Pete Smoot

[Pete Smoot @pete_smoot]

@HQNewsNow I think any third grader ought to be able to work through that.

I was trying to simplify the expression in my head but need to write it down.

[Pete Smoot @pete_smoot]

@patriach2051 When someone gets $1M in company stock, that's income and is taxed.

If the company loans the $1M, that has to be repaid on a regular schedule with regular interest or the IRS considers that income too.

[Pete Smoot @pete_smoot]

@mattyglesias The big problem is you can't pay for health care with a share of Tesla stock. You have to sell the stock to someone for cash.

Who's the someone and where are they getting the money? The wealth tax people never talk about this.

[Pete Smoot @pete_smoot]

@RandPaul You could also say the national debt but perhaps that's the symptom, not the problem. We have a national debt largely because of extensive social safety net programs.

[Pete Smoot @pete_smoot]

@RizomaSchool Coulda, shoulda, woulda. That train left the station a long time ago.

Given the cities and technologies we actually have today, light rail is a very expensive and inefficient solution. I live near LR stations and never take it because it's so slow.

[Pete Smoot @pete_smoot]

@GreenPlusAnE I want wealthy retirees to get less so my kids get to keep their paychecks. I'll be retired soon so I don't really care about my SS taxes any more.

Note: I saved enough that I don't need SS so I'm talking about cutting my benefits.

[Pete Smoot @pete_smoot]

@packyM For context, the state spent about $350B this year so that's an Zuck is giving us an extra 3%.

I'm expecting it to vanish without a trace.

[Pete Smoot @pete_smoot]

@HenryForLA My first filter is "could the legislature handle this?" If yes, I vote no.

[Pete Smoot @pete_smoot]

@HisNameIsMax Oh, I like having a suite with a kitchen. That's generally cheaper via AirBNB over a hotel.

Plus AirBNB tends to be less cookie-cutter, which I like.

[Pete Smoot @pete_smoot]

@ravenunreal Honestly, I love listening to Russian.

[Pete Smoot @pete_smoot]

@feelsdesperate The problem is we've successfully raised taxes and not scared away the tech industry for decades.

What I fear is there will be an abrupt tipping point. One day we'll wake up and find that Austin is the default tech center. It'll be very difficult to get that back.

[Pete Smoot @pete_smoot]

@wizardofcause My car. My phone. Internet services. Range of food available at Safeway/Target/Walmart. Home delivery of everything. Coffee. Athletic equipment. Luggage. EVs. Weather forecasting. Air travel prices (in real dollars).

Should I continue?

[Pete Smoot @pete_smoot]

@_karaeastman My real reason is medical decisions become political decisions. You want treatment X? Convince your Senator it should be covered. Can't convince them? So sad, too bad, you don't get the treatment.

You and your doctor have no say in the matter. That's terrifying.

[Pete Smoot @pete_smoot]

@_karaeastman Governments are not well know for delivering high quality services at low prices.

In fact, they're spectacularly bad at it.

[Pete Smoot @pete_smoot]

@_karaeastman @daytrashin It's not. If it's paid for by the government, the government is providing it. Doctors essentially become government contractors.

[Pete Smoot @pete_smoot]

@_karaeastman @sharp_stick_eye Houses are much larger and luxurious than they were 50 years ago.

Granted part of the reason is the fixed cost of building any one house has gone up so to make money, builders have to build larger houses.

[Pete Smoot @pete_smoot]

@pkgandakin I'm lost. The truck _is_ the guy's capital. So is the lawnmower and leaf blower owned by the landscaping guy, or the table saw owned by the handyman you hired.

[Pete Smoot @pete_smoot]

@rareliquidity 401ks are also about tax minimization. The idea is to shift your income taxes to a time when you have the lowest rates.

Talk to a financial advisor to get the details.

[Pete Smoot @pete_smoot]

@PattyMurray That's not really fair to people who choose to have a parent stay home, or have family watch their kids.

Not everyone wants their kid in a day care center raised by strangers.

[Pete Smoot @pete_smoot]

@RebelEconProf I'd want a lawyer to weigh in. I guarantee there will be legal challenges, e.g. that you're taxed based on your residence before the proposition was passed, and that you're taxed on assets earned and held outside the state.