Will California Pony Up For Reparations?

[BabyBoomer50s]

#woke

https://jonathanturley.org/2023/02/13/a-bill-comes-due-will-california-pony-up-for-reparations/

 

[Rightguide]

People have fled CA in droves over the last few years.

 

[Rightguide]

Lawsuit Forces Los Angeles County To Remove 1.2 Million Ineligible Voters From Rolls​

BY: VICTORIA MARSHALL
FEBRUARY 27, 2023
https://thefederalist.com/2023/02/2...ove-1-2-million-ineligible-voters-from-rolls/

Begs the question of how many real taxpayers are still in CA.

 

[LLCox]

They are doing it in Asheville, NC. No money but perks.

 

[Sean Renaud]

People have fled CA in droves over the last few years.

Last year was the first time we even netted negative and believe me the rest of us welcome some extra space.

However no, CA will not pony up, I don't even know what the purpose is of talking about this despite some of the shit that was done.

 

[BabyBoomer50s]

Lawsuit Forces Los Angeles County To Remove 1.2 Million Ineligible Voters From Rolls​

BY: VICTORIA MARSHALL
FEBRUARY 27, 2023
https://thefederalist.com/2023/02/2...ove-1-2-million-ineligible-voters-from-rolls/

Begs the question of how many real taxpayers are still in CA.

The other part of the question is how much revenue is left to tax. California relies on the top one half of one percent for about 40% of its tax revenue. Those folks pay taxes on their capital gains, which in CA is taxed as ordinary income rather than a lower capital gains rate like it is at the federal level. With plummeting equity, bond prices, as well as modestly declining real estate prices, the state’s tax revenues are shrinking. The $97 billion surplus that Governor Newsom was so proud of just 8 months ago has turned into a $27 billion deficit that is getting worse by the day. And yes, people are fleeing CA’s absurd income tax rates. I’m one of them. Moved out last year.

 

[Sean Renaud]

Glad to see you leave!

 

[Fuzzy1975]

The other part of the question is how much revenue is left to tax. California relies on the top one half of one percent for about 40% of its tax revenue. Those folks pay taxes on their capital gains, which in CA is taxed as ordinary income rather than a lower capital gains rate like it is at the federal level. With plummeting equity, bond prices, as well as modestly declining real estate prices, the state’s tax revenues are shrinking. The $97 billion surplus that Governor Newsom was so proud of just 8 months ago has turned into a $27 billion deficit that is getting worse by the day. And yes, people are fleeing CA’s absurd income tax rates. I’m one of them. Moved out last year.

Thanks for showing you don’t understand state budgets.

The surplus and deficits are just that. Numbers on a spread sheet that show what will be/was collected vs what will be/was spent.

The numbers by themselves mean nothing else.

 

[BabyBoomer50s]

Thanks for showing you don’t understand state budgets.

The surplus and deficits are just that. Numbers on a spread sheet that show what will be/was collected vs what will be/was spent.

The numbers by themselves mean nothing else.

The numbers mean revenues are insufficient to cover spending.

 

[JohnnySavage]

Fires, floods, earthquakes, draught...

 

[Fuzzy1975]

The numbers mean revenues are insufficient to cover spending.

LOL as I said you don't understand state budgets. Two quick true points of a budget. Running a surplus is bad. Running a deficit is bad. Maybe try and explain to me why.

 

[BabyBoomer50s]

LOL as I said you don't understand state budgets. Two quick true points of a budget. Running a surplus is bad. Running a deficit is bad. Maybe try and explain to me why.

Sounds like you’re agreeing with me.

 

[Chobham]

I'm betting some legislators are thinking, "Let's go ahead and pass it and let the courts save our ass." Even so there will be consequences.

 

[schism666]

I'm betting some legislators are thinking, "Let's go ahead and pass it and let the courts save our ass." Even so there will be consequences.

you've been betting on a civil war for two decades now, ish. how's that been working out?

 

[Fuzzy1975]

The numbers mean revenues are insufficient to cover spending.

LOL as I said you don't understand state budgets. Two quick true points of a budget. Running a surplus is bad. Running a deficit is bad. Maybe try and expelling to me why.

Sounds like you’re agreeing with me.

No, I am pointing out, you don't understand budgets. Please answer the questions, or admit you don't really understand the year to year financing of states. The answer to why both are bad shouldn't take more than a ten word sentence.

 

[LittleSwitchy]

The other part of the question is how much revenue is left to tax. California relies on the top one half of one percent for about 40% of its tax revenue. Those folks pay taxes on their capital gains, which in CA is taxed as ordinary income rather than a lower capital gains rate like it is at the federal level. With plummeting equity, bond prices, as well as modestly declining real estate prices, the state’s tax revenues are shrinking. The $97 billion surplus that Governor Newsom was so proud of just 8 months ago has turned into a $27 billion deficit that is getting worse by the day. And yes, people are fleeing CA’s absurd income tax rates. I’m one of them. Moved out last year.

Modestly declining real estate prices. Lol. Real estate is WAY lover and inflated.
Example
4 bedroom house 2300 sq ft on 1/3 acre in middle of the valley. Bought new in ‘65 for 40 k. That same house now over 1.1 million. It’s not porter ranch, Calabasas, Encino.

 

[HisArpy]

I think it's doubtful that California will pay. First, it's only a recommendation and one plucked from the air at that. Second, California currently has a $22B budget shortfall. Third, it ain't gonna make it out of the courtroom intact.

 

[BabyBoomer50s]

LOL as I said you don't understand state budgets. Two quick true points of a budget. Running a surplus is bad. Running a deficit is bad. Maybe try and expelling to me why.

No, I am pointing out, you don't understand budgets. Please answer the questions, or admit you don't really understand the year to year financing of states. The answer to why both are bad shouldn't take more than a ten word sentence.

Modest surpluses and modest shortfalls from year to year are normal and manageable. Newsom’s predecessor wisely allocated a significant portion of surplus funds for “rainy day” reserves. What’s happening in CA now is that the state had a $97 billion surplus 8 months ago that has turned into a $27 billion deficit that’s growing. That is a wild swing in a very short period of time. It has set the state up for unanticipated and unplanned budget cuts coupled with pressure for even more taxes.

 

[Fuzzy1975]

Modest surpluses and modest shortfalls from year to year are normal and manageable. Newsom’s predecessor wisely allocated a significant portion of surplus funds for “rainy day” reserves. What’s happening in CA now is that the state had a $97 billion surplus 8 months ago that has turned into a $27 billion deficit that’s growing. That is a wild swing in a very short period of time. It has set the state up for unanticipated and unplanned budget cuts coupled with pressure for even more taxes.

LOL So you keep failing to answer. Why, because you don't understand budgeting.

Since you don't understand budgets, you keep touting the bold as if it means something.

 

[BabyBoomer50s]

LOL So you keep failing to answer. Why, because you don't understand budgeting.

Since you don't understand budgets, you keep touting the bold as if it means something.

I’m sure there is some point you’re trying to make. Perhaps at some point you’ll figure out what it is and share it with the rest of us.

 

[Chobham]

Modest surpluses and modest shortfalls from year to year are normal and manageable. Newsom’s predecessor wisely allocated a significant portion of surplus funds for “rainy day” reserves. What’s happening in CA now is that the state had a $97 billion surplus 8 months ago that has turned into a $27 billion deficit that’s growing. That is a wild swing in a very short period of time. It has set the state up for unanticipated and unplanned budget cuts coupled with pressure for even more taxes.

Which will cause even more flight and further erosion of the tax base.

 

[Fuzzy1975]

I’m sure there is some point you’re trying to make. Perhaps at some point you’ll figure out what it is and share it with the rest of us.

The point I am making is you don't understand how state budgets work, or what they are for. That's all, just admit it.

I have already posted about this prior when Newman was bragging about his unprecedented budget surplus.

 

[Fuzzy1975]

Which will cause even more flight and further erosion of the tax base.

And another person with no understand of a budget chimes in with his stupidity....*chuckles*

 

[BabyBoomer50s]

Modestly declining real estate prices. Lol. Real estate is WAY lover and inflated.
Example
4 bedroom house 2300 sq ft on 1/3 acre in middle of the valley. Bought new in ‘65 for 40 k. That same house now over 1.1 million. It’s not porter ranch, Calabasas, Encino.

No disagreement from me. Prices dropped about 5% to 6% in most parts of CA in 2022, but those modest drops are from highly inflated peaks. I still own a 4 bdr 2000 sq ft suburban home in Silicon Valley that I purchased 25 years ago. Zillow estimate today is > 5x what I paid for it.

 

[Chobham]

No disagreement from me. Prices dropped about 5% to 6% in most parts of CA in 2022, but those modest drops are from highly inflated peaks. I still own a 4 bdr 2000 sq ft suburban home in Silicon Valley that I purchased 25 years ago. Zillow estimate today is > 5x what I paid for it.

I'd sell that property now.

Adding to CA's woes is the fact that their state employee retirement system became WAY overly generous and those payments represent a huge chunk of their obligations. Starting last year the 'boomer's' like yourself are retiring en mass, selling out and moving to other states with more favorable tax and cost of living burdens. The last ones out are going to take a serious financial haircut. California is already trying to figure out how they can tax residents of other states that once worked in CA.