Trickle down economics has been an argument that has shown to have so many flaws.
Regardless, billionaires have been the recipient of the largest entitlements. Both self-made billionaires and inherited ones.
@DKThomp Given vast majority of billionaire capital is ultimately invested back in America (venture funds, real estate funds, public companies raising money etc), do we not believe ultimately this all just grows the pie?
Fox News loved to show photos of this gas station with high prices during Biden years. Don’t seem to be that focused on it today. Good thing they dropped their “Fair and Balanced” slogan.
So it turns out that the SPAC king who promoted companies that cost normal investors billions while making himself millions is upset with a congressman who has a large diverse in stock portfolio. And now that scammer is promoting a faux democrat to challenge the congressman
So it turns out that the sitting local Democratic congressman in Silicon Valley, @RoKhanna, is the most un-entrepreneurial, creative or innovative person possible.
He is:
1) In favor of California’s Property Seizure tax that he calls a “Billionaire” Tax. It’s already led to half of California’s Billionaire wealth to flee the state which will leave the middle class to pay for the lost revenues.
2) Despite this, he then teamed up with Bernie Sanders to propose an additional national 5% wealth tax to spend on God knows what.
3) Despite all the virtue signaling on inequality, he is also one of the most prolific traders in Congress where just last year he traded $55.7m of stock. With everything he learns in Congress to help him, he beat the market by 13%.
Ro’s ambition is what matters most to him and he will flop from dumb idea to dumb idea if he thinks it will serve his broader political ambitions.
Currently that means being a quasi socialist to win favor with the extreme left of his Party.
He doesn’t deserve to represent Silicon Valley and I hope he loses badly in his re-election.
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So interesting that these billionaires are being so altruistic about warning others. All they want is their loop holes that be successfully used to avoid taxes for years.
The Billionaire Tax Act is still underestimated. Most founders aren’t paying attention, don’t think it applies to them, or believe the cavalry is still coming. That will change if BTA gets on the ballot in April. There will be a panic and rush for the exits.
I'd love to have a serious discussion on the California billionaire tax, not a fear mongering approach or a screw the rich approach. Lay out the facts and be reasonable. There seem to be 200 billionaires in CA and assume lots are pretty barely over $1B so impact is negligible.