The new “wealth tax” that was passed in San Francisco is doing more harm than good. What is being promoted as a big win for greedy liberals is the writing on the wall for the city. Instead of providing more revenue for the city, the tax is pushing the wealthy out of the city. No one with money wants to become the means by which bad liberal stewards have money to waste.
The socialist move to keep raising taxes is destroying the once industrious city. High taxes only wring money out of what is left, and it will eventually run dry. Socialists think that capitalism is evil, but really it is the only way to have an ample supply of tax revenue.
Low taxes attract new businesses and, in turn, draw more people. More people paying a low tax will generate more money than a few paying high taxes. There is more of a pool of finances to draw from. But somewhere along the line, the backsliders in finance class missed that point of the lesson.
COVID-19 took its toll on the businesses in the city. They have not turned a profit this year, and now the wealthy have to pay higher taxes. It is a recipe for disaster.
The tax targets CEO’s that are paid 100 times more than what their position should pay as a median. What makes this tax unfair is that the more a person earns, the more they have to pay.
The people that voted on this tax ultimately will not have to pay it since they will never be a CEO. The passing of this tax by the socialist leaders makes no sense, and it really is just a way for the socialists to take the money of other people and spread it around to their lazy support base.
It is not the amount of the tax that makes the issue fair or not. It is the principle behind the tax. The greedy left is taxing the rich so that they can have access to their money. What they are really doing is punishing people for being successful in their lives.
Those who support the tax would have a hard time yielding to such a tax if it targeted them. The city government has no business sticking its big long nose into a corporation and telling them that all of them have to pay extra taxes just because they are successful. This is one step of many that the city is going to take before it controls everyone and their millions.
Once all of the rich have left the city, there will be no choice but for the socialists to come after the money of those that remain. In a way, they are getting what they wanted, which is high taxes and a failed city. The very ones that ran off the rich will become the next victims of the tax targeting.
California already has a 13.3 percent state tax rate. They also have some of the most outrageous home prices in the country. But this is what happens when the Democrats take control of a state. The taxes go up, and inflation kills everything.
No one can talk sense into the head of a liberal. They already think that they know it all. These terrorists tell people that they are going to take the money of the rich and give it to the poor. But what they are saying is that they are going to destroy the backbone of industry and make everyone work for nothing so that they can have power and control over them. After all, the obedient people get to eat in a socialists country.
It is not too late for the city to turn around. All it will take is the people voting out the liberals and voting for someone that stands for freedom and has a real plan to care for the city. There needs to be a plan to help the homeless and strengthen the industry. At that point, there is enough money to fully fund the city and attract the wealthy back to the region.