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- $1.2B Gone. A 5% Wealth Tax Next.
$1.2B Gone. A 5% Wealth Tax Next.
just added the borders
I share the 4-5 most important accounting that actually matter. I scroll so you don’t have to.
So grab your coffee, take a quick break, and lets catch up.
In this issue:
Bernie’s 5% wealth tax bomb in California
Nebraska’s $1.2B incentive disaster
Why Americans barely leave the house anymore
- Ledger Lowdown Team
WTF of the Day🤯
Bernie vs. Newsom: California’s Billionaire Tax Fight
Bernie Sanders is flying to LA to push a ballot measure that would hit California billionaires with a one time 5 percent wealth tax.
Not income. Wealth. Stocks. Businesses. The whole pile.
Gavin Newsom is not thrilled. California already relies on a tiny group of ultra wealthy residents for a huge chunk of its tax revenue. If even a few leave, the math breaks fast. Silicon Valley founders are already hinting at Texas and Florida. That is not an idle threat.
If you’ve got high net worth clients in California, this is the call to make now. Not after November. Talk residency. Liquidity timing. Capital gains strategy. Exit planning. If this thing gains traction, movement will start before the vote. The smart ones won’t wait around to see how it ends.
What’s poppin in accounting🍿
Nebraska Lit $1.2 Billion on Fire
Nebraska just admitted it handed out $1.2 billion in tax incentives over four years to companies that were supposed to create jobs. A bunch of them shut down. One got acquired and closed its local ops but kept collecting checks. Another went bankrupt and still got paid.
The law only required companies to start projects. Not maintain them. So they hit the minimum, grabbed the credits, and left. Totally legal. Totally insane.
If you advise on state incentives, read this twice. Don’t just help clients qualify. Read the clawback rules. Read the maintenance requirements. Model what happens if ownership changes. States are desperate for jobs and they write loose rules. Smart operators exploit that. Your job is to know which side your client is on.
Weekly Trend Chart 📊
An Average American Day
Americans now spend over 9 hours a day at home, according to the Bureau of Labor Statistics. Time alone is near 7 hours. Socializing is down. Travel is down. Live events are down. Screens filled the gap.
If you make under $35k, you spend way more time at home than someone making $150k+. About 90 extra minutes a day. And two extra hours on at home leisure. Mostly TV. Higher earners just pay to leave. Restaurants. Gyms. Travel. Outsourced chores.
Time is money. The rich buy their way out of the house. Everyone else stays in.
Meme of the Day😂
How i find you guys in the morning 😂