Google co-founder Sergey Brin has now spent $100 million to fight California’s proposed billionaire tax—he could owe $13 billion if he loses | Fortune
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The state’s ultrawealthy, including Larry Page and Peter Thiel, have similarly donated to efforts opposing the wealth tax.

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.

  • TranscendentalEmpire@lemmy.today
    1·
    18 hours ago

    This sounds to me like people misunderstanding of the concept of tax brackets, not a deliberate deception.

    Yes, there is a difference between an effective tax rate and marginalized tax rate. However, my point was that no one ever paid the marginalized income tax rate of 91% for income over 200k. In fact the 1% of their day had an average effective income tax rate that was lower than the lowest marginalized bracket available which was 17.4%

    How could it be that the tax code of the 1950s had a top marginal tax rate of 91 percent, but resulted in an effective tax rate of only 42 percent on the wealthiest taxpayers? In fact, the situation is even stranger. The 42.0 percent tax rate on the top 1 percent takes into account all taxes levied by federal, state, and local governments, including: income, payroll, corporate, excise, property, and estate taxes. When we look at income taxes specifically, the top 1 percent of taxpayers paid an average effective rate of only 16.9 percent in income taxes during the 1950s

    There were just a lot more loopholes back in the day that catered to the super wealthy. They still had things like capital gains, but they also had the oil depletion allowance, accelerated real estate depreciation allowance, collapsible corporations, and the ability to daisy chain their reported income across a number of years. The ultra wealthy who could afford to lobby members of Congress also had the ability to pay politicians to create specified tax carve outs personalized to their specific needs.