as large as California. unblock Tuesday #55

Doesn't mean they have to live there to have investments MichMan Tuesday #66

Who cares if they leave? Their money is their only leverage. unblock Tuesday #69

There Goes John Galt lame54 Tuesday #56

NYC Billionaires said the same thing if Zoltan Mamdani were to be elected Mayor. no_hypocrisy Tuesday #57

You just nailed it. CoopersDad Tuesday #65

Is that a threat or a promise...? regnaD kciN Tuesday #59

What a terrible headline -- someone trying to take down Newsom? W_HAMILTON Tuesday #60

I'll still vote YES... just for s&g WarGamer Tuesday #62

Tax evasion is illegal. Patton French Tuesday #63

It's "Tax Avoidance" not Evasion DUU 22 hrs ago #86

This is just Billionaires leveraging their enormous privilege thought crime Tuesday #64

if every state did this, then where would they move? Takket Tuesday #67

"Right after I got here, i ordered some spaghetti with marinara and got egg noodles with ketchup" maxrandb Tuesday #68

This message was self-deleted by its author Celerity Yesterday #70

Good riddance. travelingthrulife Yesterday #75

No doubt, they would all love moving to Texas... dlk Yesterday #77

Wait till he's President. Kid Berwyn Yesterday #78

you know what ought to be done to explain the tax is Dyedinthewoolliberal Yesterday #79

If we do not tax billionaires we will not have a democracy delisen Yesterday #80

So, they will declare Bettie 23 hrs ago #82

The younger generation are noticing! MenloParque 23 hrs ago #83

IANAEM. I am not an English Major, but "Gavin Newsom warned" has two opposite meanings. usonian 23 hrs ago #84

The "wealth tax" seems like one of these demagogic gimmicks gulliver 22 hrs ago #85

Not only that, stocks change value daily, even hourly MichMan 20 hrs ago #92