I warned every government debt critic about the choices a US government has to bring down the debt burden. And like usual, it is always helpful to take a look back at history. Does anybody here follow the historical US federal income tax developments over time? Here you go GenX, Y, Z and don´t be shocked/upset: So, how to solve a lousy $24 Trillion problem? Hum, the US government WILL COME FOR YOU! History repeats!
The one main reason for the deficit: Most billionaires moved their legal residency out of CA. Things will get worse if mere multimillionaires also moved their legal residency out of CA, it will be the hollowing out of the golden state when all the golden geese are gone.
CA exists only because of Hollywood & the VCs in SiliValley. It is almost entirely dependent upon the IPOs to continue to fund its expenses. Any year without IPO money is a down year for CA. And both Hollywood & the VCs are already diversifying away from CA (Hollywood to Atlanta & Toronto). The county I live in CA has a sales tax of 10.75% (Alameda County). I don't even bother buying anything retail that I can get on craigslist anymore. This is only the beginning, without the Billionaires CA will be bankrupt just like Illinois. PG&E wants to charge higher & higher so they can fund their $50 million CEO salary. This state is real joke.
I left California for Singapore. Here max income tax rate is 15%, no tax on anything else, a trader's dream, right? Except, a car costs price + 100% import duty tax + $80k COE tax (road usage fee, yes, you read that right). Yet, the city/country is filled with exotic and opulent cars. You think parts of the US are expensive? Our 1700 sqft apartment in an aging 80s upscale condo complex just sold for $1.8M. Typical rent today is $6k/month. One way or another, you pay.
Long live populism. Top marginal tax rate that almost no top earner pays, now or in the past. Makes a good bumper sticker slogan.
Do you hear the rich businessmen leave? Leaving as soon as they can! It is the sound of all of the businesses packing up and never coming back... Good luck to California, choking off the golden geese while forcing them to lay more eggs and lay them faster.
So where do you live now in Singapore when you have sold your condo? Congrats on the massive profit btw. The reason why Singapore puts such high cost for owning a car is that the place is small; it's a city state which is a country that's the size of the city. If they don't raise the cost of owning a car and let everybody drive a car, all of the streets would be a parking lot; nobody will be able to go anywhere. And besides why would you want to drive around in such a small place like Singapore anyway besides showing off your wealth especially when it has a fantastic public transit system from what I heard that's far-reaching, convenient, clean and fast?
%% Go with that green Larry Elder almost bear Mr Newsome...............................................good
Great. Now I get to seem more Tesla's with California plates moving into the neighborhood. Hopefully they are cool peeps.