383 karma · joined November 20, 2017
Any data to back this up? It's generally accepted that subsidies are effective in many cases (see corona virus stimulus packages).
This Foxconn deal was poorly thought out and horribly mismanaged, but it doesn't sound like Foxconn lined their pockets with taxpayer money. The subsidies encouraged them to take a chance, and it didn't work out - spectacularly.
Clearly FB is planning to extract value from this, and is why they can price this at just $299. They're betting customers will give up some data/privacy for that low price.
https://www.theatlantic.com/ideas/archive/2019/09/americas-t...
Not worrying about the nominal cost of corruption is not the whole reason the west was successful. There are countless of arguments from both sides of the aisle that would show that to be untrue (capitalism, democracy, reward for innovation, acceptance of immigrants, pillaging land/resources, exploiting slaves, etc). The US has always had plenty of corruption so arguing that a lack of it is what made the west successful is difficult to justify.
> Eventually, you end up like a third world country where you expect to pay a bribe or know someone to get anything done.
There are laws today that prohibit bribery of police officers and they are enforced. Not sure this slippery slope type of argument holds water in the face of that.
That seems like a dismal result, practically an admission that many of the bans were unjustified and/or subs that should have been banned were not.
"Ronen fought to prevent the construction of a 75-unit building on the site of a laundromat. She argued that an environmental review of the building did not consider the impact of a shadow on a nearby schoolyard, even though an environmental review conducted by officials at the San Francisco Planning Department showed that the new construction, including its shadow, would not have an adverse impact on children at the schoolyard.]" https://en.wikipedia.org/wiki/Hillary_Ronen
Starting at 7:41 in this video an interview with the same supervisor. https://www.youtube.com/watch?v=uw8MACDZ3RI&t=547s
The tax breaks that she is referring to were roughly $10mm/year. https://news.bloombergtax.com/daily-tax-report-state/twitter...
The city's budget increased by nearly $6bn during the time the tax breaks were active (largely fueled by the growth from tech boom).
My point was about the other group that is leaving: more established professionals / homeowners / parents. For that group, saving on housing in the short terms isn't actually a major factor. Many are likely moving to other expensive places. The main thing keeping them in SF was their offices, professional network, or their children. In other words they were in SF despite the declining quality of life. With those constraints gone, they are leavings en mass as well.
401k is not tax free, it's tax deferred. You still pay tax, just when you cash out.
- 37% federal requires $510k income (after $12k personal exemption and probably $20k retirement savings). YES BUT ITS 35% ABOVE $207k
- 13.3% state in California requires $1M income. YES BUT IT'S 9.3% ABOVE $57k, and 10.3% ABOVE $295k
- Social security is included in FICA and does not count towards the marginal rate for high earners (you pay no social security tax on income above $137k). THERE IS NO CAP ON THE EMPLOYEE PORTION MEDICARE TAX. PLUS NOT ALL OF THEM ARE IN FICA. THERE ARE BOTH FEDERAL (IN FICA) AND STATE INSURANCE TAXES IN CALIFORNIA FOR EXAMPLE.
- Local taxes? SF HAS A PAYROLL TAX OF 1.5% FOR EXAMPLE.
Marginal rate for high earners includes: 37% federal. 13.3% state, plus FICA, social security, local taxes, etc. not to mention employer payroll tax and insurance premiums that are essentially passed on to employees but baked into tax in Europe).
Taxes are significantly higher in California than Europe for high earners (like the people leaving SF). There seems to be a major misconception about this even among Americans. Take France for example. Uses a simliar marginal rate system but caps out at 48%. https://taxsummaries.pwc.com/france/individual/taxes-on-pers...
If you are a business owner and most of your income comes from capital gains, still not possible to pay anywhere near 22%. Rate on capital gains is 33.3% (20% federal + 13.3% state).
SF's budget has more than doubled in the past 10 years. For example, the city budget increased >$400mm from just higher property taxes in 2019 alone. https://sfassessor.org/news/strength-property-tax-helps-sf-r...
Not to mention all the money the Felicias pump into the local economy by ubering to brunch to buy their avocado toast and bottemless mimosas from local businesses.
Source: moved to Austin in June.
About half of the tech people I know have moved out. Of those about half have left permanently, the other half are on the fence depending on long term WFH ability / if the city is able to get the quality of life issues under control / plus a lot of complaints about taxes.
-In my 6 unit building in Nob Hill (5 of which are owner occupied). 3 units including myself have moved out permanently. 1x to Austin. 1x to Palm Springs. 1x to East Bay. -5 of my 6 best friends in rent controlled units have moved out. Mostly to other cities in California. In 10 years living in SF I've never seen people willingly give up rent controlled units like this. -Other friends that were looking to move to SF that have cancelled those plans. In particular employees at large companies that were impacted by layoffs (Uber).
Also no need for the line about irrational emotions - lets have some proper discourse please.
Among other I see it mentions JK Rowling and Bret Weinstein. I don't know enough about this to opine on what they've said, but would you categorize them as people who "constantly spout hateful views of women, LGBTQIAA2S+, and minorities"?
Which 'secret groups' are you referring to?