To be a little more clear than this headline would suggest, it’s not a 4% tax on millionaires. It is a 4% tax on people making over $1M per year. That’s a pretty far cry from someone who simply owns a house, retirement fund, or a stock portfolio worth over $1M. And it’s going to education and infrastructure. I would fully support this tax if I lived in the state.
I wouldn’t strictly call it right wing nonsense. However, I’d definitely call it classist nonsense. Bezos owns stake in Business Insider, and is owned by Insider Inc. The CEO of Insider is Henry Blodget, who has a net worth of at least $50m and received over $300m in the sale of Insider to Axel Springer SE. The CEO of Axel Springer SE is Mathias Döpfner, with a net worth of $1.2B. The founder of Axel Springer SE is Axel Springer, who was compared to Rupert Murdoch when he was alive.
A lot of people learned their lesson about moving to avoid income tax in the past 3 years. Surprise, a lot of rich people and businesses ended up moving back to the states they shit on a couple years earlier. Including Elon Musk who makes waaaaay more than $1m
Is there actual evidence of this? I think FL and TX are still large net population gainers over the past few years, while MA, NY, CA all lost population. I have no idea about the net moves by income bracket though
This article also talks about several large companies paying to relocate employees out of Texas ^
You have to keep in mind, the whole abortion thing is fairly new, but quickly taking over red states. Add that with your comp being lower in red states and people learned a lesson the hard way.
Rich people like money, but they like having rights and not freezing to death without electricity more. Ask Ted Cruz lmao
I think that a 4% hit would be a lot for people making significantly less money.
The utility of each dollar drops the more you have. $1000 would be a massive amount of money to someone making minimum wage. $10000 in a single check might seem like a life changing amount of money for some people. At higher levels of wealth and income, those values would be far less significant. If you were to raise or reduce the salary of a typical Bay Area software developer by $1000, for instance, they probably wouldn’t even notice. And they’re not making $1M per year, either.
The reason we have things like a progressive income is that we can tax someone making $1M per year an extra $40k - as much or more than many individuals make - and it’s not going to seriously affect their spending or saving habits. If we tax someone making $50k an extra $2k, they would feel it.
To be a little more clear than this headline would suggest, it’s not a 4% tax on millionaires. It is a 4% tax on people making over $1M per year. That’s a pretty far cry from someone who simply owns a house, retirement fund, or a stock portfolio worth over $1M. And it’s going to education and infrastructure. I would fully support this tax if I lived in the state.
Exactly. I feel like calling it a millionaire tax is some right wing nonsense.
I wouldn’t strictly call it right wing nonsense. However, I’d definitely call it classist nonsense. Bezos owns stake in Business Insider, and is owned by Insider Inc. The CEO of Insider is Henry Blodget, who has a net worth of at least $50m and received over $300m in the sale of Insider to Axel Springer SE. The CEO of Axel Springer SE is Mathias Döpfner, with a net worth of $1.2B. The founder of Axel Springer SE is Axel Springer, who was compared to Rupert Murdoch when he was alive.
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A lot of people learned their lesson about moving to avoid income tax in the past 3 years. Surprise, a lot of rich people and businesses ended up moving back to the states they shit on a couple years earlier. Including Elon Musk who makes waaaaay more than $1m
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He may do that but from the leaked tax returns he paid about 24% on $1.2 billion over a four year period.
However, it’s super dumb that his tax rate on 1.2bill is the same as someone making $80k.
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Is there actual evidence of this? I think FL and TX are still large net population gainers over the past few years, while MA, NY, CA all lost population. I have no idea about the net moves by income bracket though
Tesla moving back - https://www.forbes.com/sites/brianbushard/2023/02/22/tesla-engineering-headquarters-will-open-in-california-musk-announces/
More people moving to CA than leaving - https://www.cbsnews.com/sacramento/news/mass-exodus-recent-data-shows-more-people-moving-to-california/
2/3 of female employees would not relocate to Texas for work - https://commercialobserver.com/2021/09/two-thirds-of-employees-wont-move-to-texas-after-abortion-law-survey/
This article also talks about several large companies paying to relocate employees out of Texas ^
You have to keep in mind, the whole abortion thing is fairly new, but quickly taking over red states. Add that with your comp being lower in red states and people learned a lesson the hard way.
Rich people like money, but they like having rights and not freezing to death without electricity more. Ask Ted Cruz lmao
Interesting. Republicans have successfully hurt their economies with abortion.
I worked down in Texas a couple years before the pandemic. I’m very glad to have moved back to Missouri. Which should say a lot.
Imagine if they expanded the tax to everyone making over median income!
A man can dream.
I think that a 4% hit would be a lot for people making significantly less money.
The utility of each dollar drops the more you have. $1000 would be a massive amount of money to someone making minimum wage. $10000 in a single check might seem like a life changing amount of money for some people. At higher levels of wealth and income, those values would be far less significant. If you were to raise or reduce the salary of a typical Bay Area software developer by $1000, for instance, they probably wouldn’t even notice. And they’re not making $1M per year, either.
The reason we have things like a progressive income is that we can tax someone making $1M per year an extra $40k - as much or more than many individuals make - and it’s not going to seriously affect their spending or saving habits. If we tax someone making $50k an extra $2k, they would feel it.
Note that we already pay 5% tax on income. This is effectively a second bracket for higher income