News for hackers. Stuff that matters.

A comment on Calif. Wealth Tax Proposal Likely Faces Constitutional Challenges.

Re:Calif. Wealth Tax Proposal Likely Faces Constitutional Ch... by CryptoPunk on Tuesday September 01, 2020 @08:11AM (#24340916)
Do the proponents of these heavy tax burden schemes think the benefits of lower wealth inequality and higher extraction rates will outweigh the loss of incentive to work/invest, allocation efficiency and capital (from more capital flight and less capital influx)?
[ Parent | on HN ]
Re:Calif. Wealth Tax Proposal Likely Faces Constitutional Ch... by jdhn on Tuesday September 01, 2020 @08:29AM (#24341062)
Yes, they really do.
[ Parent | on HN ]
Re:Calif. Wealth Tax Proposal Likely Faces Constitutional Ch... by CryptoPunk on Tuesday September 01, 2020 @03:46PM (#24346161)
Even the difference between 1 and 2% per capita GDP growth per year is the difference between per capita GDP growing 35% and 82% over 35 years.

It's hard to imagine the benefits for the masses of an additional 47% in per capita productivity growth not outweighing the benefits of the higher tax rates on the rich.

[ Parent | on HN ]