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California is chasing wealth that has feet

293 points · 870 comments · idbnstra

  1. binlog · · focus · HN ↗
    Wealth taxes are a symptom of a broken tax system. If you let someone get to hundreds of billions in net worth and then realize they haven’t been appropriately paying back into the system, it’s already too late. Like the article says they can simply say “no” in a variety of ways, from fighting in court to simply leaving.
    1. rayiner · · focus · HN ↗
      This fundamentally misunderstands how this paper wealth actually works.
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