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by GenerWork3 hours ago |
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upvoteby viraptor2 hours ago|
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There are two pretend types:

- they move their official residence and happen to stay most of the time at the "totally just rented" place in the same state anyway

- or keep telling everyone how they're going to move, but don't actually do.

Because let's be honest - if there wasn't a big reason to live where they do, and it wasn't a pain to work from another state, they wouldn't be there to begin with. They're paying the higher taxes because they benefit(ed) in some way.

They also benefit from being famous and threatening to leave.

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upvoteby serf3 hours ago|
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its a luxury of the ultra-rich.

they threaten to move to push legislation which way they want.

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upvoteby 2 hours ago|
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upvoteby burnt-resistor2 hours ago|
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A number of my friends who belong in these very high upper brackets have suggested to me, more in sorrow than in anger, that if I am reelected they will have to move to some other Nation because of high taxes here. I shall miss them very much but if they go they will soon come back. For a year or two of paying taxes in almost any other country in the world will make them yearn once more for the good old taxes of the U.S.A.

President Franklin D. Roosevelt

Address at Worcester, Massachusetts

October 21, 1936

It's always a bluff like a kid throwing a temper tantrum going to "hold their breath".

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upvoteby georgemcbay3 hours ago|
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> Do people often pretend that they're going to move?

It isn't unheard of.

Adam Carolla has been threatening to move out of California for like at least a decade at this point.

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upvoteby 486sx332 hours ago|
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upvoteby tkel2 hours ago|
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They threaten to do this every single time there is an election in NYC. And studies have shown that they are lying. To try and manipulate people. The rich are actually far less likely to move.

[1] https://fiscalpolicy.org/migration

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upvoteby Alupis3 hours ago|
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Every election you have celebrities and wealthy individuals threaten to leave the country, etc. Nearly none of them follow-through, and of the ones that do, many ultimately move back.

Page left California specifically because of the so-called "Billionaire Tax", and is taking with him his family (which will inherit his vast riches), his philanthropy, his non-profits, many jobs, taxes and more. The effect will be generations of lost benefits to California.

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upvoteby garciasn3 hours ago|
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Yeah; there's absolutely no way he could possibly support philanthropic efforts in one state from another. Nope; everyone now loses out because of it!

There is absolutely 0 reason that someone worth $270 billion needs to worry about the 5% tax. The 5% tax will reduce his estimated worth by $13.5B bringing him to a paltry $256.5B.

To put $256.5B in perspective: over two /lifetimes/, he would need to spend around $4.5MM a day to exhaust that number, assuming it did not grow exponentially over that same time.

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upvoteby zeroonetwothree2 hours ago|
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1. The tax could cause him to sell equity he doesn't want to. It's not like he has $270B in a checking account.

2. If they do it once then why not again next year? Maybe next time it's for only $100 million or $10 million or $1 million. Eventually everyone is paying 5% of their wealth every year. Why not? That's how we got the current income tax.

3. It's the principle. Resisting these efforts sends a signal that they aren't a good idea.

4. Do we really think the money is better off in control of the incompetent CA government than invested in private enterprise or donated to charity? I don't see how it's better for it to line Newsom's Swiss bank account.

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upvoteby garciasn2 hours ago|
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It’s supposedly a one-time tax; but, you’re right; who knows what they’ll do.

But his net worth has effectively more than doubled in 1y. I think he’ll be just fine.

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upvoteby viraptor2 hours ago|
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> The tax could cause him to sell equity he doesn't want to. It's not like he has $270B in a checking account.

How annual income should return more than that if he can do anything at all.

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upvoteby ivewonyoung2 hours ago|
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According to later replies on X it's based on voting control percentage for dual class shares, so it's 40% tax, not 5%. So more than $100 billion.
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