California Is Chasing Wealth That Has Feet(progressandpoverty.substack.com)

5 pointsby slackpad5 hours ago2 comments

apparent5 hours ago
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.
- popalchemist5 hours ago
  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.
  - apparent4 hours ago
    > 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.
java-man5 hours ago
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.
- apparent4 hours ago
  What real estate rate are you referring to?
  - java-man2 hours ago
    M%
  - blinded4 hours ago
    Guessing capital gains?
    apparent4 hours ago
    Is there a special rate for capital gains for real estate? I'm just confused as to why it was framed that way.