"Pretending to propose his own national solution is clearly a cynical smoke screen to let California billionaires off the hook," argues the Billionaire Tax Now campaign as it seeks to counter "5 tricks" being deployed by Gov. Gavin Newsom and his allies.
Can you help direct me towards where you would like further clarification specifically? It sounds like you are confused about how the people of California is related to the economy of California. It also sounds like you’re not sure how billionaires’ businesses are tied to wealth or established businesses in California.
Amazon was just an example for the context of the conversation for how billionaires’ businesses would still want/need to play by California rules to do business in California.
Billionaires are not inherently separate from their companies. That much I want to lay out front and center here at the start. Bezos can easily move his residence to Texas or Colorado and pay taxes for the business he has in Texas or Colorado. He still owes income taxes to each state he personally does business in.
Now, Bezos might not tie a lot of business to his personal name so his own personal income taxes are probably not showing up as if it’s through multiple states. But Amazon itself is paying taxes based on where it conducts business. Amazon the company rubber stamps a paycheck and stock package to Bezos, of which he’s paying state and federal taxes based on where he lives for his paycheck. If his permanent residence is in a state where there is not state income taxes then his personal income tax statement would not be as high as if he had it paid out in Washington or California.
Can you help direct me towards where you would like further clarification specifically?
I don’t know how to be more clear. What can a billionaire not do when moving out of CA? What are they being deprived of by leaving? “People” is incredibly vague and doesn’t tell me anything.
He still owes income taxes to each state he personally does business in.
He doesn’t personally do business in any state other than the one he’s paid by Amazon in. Amazon does business in California and pays taxes accordingly. Amazon is not a billionaire and thus not subject to any potential wealth tax.
he’s paying state and federal taxes based on where he lives for his paycheck
Exactly. He and other billionaires can simply move where he receives his paycheck to another state.
Can you help direct me towards where you would like further clarification specifically? It sounds like you are confused about how the people of California is related to the economy of California. It also sounds like you’re not sure how billionaires’ businesses are tied to wealth or established businesses in California.
Amazon was just an example for the context of the conversation for how billionaires’ businesses would still want/need to play by California rules to do business in California.
Billionaires are not inherently separate from their companies. That much I want to lay out front and center here at the start. Bezos can easily move his residence to Texas or Colorado and pay taxes for the business he has in Texas or Colorado. He still owes income taxes to each state he personally does business in.
Now, Bezos might not tie a lot of business to his personal name so his own personal income taxes are probably not showing up as if it’s through multiple states. But Amazon itself is paying taxes based on where it conducts business. Amazon the company rubber stamps a paycheck and stock package to Bezos, of which he’s paying state and federal taxes based on where he lives for his paycheck. If his permanent residence is in a state where there is not state income taxes then his personal income tax statement would not be as high as if he had it paid out in Washington or California.
I don’t know how to be more clear. What can a billionaire not do when moving out of CA? What are they being deprived of by leaving? “People” is incredibly vague and doesn’t tell me anything.
He doesn’t personally do business in any state other than the one he’s paid by Amazon in. Amazon does business in California and pays taxes accordingly. Amazon is not a billionaire and thus not subject to any potential wealth tax.
Exactly. He and other billionaires can simply move where he receives his paycheck to another state.