It’s an ultra-high productivity region which naturally drives up land rents, and California has simply opted out of collecting those rents, which then perversely amplifies the land values even further.
The “this” that LVT solves is not “billionaires exist,” it’s “a state can be the most productive place in the world and end up with spiraling COL and revenues ultra-concentrated in just a few individuals.”
This isn’t a threat. I’d argue many Californians would enthusiastically support this.
If you know what legislation keeps billionaires away, please let me know.
That’s about as DOA as a policy proposal gets.
This is just more fraud by boards controlled by CEOs. The CEO screws up his personal finances despite being a billionaire and now we steal from all existing shareholders to fund the entire tax bill. This is just fraud out in the open. They take tax free bank loans against their stock to avoid selling it and any time they screw this scheme up, boards seem to automatically give them more free stock to fully cover taxes or losses while they keep the tax free loan money. It's insane.
We used to stop this in the 1950s with a 90% federal income tax bracket and post-1929 financial regulations. Republicans cut both over decades and now we are back to the late 1920s waiting for the next great depression to officially start. Everything we did to end the great depression was undone, so we are back to a new great depression.
Meanwhile in California we are doing anything we can to keep him here even fully knowing he is one of the most evil and hated people on earth. That checks out.