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Originally posted by dabrockster
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God bless America. Even our big commie state can kick everyone’s ass.Originally posted by Northwestcoug View Post"There is no creature more arrogant than a self-righteous libertarian on the web, am I right? Those folks are just intolerable."
"It's no secret that the great American pastime is no longer baseball. Now it's sanctimony." -- Guy Periwinkle, The Nix.
"Juilliardk N I ibuprofen Hyu I U unhurt u" - creeksterComment
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Depending on your definition of implosion, it could still happen some day. I have been on a Patrick Boyle kick recently and this video he posted a year ago I think explains the structural issues of California's tax regime:Originally posted by bluegoose View Post
TL;Didn't Watch: California's reliance on the wealthiest individuals and companies for the bulk of tax revenue could become a significant problem if their exodus accelerates and/or the politicians push them out with a wealth tax scheme. But the larger problem is the structure makes CA tax revenue fluctuate more wildly in economic cycles than most states...which is why they go from massive surplus to budget crisis every few years.
California isn't ever going to fall apart like the far right believes. But they have some real fiscal structural problems that the far left won't acknowledge that they need to solve if they want to maintain their position at the top and if they ever solve their larger social problems like homelessness. Hey, that sounds like the federal government!Comment
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This all happened as a direct result of the tech boom. It was in spite of California's policies, not because of them. There is too much of a foundation for a collapse, but imagine if California were more business friendly, like Utah, Texas, Florida? Which by the way, is where a lot of the tech has migrated.Originally posted by bluegoose View Post
Meanwhile, California just got enough votes for a ballot initiative for a "one-time" (ha!) wealth tax on billionaires. An idea so stupid that many of the state's more liberal leaders (including Gavin Newson) are fighting it tooth and nail.
https://www.nytimes.com/2026/04/26/u...smid=url-share
If approved to go on the ballot, the proposal will kick off an expensive election fight that will tap into voter anxieties about economic inequality as well as concerns from business leaders that California could lose its luster as a cradle of technological innovation. Powerful people, including Gov. Gavin Newsom and numerous Silicon Valley executives, have vowed to fight the proposal, while Senator Bernie Sanders, an independent of Vermont, has endorsed it.Good luck, you guys.Opponents of the proposed tax released a new economic study on Monday claiming that the tax would devastate California’s ecosystem of start-up companies just as the artificial intelligence industry is in its nascency. The new tax would lead to a raft of consequences, the report says, including the loss of an estimated 108,000 high-paying jobs and billions of dollars in income tax revenue over the next two decades. The study was written by consultants who worked in the finance departments of two former California governors, Jerry Brown and Arnold Schwarzenegger.
An earlier analysis by California’s Legislative Analyst’s Office found that the proposed wealth tax was likely to increase state tax revenue by tens of billions of dollars over several years. That analysis also found that the measure would decrease income tax revenue by hundreds of millions of dollars or more annually because some billionaires would leave the state.
“It’s gambling a potential one-time revenue bump in exchange for massive ongoing losses, which would force cuts to schools and health care,” said Dan Newman, a spokesman for an opposition group that is funded by the tech investor Ron Conway, among others."There is no creature more arrogant than a self-righteous libertarian on the web, am I right? Those folks are just intolerable."
"It's no secret that the great American pastime is no longer baseball. Now it's sanctimony." -- Guy Periwinkle, The Nix.
"Juilliardk N I ibuprofen Hyu I U unhurt u" - creeksterComment
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No comment on the proposal itself, but the opponents include (wait for it!).... Sergey Brin (google founder), Peter Thiel, and Bill Ackman (hedge fund). That economic study cited by the Times is not exactly unbiased.Originally posted by Jeff Lebowski View PostComment
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The mass exodus is happening. That massive economy is going to eventually pop as billionaires continue to leave..
Google Billionaire Sergey Brin Compares California Wealth Tax To Soviet Union Socialism
Brin, who has moved from a backer of liberal causes to a supporter of Republican President Donald Trump, told the New York Times in a rare statement: “I fled socialism with my family in 1979 and know the devastating, oppressive society it created in the Soviet Union. I don’t want California to end up in the same place.”
The proposed tax would apply to California residents with assets worth at least $1.1 billion and has pushed a number of bold-faced billionaires, including Brin, to leave the state.
The union leading the effort on Tuesday said it had collected nearly 1.6 million signatures of support— twice as many as the 875,000 it needs to get the measure on the November ballot—and has submitted them to election officials for verification.
That is a SUBSTANTIAL amount of wealth that has exited..
Google co-founder Larry Page (net worth of $281.9 billion) moved or axed more than 45 California limited liability companies last year, according to the New York Times, and purchased a mansion in Miami. Brin ($260.1 billion) terminated or moved 15 California limited liability companies out of the state, according to the Times, and has snapped up property in Florida and Nevada. Meta CEO Mark Zuckerberg($231.4 billion) is also leaving. PayPal’s Peter Thiel ($29 billion) was among the first billionaires to move his company (and home) out of the state, and he later donated $3 million to the fight against the tax. Car loan magnate Don Hankey($8.2 billion) said the tax was “ridiculous” before he left the state, and former Uber CEO Travis Kalanick ($3.6 billion) confirmed his move last month. DoorDash co-founder Andy Fang ($1.5 billion) announced his plan to leave the state several months ago and called the wealth tax proposal "stupid." Oracle Founder Larry Ellison ($217.9 billion) sold his Pacific Heights mansion on Billionaire’s Row for $45 million last year. It wasn’t his primary residence at the time
https://www.forbes.com/sites/maryroe...ion-socialism/Comment
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California still owes the Federal Govt 21-billion for COVID-Loans. How is this guy even a nomination for President when he is so inept.
https://www.foxnews.com/politics/gop...ped-businessesCalifornia is the only state that has not paid back its loans for a COVID-19-era program that helped states finance a surge in claims for unemployment benefits with federal money. Instead, the state's federal unemployment debt continues to climb and is projected to top $23 billion by the end of the year, according to CalMatters.
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I'll tell you what's right with California: Spencer Pratt's campaign ads. I have a hunch whoever is producing those is well-known in the industry but has to keep a low political profile.
Highly entertaining.Comment
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Lol do you just think any r is amazingOriginally posted by Shaka View Post
Is trump too embarrassing to praise nowComment
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