California Is Chasing Wealth That Has Feet

California Is Chasing Wealth That Has Feet(progressandpoverty.substack.com)

6 points by slackpad 2 days ago | 8 comments

apparent 2 days ago |

Land doesn't have feet, so it can't run away. But the people who want to live on expensive land have feet, and they can most certainly run away.

popalchemist 2 days ago | |

Let them run away. As Marx pointed out, Capital does not by nature spread itself, but rather concentrates itself in the hands of the few. Billionaires do not add to economies, they are parasites that extract value from them. That means they become unlivable. Tax the billionaires, and that offsets their impact. Get rid of them, and that eliminates them completely. Housing and other costs will diminish. Win win.

apparent 2 days ago | | |

> Billionaires do not add to economies, they are parasites that extract value from them.

Does the same apply to millionaires and thousandaires? What about people who work hard and aspire to be wealthy?

> Housing and other costs will diminish. Win win.

That's true, when you make somewhere less attractive to live, people leave and then it gets cheaper. Of course, it's then less enjoyable for the people who end up living there too. Bit of a dilemma, really.

java-man 2 days ago |

tax the wealth, over %NNN million. the moment one gets a loan with shares as collateral, the wealth is measured and taxed at the real estate rate (or different).

the proceeds fund the UBI. problem solved.

apparent 2 days ago | |

What real estate rate are you referring to?

blinded 2 days ago | | |

Guessing capital gains?

java-man 2 days ago | | |