not that I'm intending to defend Sergey here but, if you could spend 0.04% of your net worth to protect 5% of your net worth (and probably all of your easy liquidity)... wouldn't you?
A one-off retroactive wealth tax is a rather questionable form of taxation even if (like myself) you are in favour of looking for ways to tax the super rich more effectively.
When I read about these one-off wealth taxes I find one thing really astonishing. The argument against wealth taxes in general is that people would change their behaviour, which would reduce the tax take over time. That's certainly true.
But then left wing economists believe that imposing it retroactively and calling it a "one-off" does not change people's behaviour. Technically, it cannot change their behaviour with respect to this specific taxation event.
But I find it utterly naive to believe that this sort of hit and run taxation will not change people's behaviour in other ways that would reduce tax revenues.
No one in their right mind would ever believe that a tax that brings in $100bn over 5 years will not have to be replaced by some other tax paid by the same group or by the somewhat less well off who decided to stay.
I fucking bet.
Folks need to remember that we're closer to being homeless than we are to being as rich as them. You don't need to defend billionaires.
We should stop calling it a wealth tax and start calling it an unearned power tax. That’s a far more apt term.
I am fine with not having a private island or a network of influential friends, but I am really really glad I’m not defecating in the street.
I’m talking about 13-15 figures. When you don’t have ‘influential friends’ but obedient servants who happen to be public officials.
If I was anywhere near being a billionaire I wouldn't. There would be much better things to spend my time and effort on. That's not even counting the fact that I would probably care about the ethical aspect too.
0.95x of an obscene amount of money I can't spend is still an obscene amount of money I can't spend. That 5% wouldn't make any discernible difference in my life.
There’s not a revenue problem in California. There’s a spending problem.
I'm not in favor of the billionaire tax, there's better ways, but if the people want it he can just put his big boy pants on and fucking deal.
If you mean a world where I had his net worth, then you're accusing me of being a sociopath.