California plan for wealth tax on anyone who spends 60 days a year in the state

Re:California plan for wealth tax on anyone who spends 60 da... by T-hawk on Saturday December 19, 2020 @12:22PM (#25479055)

> If you're going to move where you live or significantly alter where you spend you time because of 0.4% of things above 30M, that's a real sign of just how far American greed has gone.

I would say this isn't any different than any other greed at any other place or time. It's simply a cost-benefit tradeoff decision. If people perceive that being in California makes more money than the wealth tax costs, they will stay. If not, they will leave. There doesn't have to be any moral or principled component to this, just simple self-interest.

Also don't overlook the deterrence factor. The wealthy currently in CA may stay there if moving represents a greater overall cost. But anyone not currently in CA would have a great disincentive to never move there.

[ Parent | on HN ]

Re:California plan for wealth tax on anyone who spends 60 da... by runarberg on Saturday December 19, 2020 @12:50PM (#25479368)

Economists love to believe that humans are rational actors, even though it has been shown again and again in experimental settings that only a minority acts in an economical rational way. Economical self interest is a really poor predictor of behavior

[ Parent | on HN ]