California Is Chasing Wealth That Has Feet | Hacker News Reader

California Is Chasing Wealth That Has Feet

progressandpoverty.substack.com

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Land doesn't have feet, so it can't run away. But the people who want to live on expensive land have feet, and they can most certainly run away.

Let them run away. As Marx pointed out, Capital does not by nature spread itself, but rather concentrates itself in the hands of the few. Billionaires do not add to economies, they are parasites that extract value from them. That means they become unlivable. Tax the billionaires, and that offsets their impact. Get rid of them, and that eliminates them completely. Housing and other costs will diminish. Win win.

> Billionaires do not add to economies, they are parasites that extract value from them.

Does the same apply to millionaires and thousandaires? What about people who work hard and aspire to be wealthy?

> Housing and other costs will diminish. Win win.

That's true, when you make somewhere less attractive to live, people leave and then it gets cheaper. Of course, it's then less enjoyable for the people who end up living there too. Bit of a dilemma, really.

Are you trying to troll? You're going to have to do harder. All of your "arguments" are patently absurd.

First, there is an order of magnitude difference between billionaires and millionaires.

Second, nobody is saying the billionaires should be treated unfairly; quite the opposite, the basic proposition is that they should be treated fairly - taxed like everyone else, according to the same principles, which is (in principle; not always in practice) to each according to his need, from each accorrding to his ability.

Third, plenty of people in big cities would be happy for billionaires to get the fuck out. I'd say the majority.

tax the wealth, over %NNN million. the moment one gets a loan with shares as collateral, the wealth is measured and taxed at the real estate rate (or different).

the proceeds fund the UBI. problem solved.

What real estate rate are you referring to?

Guessing capital gains?

Is there a special rate for capital gains for real estate? I'm just confused as to why it was framed that way.

No, there are provisions for not paying the tax for houses if you are a real estate professional or live in the house 3 of the past 5 years. Other examples like 1099 exchange.

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