That was the setting that I considered when the BBC gave us (at https://www.bbc.com/news/articles/ck4g1jg4n9dno) ‘Are California voters about to impose ‘world’s first’ tax on billionaires?’ You see, it is discriminatory to say the least and for that matter, going on from 2014, with this example from 2017 (at https://lawlordtobe.com/2017/11/07/consideration-in-3-parts/) ‘Consideration in 3 parts’, even then I was talking about “The Guardian gives us more and more mentions of ‘Tax Avoidance’ and as I mentioned a few days ago. It is not illegal, it is perfectly legal. Most papers will hide behind ’emotional’ parts to cry outrage, but in the end they too are not outspoken on pushing to adapt legislation to change this and to push for clear corporate taxation needs, whilst we see that they are all on the second largest data drain set at 1.4TB. So after the Panama Papers, do you think that banks, especially banks of these kinds, banks that rely on such paths to ensure themselves of a good income. Do you think they would hesitate to invest a few millions into hardware that keeps it secure?” A clear and balanced tax system was all that remained and now it becomes even worse. What do you think happens when California loses its handle on the total net worth of California’s billionaires with an estimated at $1.87 trillion to $2.3 trillion, depending on recent market valuations. What happens when that leaves for Bermuda, Monaco and the UAE? California is no longer the haven and heaven it was 30 years ago. That 115 million buys a lot of decent condos in all three of these jurisdictions. So they spend $30M on three apartments with all the luxuries and have the rest for their own needs. California tax system gets ZERO.
And whilst the larger group (lets just say Apple) is still in the clear. Opening all kinds of shops that most people cannot afford and it is all written off against taxes. The question “Is it wise to open a store there” is now offset by “Is it a 100% tax write off” and that is the real problem and I am merely mentioning Apple, but Microsoft and others are in that same boat. The tax system is holding them above water and we see the ridiculous Jeff Bezos settings whilst for over a decade the media made fun of him for not making any money. He thought it through and whilst HIS company grew, he grew and now that he has achieved it, we all (US Taxes) want a piece of that. No, you were stupid then, so you cannot become greedily clever now. You reap what you sow.
So whilst California is sugarcoating this as “Now voters are about to decide whether the mega-rich among them – including media mogul Oprah Winfrey, Meta head Mark Zuckerberg, Skims cofounder and reality television star Kim Kardashian, and filmmaker George Lucas – should hand over billions of dollars to pay for improvements to healthcare.” And of course there is the name George Lucas, the fact that he worked 20 hours a day for decades to bring us the entertainment we got, he created jobs for thousands and more business in several directions. No, he had to be mentioned. All whilst their lawyers will throw a tantrum on unclassified zero hours towards the money they become viable for. So what happens when Zuckerberg sets up a new technology from the UAE or from the EU? Will you complain then? Oh and when the newsreel gives us the new setting from “California’s gross domestic product (GDP) is approximately $4.5 trillion, making it the largest sub-national economy in the United States and the fourth-largest economy in the world—ranking just behind the United States, China, and Germany” towards “California’s gross domestic product (GDP) is approximately $2.1 trillion, ranking just behind the Mexico in 13th position and almost on par with Australia in 14th position” because that reality will turn several investors away from California as well. California isn’t doing too well as we see streets with closed businesses as their landlord is awaiting the next investor to make something from that and that is also a reality for California and that is already happening. As such California has a lot of problems and they catered to corporations for over 11 years and now the bill comes calling because corporations only care about their bottom line. If that was not the case these places would never have opened their new grounds in Abu Dhabi, they go where the customers go and these customers are not seeing California as a haven of vacation until deep into 2040.
That too is a reality the US tax system created (not to mention this US administration), so as I see it good luck and whilst Mexico is surpassing them in GDP, when will we hear the first Californian voices shout “Recuérdennos, amigos?” (Source: Google Translate, I don’t speak Spanish).
This is the setting and I wonder how many Californians will embrace Dubai and Abu Dhabi on 2026/2027) optionally before these tax drives become law.
Have a great day all and “sabah alkhayri, hal yumkinuni alhusul ealaa qahwat min fadlika?” (also Google Translate).
