π‘ Big Tech in Cali: Overpaying or Underpaying? π
Do you think that Big Tech, especially giants like Google, might actually be paying more than their "fair share" in California. Here's a quick breakdown: 1. Salaries & Taxes: Google's median salary sits at a cool $140K. With Cali's tax rates, an employee earning this takes home around $92,889 after a hefty tax cut. That's a 33.7% average tax rate! 2. Property & Sales Taxes: High property prices mean more property taxes. Plus, there's the state sales tax rate of 7.5%. 3. Corporate Taxes: California's corporate tax rate is 8.84% for C corps and LLCs reporting a profit. Only a few states have a higher corporate tax rate. The article suggests that if Google wasn't in California, none of these contributions would exist. So, is Big Tech really not paying its fair share, or is it actually contributing more than we think? http://archive.today/2023.08.13-233838/https://mishtalk.com/economics/big-tech-should-pay-its-fair-share-the-best-way-is-to-leave-california/
βGiving back to [insert any group of people]β is so typical coming from someone making millions a year.
The basics of free market economics is price discovery. Add tax discovery to this. All big tech companies have base in tax free Washington and Texas. There is an international push in tax free places such as Zurich and Dubai. People and companies decide. No one person can decide - be it a CEO or the governor.
You're overpaid if you don't include TC
Tech giants in this category make insane profits and can afford to pay their fair share, the same rate as everyone else. It's the cost of doing business.
βHigh property prices mean high taxesβ => wrong
How come? (Not a homeowner or knowledgeable about real estate)
Good ol' prop 13 enables all sorts of shenanigans with property prices in California