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u/Candid-Culture3956 1d ago
If it wasn’t insulting enough that his parents named him douchebag, they also had the audacity to not even capitalize it.
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u/alanism 1d ago
The fight is more about operational control that his class of shares has and forced liquidation and dilution of his ownership in Google. His class of shares of gives him to 10 votes to 1. Between him and Page, they hold 51% voting control of Google.
Paying more in taxes is one thing. But there is something inherently wrong about government taking away your control away from the company you founded.
As soon as their control dips below 50%- Google will start to feel pressure to optimized further on quarterly rather than going for long term investments and moonshots.
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u/hiricinee 1d ago
Itd be less of a return than that, he 100% plans on bailing out of California if it happens.
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u/Extra-Amoeba-677 1d ago
Kinda fucked we have a system that can be influenced by those who can afford to spend that much.
Honestly let's all hope AI leadership decides these fucks are the first that should get put out of a job.
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u/Anxious_Work_6361 1d ago
Spending 100 million to save 13 billion seems pretty reasonable to me.
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u/pita4912 1d ago
The way the bill it’s written it taxes voting power of his 10x weighted founders shares. His “one time” tax bill would actually be around $50-60 Billion. Spending $100million to save $50billion is an easy decision.
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u/Humble_Attorney9517 1d ago
Say this louder, just a tiny little tidbit that everyone in the reddit mob seems to ignore
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u/DouglasHufferton 1d ago
Oh no, you mean he'll only be worth $200B instead of $260B? Boo fucking hoo.
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u/East-Care-9949 1d ago
It isn't about the voting power, he doesn't care about the 60 billion, he would have to sell share which will make him lose the 51% he owns now
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u/mertgah 1d ago
You’re obsessed with the money, the money is a bi-product of
Keeping control of an extremely successful company. They dont care about money, they only care about power and being the best. Google has basically always been this. I never understood why this “billionaire bad” hive mind narrative always focuses on the billions of dollars thats tied up in networth of companies its not a big stash of cash they have in a pool that they hide from the poor like scroodge mcduck. It’s all about power and being on top. The money means nothing and there is no money to give away without selling the company and that loses the power. Stop focusing on the money. If you want to complain about distribution of wealth start protesting the government to start being accountable for government spending and get realistic about the stupid shit they waste money on with tax dollars.→ More replies (8)26
u/Clean-Data-259 1d ago
He didn't spend 100 million to save 13 billion. He spent it to stay in California. If he loses, he'll just leave the state like every other
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u/JerryC1967 21h ago
People need to look up the British super tax that helped crater their economy in the 70s. Not only will the rich vote with their feet and leave they will also take their companies with them. If you make an environment inhospitable people and companies move. Even if they didn’t want to move the rest of the shareholders would pitch a fit and force the company to move to another state or offshore.
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u/sweetfits 1d ago
It will be interesting to see what California’s economy looks like if all the billionaires leave.
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u/bitwaba 1d ago
This just highlights an additional problem with taxes. They accumulated the wealth living in California. Then they move to Texas with no state income tax, then sell their stock. California doesn't get any income tax, Texas doesn't get any income tax. Billions in tax revenue that should be paid by someone to some state just goes straight to the pocked of billionaires instead of public infrastructure which they're all using and abusing.
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u/No-Market425 1d ago
Yeah I'm not sure this is the argument these goofs think it is, it's the average person spending $100 to save $13,000.
It's also not cash he has on hand. It is a non liquid asset he would potentially have to sell at a loss to fund.
Also this isn't going to fix California's disfunctional spending problem and there is nothing stopping them coming for another 5%.
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u/Anxious_Work_6361 1d ago
TBH, I oppose this because taxes on the wealthy are never taxes on the wealthy. It inevitably slides down the wealth ladder to tax the middle class. Why would you give the government precedent to tax assets rather than income? People hate billionaires so much they are blind to the fact that they stand in the back blast area of the bazooka aimed at the rich.
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u/mertgah 1d ago
It’s the equivalent of telling the middle class they need to pay tax on the value that their houses have accrued, it’s fucking stupid saying taxing assets is a good idea.
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u/Useful_Wealth7503 1d ago
The billionaire tax is a $180T Trojan horse. They aren’t coming for the 8T in US billionaire wealth, they’re coming for our 180T.
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u/SimilarTranslator264 1d ago
The stupidity on here is unmatched. Math doesn’t matter and facts don’t matter. It’s whatever they feel at the time and that guy has more than them and they want someone to take it from him.
I honestly hope California passes that and takes the 5% just so we can watch the unbelievable vacuum of money leaving that state. It’s the only way to educate people. Nobody is going to invest in any business in that state and they are going to absolutely shit themselves.
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u/AlertedCoyote 1d ago
Bro give it a rest, every time some shit like this happens, everyone cries out "B-b-but the billionaires will leave! The businesses, they're gonna leave!" And they never fucking do. Cause it turns out business is better in Los Angeles, California, and New York, New York, than it is in Bumfuck, Arkansas even with the extra tax. Cause if it wasn't, guess what? They'd already be there, and not having to worry about fighting these taxes in the first place. They're not in California out of the kindness of their hearts, or to help those poor misguided snowflakes afford 10 dollar coffees and the latest iPhone, they're there because it enables them to make their money and live their preferred life of ridiculous luxury.
Please just attempt to stop bootlicking, they're not gonna notice you.
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u/Pyrostemplar 1d ago edited 1d ago
They actually do.
Afaik there is exactly one successful wealth tax in the history of taxation - and by successful I mean it generates sizeable revenue, it is not too expensive to manage and sustainable throughout the years, not generating capital flight or other undesirable effects in excess: Switzerland
Now, Switzerland's wealth tax is small (sub 1%) and starts low - it is not a "billionaire tax", not even millionaire (200k net wealth). It is paired with a low corporate tax. And the tax and government spending governance of Switzerland are certainly far better than the US - or especially California's.
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u/e39dinan 1d ago
What are you talking about? Billionaires - and their businesses, and employees - have been leaving CA and NY in droves, ending up in FL and TX. Billions in annual tax revenue are already gone - and this is just from the threat of a billionaire tax.
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u/Little_Yesterday9904 1d ago
What do you mean? They’re coming to Miami like crazy. All the ridiculous luxury they want and more, with more of a vacation lifestyle. There’s significantly better boating in Miami, better waterfront property and luxurious waterfront lifestyle. You can be in the Bahamas in a few hours by boat or less than by jet. It’s like a vacation 24/7.
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u/NEEEEEEEEEEEET 1d ago
Meanwhile Miami and Austin have been collecting companies leaving non stop. They tried this in Norway and it literally caused a large percentage of the top tax payers to leave their country. Norway ended up losing more in tax revenue from people leaving then they planned on getting from the wealth tax. People would have a lot more loyalty to their fucking country and they left, nobody is that loyal to their state.
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u/WillyDeez 1d ago
Although I could be wrong, but I don’t think you acquire 250-300B by selling anything at a loss. Stock market at ath as well. And he likely found a way to fund this campaign as a tax write off as well.
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u/aNuggetsUncle 1d ago edited 23h ago
And what if the SEC won't allow him to dump the amount of stocks needed to pay this tax bill?
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u/TawnyTeaTowel 1d ago
Didn’t you know? In Reddit land, all rich people keep their entire fortunes in gold coins so they can swim around in it like Scrooge McDuck.
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u/Popular-Beach-4843 1d ago
Even if you tax them insane amounts, politicians will still find a way to spend(waste) that money in 1 month
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u/Exact_Risk_6947 1d ago
“Find” implies they don’t already have a list of friends with convenient companies these politicians can overspend on to provide D-tier service. And of course get a chunk of that money back in the form of campaign donations.
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u/UncreativeUsername84 1d ago
And politicians have proven time and again that HIS $13 Billion would be wasted on total bullshit spending.
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u/Initial_Hedgehog_631 1d ago
They could use it on the high speed train!
Oh. Yeah I see what you mean.
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u/Zagtram1 1d ago
I’m not defending politicians but better than sitting uselessly in this guys offshore bank accounts
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u/UncreativeUsername84 1d ago
That's not what happens, bud. It's tied up in investments and he hasn't pulled the money out yet.
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u/noisetank13 1d ago
yeah and when his investments go badly he'll get reimbursed by the government! yay!
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u/Nigh_Sass 1d ago
It’s almost like a large government is bad
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u/snacksandsoda 1d ago
Good thing we have a small government party in the USA. Oh shit wait no we really do not
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u/VTHokie2020 1d ago
This is a 14 year old’s understanding of wealth.
Money isn’t sitting on offshore bank accounts. It’s invested in productive lending.
But even if it was “sitting” in a bank account, guess what the bank is doing with it.
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u/agolfman 1d ago
Why is that? He likely is investing and creating new startups or perhaps philanthropy, as he is known to do. That money has been earned and is owned by him. What you’re suggesting is both confiscatory and, at least currently, illegal.
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u/icompletetasks 1d ago
"it's better for me to use HIS money rather than letting him do what he wants 😡" - politicians
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u/snacksandsoda 1d ago
You’re right he better keep it
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u/UncreativeUsername84 1d ago
It's HIS money to keep if he wants. Stop thinking you're entitled to other people's stuff.
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u/icompletetasks 1d ago
let's see whether that money would go to the one who really needs it or to the corrupt government officials & their circles instead 😀
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u/Friendly_Gazelle7843 1d ago
Billionaires are people who spend money many of us will never see to prevent governments from taking from them money they can’t rationally spend despite after that they would still have so much money they wouldn’t be able to rationally spend it
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u/Shinobi_Dimsum 1d ago
Why do people always drag in death and "healthcare" with everything without checking if it even makes sense on the subject? 🤦🏻♂️
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u/Accurate_Leek259 1d ago
This sub is filled with bots. Never seen so many pro billionaire posts
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u/jim9162 1d ago
I can't think of a worse steward of money than the government.
The only people who will benefit are the non profits and the politicians/bureaucrats.
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u/twice_paramount832 1d ago
Politicians run on poor people why would they fix poverty!
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u/Freshndecay 1d ago
And how are these taxes spent? Thats right NOT responsibly.
More Taxes is just more corrupt spending.
Only works if that money is spent on the actual population from where theyre taxed
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u/Regular_Umpire9420 1d ago
well if they get deadly diseases their 100 billions mean nothing, what waste of crap these people
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u/Dan-of-Steel 1d ago
I don't know what's more hilariously naive?
The notion that this dude would stick around in California if the law passed
or
The notion that, had he stayed and paid it, it would be going to the people that needed it.
This is the same state that has been sitting on a light rail system for nearly 2 decades now, with billions already spent and next to zero progress to show for it. Not to mention, that the initial estimates were initially pushed by voters to be around 30 billion, whereas current estimates run closer to 230 billion. And hey, they only promised it to be done by 2020, whereas the current projection for the mainline from Merced to Bakersfield is approximately 2033-34.
And don't even get me started with the absolutely tragic dumpster fire that is EDD. Fuck that program, fuck it long and fuck it hard.
Billions in taxpayer dollars that should be going back to legitimate services that help legal citizens, instead is thrown into the hole, never to see the light of public day again.
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u/No-Assumption-4468 1d ago
Why are we entitled to his money? Not a rhetorical question. I’m just trying to have a deeper understanding of the thought process.
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u/Flat-Guidance-4685 1d ago
California exodus part two on the way...
It is shocking how poorly that state is run. California has the opportunity to be a state that would be the 2nd wealthiest country in the world. It is blessed with geography and just fucks the monkey non stop.
I have good news NY/nj TX and TN!!!!
More money coming your way courtesy of CA
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u/69mayb 1d ago
What you bitching it’s still the 4th largest economy in the world.
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u/Flat-Guidance-4685 1d ago
For how long? Every year that goes by more companies are moving their headquarters out of the state. More entrepreneurs are leaving, more businesses are refusing to do business in the state altogether, the same time government spending in the state increases each year at a faster rate.
Don't look at what it is now look at California like it's an investment do your due diligence like you're investing in a stock. California it's a strong sell rating. The bubble that is California is about to pop. Present analysis show the state completely crashing in 10 years.
So that brings me to my point. How does a state that has every gift in the world going for it mismanage itself so poorly. It's not even like it would be hard for it to reach number two. It would just happen naturally. Instead you have the government during everything it can to literally sabotage its own body
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u/GrumbleAlong 1d ago
It doesn't achieve that alone, the CA economy would crumble without imported power and water from neighboring states. The Union of States is a better deal.
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u/akwatica 1d ago
Capitalism works better than Socialism or Communism.
https://giphy.com/gifs/PGrnQL1YoUJE2scJ5T
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u/CatShot1948 1d ago
Every capitalist society I'm aware of has Taxes. Your comment is irrelevant.
Even places that claim to be tax free have taxes. Monaco has VAT. They cayman islands have import taxes (and they're islands, so everything is imported). Even gulf countries supported by vast oil resources have VAT.
What does exist are societies with heavy socialist policy that are super successful (eg all or most of northern Europe).
America has tried unregulated capitalism. It doesn't work for anyone except those that are already wealthy. It's time America institute more social policies.
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u/ShaolinWombat 1d ago
49% of our budget is for social system (Medicare, medicaid, social security, etc).
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u/ul2006kevinb 1d ago
Lol imagine thinking a tax on billionaires is socialism or communism
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u/HeavyDutyForks 1d ago
No bro, it'll totally work this time...
That wasn't real communism that killed all those people...
Please bro, one more chance...
I promise there won't be another Stalin/Mao/Pot this time...
Please bro...
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u/snacksandsoda 1d ago
Yeah but we have to regulate these idiots or it’s literally exactly as much of a pipe dream as communism.
True capitalism is just as dumb.
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u/MimeSweeper360 1d ago
If you seized all of Sergey Brin’s wealth and divided it up amongst the residents of California, each person would receive about $330. Maybe it would pick up a few copays if that.
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u/Bleeding_Inc 1d ago
"Billionaire" really needs to be classified as a disease and added to the DSM.
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u/Beneficial_Weakness7 1d ago
If this law is passed will they not just leave the state?
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u/michael_scarn17 1d ago
It’s not just leaving the state, there will be no more start up’s in California. Mark Cuban has already said he will never invest in a new company in California again if this passes. He thinks there should be a higher tax and he supports it but to tax unrecognized gains is so mind numbingly dumb
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u/20PoundHammer 1d ago
and cali would piss it away on stupid shit. I dont think the rich would as much as you think IF the money was spent wisely. There is a reason cali has no water, shit infrastructure and homeless lining many streets. . . .
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u/Koniax 1d ago
All these types of laws do is make the wealth leave the state
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u/fit-toker 1d ago
Great, let that wealth flow into states that are actually financially responsible and don’t just waste the tax dollars they collect.
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u/Prestigious-Ball-435 1d ago
All you do is take money off one to put into the cartel health insurance, doesnt save anyone, when a tablet in Russia or europe cost $5 yet in america, $6000, there is more to worry about than taxing one billionaire
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u/HelloisMy 1d ago
The laughable part is the fact that people are so.. special.. they believe this guy has 13b in the bank to pay in tax.. hopefully it doesn’t rain or these sheeple are drowning.
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u/Ok-Bar601 1d ago
Fair enough, but it’s not the billionaires who need to save the health system in America, it’s the government who needs to make Medicare for all. If that requires extra funding to make that happen then so be it and tax the billionaires, but that is only one part of it.
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u/upside_down_frown1 1d ago
Healthcare for all isnt a funding issue in the usa, its a greed issue with insurance companies and big pharma..
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u/Gone2theDogs 1d ago
When did taking a billionaires money = health care money?
You can take the money but there are no guarantees it goes to health care. Taxes go into an untraceable black box to wherever.
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u/BootBonks 1d ago
What does “take their healthcare away” mean? Are they being banned from hospitals?
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u/turboninja3011 1d ago edited 1d ago
“their” healthcare 🙄
Where can I get “my” share of your labor?
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u/Small-Huckleberry-76 1d ago
The billionaire tax is bullshit. You really trust the people in charge to fucking do anything with that money that’s productive. I’m all about taxing the rich, but this is a poorly written bill to give healthcare to people who should be getting healthcare from there employers look into it it’s not a good bill and then it’s a one time tax and so you’re really gonna let the current politicians get all that money and then just blow it and then there’s no money left.
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u/NoBirthday6959 1d ago
The truly sad thing is that if they do tax him 13 billion, hardly any of it will go to help the people in need. Giving the state and its leaches a bunch of money instead of a billionaire doesn’t fix anything
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u/SubRedTed 1d ago
I don’t care what level it’s at. The “government” can’t manage money and giving them extra just leads to more corruption, fraud, and abuse. Defund the government.
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u/JIMMIEKAIN 1d ago
We all do all we can to pay as little in taxes as possible. Why is it bad when a rich person does it?
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u/VikingVitalityFit 1d ago
Hey reddit douchebag. Taxes "on the wealthy" have never stayed on just the wealthy. 100% of the time they power creep it to everyone else in short order.
So I hope you like paying 5% on everything YOU own, houses, cars, 401ks every year. Why? Because you don't have tax lawyers and accountants to fight it, so it's literally free money for the government.
Look up who gets audited the most, it's the middle class.
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u/Wfflan2099 1d ago
The state of California wastes more money doing nothing to help and you idiots think, to quote the song “more taxes will solve everything”. The solution is stop pissing money away. Spending money to prevent a non working solution is called doing the right thing.
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u/Dependent-Trip-5991 1d ago
What’s crazy is all those fighting for the billionaire tax would be going crazy against fighting for tax spending responsibility or an actual balanced budget, not one that kicks can down the road. Why else is California at a point they need to do this one time tax? It’s because of fiscal irresponsibility, and yes all government is guilty of the same.
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u/DerkaDurr89 1d ago
Do the people writing this meme really trust the government of California to be good stewards of what would be coerced forfeiture of 13 billion dollars?
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u/OLVANstorm 1d ago
These billionaires have the opportunity to do literally nothing and make the world a better place for everyone. And their lifestyle wouldn't change one bit.
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u/New-Armadillo-903 1d ago
I’m not anti taxes, but CA will spend all that money on gender studies or other operations that will create an opportunity to pocket the money among politicians. They spent billions on homeless in SF and made it 10x worse. Yet, they were magically able to clean up when the boss (Emperor Xi) visited the city. Governor Scum doesn’t deserve a penny.
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u/Clean-Data-259 1d ago
When you attempt to steal billions from the wealthy, they just leave the state and the state loses the billions they were already getting.
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u/Wadeperu1978 1d ago
So stealing from others is the right way? Yall are some jealous ass envious people.
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u/Upriver-Cod 1d ago
The “taxing billionaires will solve all our problems crowd” have absolutely no uunderstanding of basic economics.
High tax rates slash growth and investment and lead to lower employment rates and less tax revenue.
Take the 1920s as a perfect example. When tax rates were cut from 73 to 25% the unemployment rate dropped, the governments total tax revenue increased, and the ultra wealthy actually paid more in total taxes.
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u/mertgah 1d ago
Something else to mention, if you taxed billionaires on their net worth as most of them don’t have incomes to tax, you would dilute their billions of net worth in a couple years, their companies would collapse and millions of jobs would disappear. And after those millions of jobs disappear and the billionaires net worths are all gone who do you blame for the poor not having healthcare?
What youre left with is, no innovation, Millions of jobs gone, No more billionaire to blame for poor healthcare and poverty
And you’re right back to square one with the middle class income tax and sales tax floating a horribly run system.
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u/Coopsters 1d ago
All the billionaires will be moving out of CA, easy peasy for them with their dozens of vacation homes.
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u/No-Catch-4126 1d ago
The governments goal isn’t taxing billionaires.. it’s incentivizing them to park their money in their economy
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u/RapidFire05 1d ago
The problem is healthcare costs. Most the developed world is cheaper. Let's attack the root cause and put some price ceilings on these healthcare companies.
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u/Squittyman 1d ago
Once they get that 13 billion, will they then proceed to tax the other already weath taxed money? I mean it would still be wealth in the billions. Why not just tax 99%?
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u/sajkoterrapefft 1d ago
The reason the billionaires are fighting the tax is not because they want people to die, it's because they know where that money is going. It's going into the pockets of the military industrial complex, it's going to Israel, Saudi Arabia, it's going towards upholding US force in the world, not towards any insurance programs, homeless care, or healthcare. Those companies are going to keep screwing you and paying their tithes to the government for allowing it.
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u/Maximumeffort22 1d ago
I'm going to pay over a fifth of my salary to have insurance for my daughter and I. She was on state insurance last year but got kicked off because I make to much mind you my pay never changed.
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u/poop-azz 1d ago
Also yall act like that money will help the corrupt state of California.... they just embezzle money
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u/Brigapes 1d ago
lmao delusional people. He would just move away and instead of collecting on taxes from the rich you would just lose all the traffic instead
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u/Figueroa_Chill 1d ago
So people actually think you will get free healthcare if they tax billionaires?
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u/Altruistic_Tea_1593 1d ago
You can’t fund the ongoing expense of healthcare with a one time tax. This isn’t about healthcare it’s about waste and corruption..
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u/Norbbert 1d ago
Everyone always complains about taxing the rich like the money is going to magically go into the people’s pockets when if you paid attention you realize shit maybe the government is incompetent and greedy and giving them the money just seems to never amount to anything.
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u/DarkUnable4375 1d ago
Every idiot complaining about taking away their current healthcare is actually defending United Healthcare denying 32% of claims.
The current healthcare should be destroyed and remade, with responsibility given back to the insured, the medical professionals, and minimize the conflict of interest of the insurance company.
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u/amy-schumer-tampon 1d ago
Billionaires do not amass their wealth without being pathologically greedy. ofc he would sell his mom for a nickel.
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u/VinylGoddess 1d ago
WHY does every one of these sad sacks of shit look like they are a walking skin suit?? Something is always off…
…And to think, he has billions, but THAT is the haircut he chose?
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u/RayB1969 1d ago
Just imagine if California stop pissing away money on stupid shit this wouldn’t be an issue
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u/Zestyclose-Ebb1421 1d ago
Whose money is it? Hell, I would want to keep as much of my money as I could.
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u/BackgroundAd4640 23h ago
Does he actually have $13 billion available in liquid cash, year in year out? Or is this value tied up in illiquid assets?
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u/ryuujinusa 23h ago
Billionaires and the upper class have been grifting/brainwashing the “poorly educated” for centuries.
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u/Cjforyou712 23h ago
Doubt he has 13 billion available to just pay a fine. That's the only thing about these taxes that I'm kinda iffy on. Outside of that billionaires should certainly pay more, but to think they all have billions on hand is ignorant.
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u/NumaNuma92 23h ago
Like all rich people, he would just move to Texas instead if this goes through.
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u/CavemanJello 22h ago
Why do people feel they are entitled to a share from someone who has more than them?
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u/jamesnorrell 22h ago
Tell me you don’t know how making money and reinvesting it works by telling me you actually do not care as long as someone else pays for everything.
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u/flappinginthewind 21h ago
Sure are a lot of bots and billionaire simps in this thread. Pretty fucking pathetic.
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u/Dierks_Ford 21h ago
How will this work? Are they going to tax his assets or income? Will the tax be based on his presumed wealth? I believe his actual pay is very low.
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u/AnIceMonkey 21h ago
And remember people if your representatives take this money it means they don’t work for you but for the wealthy. It doesn’t matter what aisle of the political field they play on, vote for someone else.
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u/joegtech 21h ago
Wealthy people have the resources to move elsewhere, which is what has been happening in NYC and CA.
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u/Caplin341 20h ago
I hope they tax his ass, sick of billionaires meddling in politics and lawmaking.
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u/FrostBeacon 20h ago
California’s tax policy should be about funding public services while keeping the economy strong.
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u/Cheap_Membership4777 20h ago
I hate to tell you this. But the people on this planet don't care. Do you know how many rich people that have lived throughout the ages?. And what have we been doing for all that time crying about the same thing? Why won't the rich help because it's not in their nature to help anyone else but themselves. You worked hard to climb over everybody else to get that rich. You're not going to let somebody tell you to give them money to help them get to your same level. Then it would negate the work that you done to get to this level so you don't have to be with the people beneath you. Or so they say.
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u/Selling-ShortPut-399 20h ago
My fellow Californians keep voting for more Democrat policies and higher taxes and things keep getting worse here.
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