California’s Wealth Tax Arrives

[VicBee]

So where do you live now in Singapore when you have sold your condo? Congrats on the massive profit btw. The reason why Singapore puts such high cost for owning a car is that the place is small; it's a city state which is a country that's the size of the city. If they don't raise the cost of owning a car and let everybody drive a car, all of the streets would be a parking lot; nobody will be able to go anywhere. And besides why would you want to drive around in such a small place like Singapore anyway besides showing off your wealth especially when it has a fantastic public transit system from what I heard that's far-reaching, convenient, clean and fast?

I wish but we're the renters...
I drive a scooter, much easier to get around because traffic can be debilitating even with entry car prices starting at 140k..

 

[ironchef]

I left California for Singapore. Here max income tax rate is 15%, no tax on anything else, a trader's dream, right?

Except, a car costs price + 100% import duty tax + $80k COE tax (road usage fee, yes, you read that right). Yet, the city/country is filled with exotic and opulent cars.

You think parts of the US are expensive? Our 1700 sqft apartment in an aging 80s upscale condo complex just sold for $1.8M. Typical rent today is $6k/month.

One way or another, you pay.

And you forgot the VAT. It is invisible but more than our sales tax.

 

[TheDawn]

I wish but we're the renters...

 

[ironchef]

I wish but we're the renters...
I drive a scooter, much easier to get around because traffic can be debilitating even with entry car prices starting at 140k..

I don't understand why they own cars. Transportation is so inexpensive, even for taxis. My taxi fare from airport to my downtown hotel was < $20 (2019).

MRT and buses are so efficient, every time I visited I almost never use taxis or private transportations, even from the airport to my hotel.

 

[VicBee]

I don't understand why they own cars. Transportation is so inexpensive, even for taxis. My taxi fare from airport to my downtown hotel was < $20 (2019).

MRT and buses are so efficient, every time I visited I almost never use taxis or private transportations, even from the airport to my hotel.

Yes, their transportation system is very good, at least the MRT (metro) which they're expanding. But it's quite slow compared to a scooter. What takes me 15 mn to reach takes 45 mn by public transport. We cab everywhere for the convenience, rather than walk 15 mn to the nearest MRT station. Remember, Singapore is 85F and 90% humidity... Walk 15 mn and you are soaked, then freeze in over aircond train before hitting the heat again... Guaranteed sick!

As for owning cars, it's both convenience and status symbol. A 200k luxury car is 480k here - the price of an entry level government subsidized apartment-, yet they're everywhere. Walk parking lots and you'll see pink Bentleys, a few exotics (Lambo, Maserati, Ferrari..), special edition M series, unique Porsche... It's a permanent car show.

 

[ironchef]

Yes, their transportation system is very good, at least the MRT (metro) which they're expanding. But it's quite slow compared to a scooter. What takes me 15 mn to reach takes 45 mn by public transport. We cab everywhere for the convenience, rather than walk 15 mn to the nearest MRT station. Remember, Singapore is 85F and 90% humidity... Walk 15 mn and you are soaked, then freeze in over aircond train before hitting the heat again... Guaranteed sick!

As for owning cars, it's both convenience and status symbol. A 200k luxury car is 480k here - the price of an entry level government subsidized apartment-, yet they're everywhere. Walk parking lots and you'll see pink Bentleys, a few exotics (Lambo, Maserati, Ferrari..), special edition M series, unique Porsche... It's a permanent car show.

That explains why some Singaporeans who moved to SoCal, who obviously are only middle income, all drive MBZ, BMW & Porsche, something they could never afford if they stay in Singapore.

 

[murray t turtle]

What’s your source? I thought 28% of the votes is < Almost?

%
INTERNET SAYS 48%;
Wikipedia say SAYs 38% voted against Newsom/58% turn out. So/ not sure of exact #'s.
You maybe right; I'm probably biased for Mr Elder/ he wrote for IBD Newspaper.
And gave a good rebuke against biden'$ attempted phony debt forgiverness= ''reparations for white rich kids ''LOL

 

[murray t turtle]

I don't understand why they own cars. Transportation is so inexpensive, even for taxis. My taxi fare from airport to my downtown hotel was < $20 (2019).

MRT and buses are so efficient, every time I visited I almost never use taxis or private transportations, even from the airport to my hotel.

%%
AUTOs are about the worst depreciating asset around.
I like what the banker Mr John Morgan said , even though he made plenty of auto loans LOL.
''The purpose of an auto, is to get from point a to point b'' -banker John Morgan.
Personally, i like what Sam Walton drove, an old ,very old Ford pick truck with quail dog cages in truck bed.

 

[Pekelo]

"The problem with socialism is that you eventually run out of other people's money."

This is an excellent quote about the Federal budget.

 

[murray t turtle]

CA exists only because of Hollywood & the VCs in SiliValley. It is almost entirely dependent upon the IPOs to continue to fund its expenses. Any year without IPO money is a down year for CA. And both Hollywood & the VCs are already diversifying away from CA (Hollywood to Atlanta & Toronto).

The county I live in CA has a sales tax of 10.75% (Alameda County). I don't even bother buying anything retail that I can get on craigslist anymore. This is only the beginning, without the Billionaires CA will be bankrupt just like Illinois. PG&E wants to charge higher & higher so they can fund their $50 million CEO salary. This state is real joke.

%%
AMAZING, CA helped produce a tax cutter like Gov/Pres R Reagan.
Critics said ''he is an actor,'' ok but a good/ wise actor.
$50 millions seems super excessive for CEO pay, but maybe it takes that, to put up with the golden geese goofy regulators LOL