Proposition 40, which will be on the ballot in November, would impose a one-time, 5% tax on California’s 200 billionaires,
These fucks will do anything to avoid paying taxes…
with 90% of the revenue from the proposed measure going toward the state’s health care program and 10% going toward education, food assistance, and administration. Brin, with a net worth of nearly $260 billion, could owe about $13 billion as a result of the tax.
Can’t be contributing to “socialism” I guess? Get some of that $260 billion liquid and pay up, dickhead.
This is treating a symptom and not the cause.
Assets will be kept elsewhere; it’s an inconvenience, but not solving the fundamental problem.
All corporate entities must have employee ownership. Only government can enforce this, the shareholders and board won’t willingly share any assets, they will always fight for the closest thing to slavery that they can get, they will fight to the last penny.
Corporations would still move most assets overseas, but at least some of the earnings can be redistributed when they do business in your state.
(See Panama and Pandora papers for more details on international tax evasion, which will always be an option, as there is always a country eager to make hundreds of billions)