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Comment by dehrmann | Hacker News Reader

The California Billionaire Tax is a bad idea. It's not that wealth taxes can't work (most of the US taxes property just fine), it's that taxes need to be fair and predictable. The phase-in is too narrow and its implementation is too arbitrary. Why $1B? Why $5%? Why won't CA voters hit up billionaires again?

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I feel like every opposition I read to wealth taxes is someone saying that we shouldn't do it, because it won't be perfect. Without offering an alternative to the status quo, which is nothing.

We can iterate on taxes if they're ineffective, but it's unforgivable to not try and do something in the face of so much inequality.

I sort of implied that it needs to be predicable (annual) and less arbitrary (bracketed). A one-off tax sends the message that you can be taxed whenever and for whatever. Unpredictable policy sends a message that somewhere isn't a stable place to live or do business.

This is not my reaction to just you. This is my reading of "any time a wealth tax is brought up." My recommendation to you, given you seem to be acting in good-faith:

Make it clear "What you want a wealth tax to look like instead" But also, it's easier to destroy than it is to create, so I think any state setting the grounds for how they're going to try this, is worth supporting and iterating on.

Maybe, maybe not, but it's an example of Elon taking a side on taxes, per the original post.

"Why $1B? Why $5%?"

You have some numbers that are less arbitrary?

Why is my tax rate 30-40%? Why are billionaires like 0.1%? Why won't the U.S. and state governments hit me up every single paycheck, year after year?

Like holy smokes, who amongst these rich men will not be harmed!

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