{"id":1401092,"date":"2023-08-13T20:45:00","date_gmt":"2023-08-14T00:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1401092"},"modified":"2023-08-13T20:45:00","modified_gmt":"2023-08-14T00:45:00","slug":"big-tech-should-pay-its-fair-share-the-best-way-is-to-leave-california","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/big-tech-should-pay-its-fair-share-the-best-way-is-to-leave-california\/1401092\/","title":{"rendered":"Big Tech Should Pay Its “Fair Share”… The Best Way Is To Leave California"},"content":{"rendered":"

Big Tech Should Pay Its “Fair Share”… The Best Way Is To Leave California<\/span><\/p>\n

\n

Authored by Mike Shedlock via MishTalk.com,<\/em><\/a><\/p>\n

My hoot of the day is a Bloomberg Tweet praising San Francisco while asking big technology firms to pay their fair share.<\/p>\n

<\/a><\/p>\n

Hoot of the Day<\/strong><\/h2>\n

San Francisco lifer\u00a0@garr<\/a>ytan<\/a>\u00a0weighs in on the city\u2019s controversies with\u00a0@emilychangtv<\/a>\u00a0and how tech should pay its \u201cfair share.\u201d<\/p>\n

“This is the shining jewel.”<\/p>\n

San Francisco lifer @garrytan<\/a> weighs in on the city\u2019s controversies with @emilychangtv<\/a> and how tech should pay its \u201cfair share.\u201d<\/p>\n

Watch the full episode herehttps:\/\/t.co\/i9oa08FxDf<\/a> pic.twitter.com\/SmZyyYR0Xm<\/a><\/p>\n

\u2014 Bloomberg (@business) August 12, 2023<\/a><\/p>\n

Fair Share<\/strong><\/h2>\n

And who is it that gets to decide the definition of \u201cFair Share\u201d?<\/p>\n

If anything, I suspect big tech is paying more than its fair share.<\/p>\n

How so? Let\u2019s total it up starting with salaries.<\/p>\n

Google Salary Estimates<\/strong><\/h2>\n

Google pays its employees well. The median salary is $140,000 a year.<\/p>\n

<\/a><\/p>\n

Every Google employee pays taxes at California\u2019s exorbitant rate.<\/strong><\/p>\n

Talent.Com notes \u201cIf you make $140,000 a year living in the region of California, USA, you will be taxed $47,111. That means that your net pay will be $92,889 per year, or $7,741 per month. Your average tax rate is 33.7% and your marginal tax rate is 40.6%.\u201d<\/p>\n

Government takes over a third right off the top for someone making $140,000. The state itself takes 8% plus 9.3% of everything over $66,296 up to $338,640 when even higher rates kick in.<\/p>\n

Those employees buy homes at absurd prices compared to elsewhere and government takes its pound of flesh from property taxes.<\/p>\n

The employees eat at local businesses and buy merchandise from local merchants. The minimum state sales tax rate is 7.5 percent.<\/p>\n

Factor in capital gains taxes. Factor in health benefits paid by Google. Factor in Federal payroll taxes.<\/p>\n

Let\u2019s discuss corporate taxes.<\/p>\n

The California corporate tax rate is 8.84%. This tax rate applies to C corporations and LLCs that report a net profit. Otherwise, they pay a flat alternative minimum tax (AMT) of 6.65%.<\/p>\n

Only a handful of states have a higher top\u00a0corporate tax\u00a0rate.<\/p>\n

If Google did not exist or was not located in California, none of that would happen.<\/p>\n

Google Contributes More Than Its Fair Share<\/strong><\/h2>\n

Google contributes mightily towards California and would do so even if it paid no corporate taxes at all.<\/em><\/p>\n

Nonetheless, we have ingrates pissing and moaning about how these companies do not pay their fair share.<\/p>\n

Add it all up, and Google contributes too much.<\/p>\n

To pay its fair share, Google needs to relocate to a lower tax state.<\/strong><\/p>\n

*\u00a0 *\u00a0 *<\/p>\n

Subscribe to MishTalk Email Alerts.<\/em><\/a><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nSun, 08\/13\/2023 – 16:45<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/big-tech-should-pay-its-fair-share-best-way-leave-california<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Big Tech Should Pay Its “Fair Share”… The Best Way Is To Leave California Authored by Mike Shedlock via MishTalk.com, My hoot of the day…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1401092","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1401092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1401092"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1401092\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1401092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1401092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1401092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}