r/technology • u/marketrent • Aug 16 '26

Society Bernie Sanders calls out Sergey Brin for spending over $100 million to defeat California’s billionaire tax — ‘If California passes its one-time 5% wealth tax, Brin would owe $14 billion and still be worth $270 billion’

https://www.yahoo.com/news/politics/articles/bernie-sanders-calls-sergey-brin-120113695.html
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u/Sweaty-Ruin5381 Aug 16 '26

Don't forget the knock on effects of a bunch of billionaires doing this at the same time. That's going to be an overall market problem.

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u/mclumber1 Aug 17 '26

The purpose of this proposed wealth tax isn't to fund government services, it is to punish the wealthy.

There are much better ways to raise revenue for the government, and doing so that predominantly impacts those who can afford to pay more.

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u/Sweaty-Ruin5381 Aug 17 '26

Wealth taxes are stupid and a dangerous precedent to set. You're correct that it's a punishment that is imposed on success. I think it also panders to the far left who seem to want everyone to have the same economic status.

As for other ways to do things I'd be interested to see some debate on luxury taxes, income tax restructuring and changes to the taxation of multiple homes.

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u/stateofbidet Aug 18 '26

What do you think of taxing capital gains as normal income as well as overhauling the upper brackets?

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u/Sweaty-Ruin5381 Aug 18 '26

I think both of those ideas should be seriously considered.

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u/the_hat_madder Aug 16 '26

Shhhh! Don't harsh my vibe.

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u/Sweaty-Ruin5381 Aug 16 '26

Lol. My bad.

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u/moconahaftmere Aug 16 '26

Why would they do it at the same time when they have a year until the first payment to conduct a steady sell-off if it passes, and 5 years total to pay it all?

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u/cb148 Aug 16 '26

One can hope!

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u/Sweaty-Ruin5381 Aug 16 '26

I don't think a system crash and the absolute chaos that follows is going to benefit anyone on reddit. Mom's basement isn't the bunker they seem to think it is.

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u/ScherzicScherzo Aug 17 '26

Reddit's opinion is basically "I don't care if it would crash the economy, I want people punished for having more than me, and I want it done now."

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u/Roboticallypotent Aug 17 '26

You are spot on. This is punish the rich for being rich when I am not.

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u/ScherzicScherzo Aug 17 '26

It's that and the belief that there is a finite amount of wealth in the world, and in order to gain it, someone else who has it needs to give some of it up.

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u/mkosmo Aug 17 '26

** They think that's how they gain it... Without earning it.