State’s governor looks to thwart US president’s plan to divert money to allies, including January 6 rioters
California governor Gavin Newsom is looking to thwart Donald Trump’s $1.776bn “anti-weaponization fund” by imposing a 100% tax on any payout received by state residents.
In May, the Department of Justice (DoJ) announced a fund to compensate alleged “victims of lawfare and weaponization”. It’s unclear who qualifies under this category.
The fund was the product of a settlement reached between Trump and the Internal Revenue Service (IRS) – the agency the president sued over his leaked tax returns.
Critics, including Newsom, have slammed the fund as a “boondoggle” designed to divert money to Trump’s allies. Speculation has swirled that its benefactors could include the individuals who were arrested in the 6 January 2021 siege of the US Capitol. The Trump administration has described the rioters as patriots and since pardoned many who were charged in relation to the attack.
Now now, I think you’re being very unfair. He should make it a progressive amount. Lets be nice and start it at, say 1% on the first $100, then 2% on the second $100, 4% on the next $100, 8% on the next, and so on.
Confused by the downvotes on your comment. Is it just people that hate math?
This quickly becomes an essentially infinite tax. That’s the joke.
If they got $1100 dollars. The tax on that last $100 of the $1100 would be 1024% or $10,240
Tax on $100 increment n is given by 2ⁿ . So the tax on $900 is the negative break point.
9 ∑ 2ⁿ = $1275 n=1You pay $1275 for receiving $900.
This explodes after that. At $2000 dollars received you owe over $2,000,000. At $30,000 received you owe more dollars than there are atoms in the entire universe.
Edit: Typing math on my phone. Could have gotten a number wrong. But the trend is the point.
Also, explaining math jokes is always hilarious.