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

Re:California plan for wealth tax on anyone who spends 60 da... by xhkkffbf on Saturday December 19, 2020 @01:39PM (#25479864)
$50m * 0.004 = $200,000.

You might be interested in this nice lottery the state also offers. Some call it a tax for those who are bad at math.

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Re:California plan for wealth tax on anyone who spends 60 da... by scrollaway on Saturday December 19, 2020 @01:42PM (#25479896)
20m * 0.004 = 80k. GP isn't bad at math, you just fail to understand how these types of taxes work.
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Re:California plan for wealth tax on anyone who spends 60 da... by accountLost on Saturday December 19, 2020 @02:41PM (#25480468)
Took me a few minutes to figure it out. chipotle_coyote comment make sens if the tax is 800k. 50m*0.04 = 2m = 800k+600k+600k The tax is not 800k but 80k though. So it should be 80k+960k+960k.

So you could pay the tax, draw out $960K a year (I mean, you can live on that, right? Not a hardship?), and still have another $960K left over.

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Re:California plan for wealth tax on anyone who spends 60 da... by chipotle_coyote on Saturday December 19, 2020 @02:39PM (#25480449)
It is a tax on money after the first $30M, so that is

$20M * 0.004 = $80,000

Which does actually mean my numbers are off, in that I accidentally calculated the guy with $50M in wealth having to pay $800K in wealth tax, and he actually only has to pay $80K. So, thank you for pointing out that this proposed tax was even more trivial for anyone that it would have affected than I'd originally thought.

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