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Old 08-09-2011, 03:00 PM
 
2,311 posts, read 3,505,790 times
Reputation: 1223

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California tax revenues plunge, deep cuts to schools could be triggered - latimes.com

Happening just like i said it would ... Wait till the cluster ____ of the market downturn is reflected in tax revenue...

Reality is coming...


And just to drive the point home about taxing the 'investor' class ....
"Worse, the sagging tax collections were reported before the recent stock market turmoil. The Dow Jones industrial average plunged by more than 600 points on Monday. California relies very heavily on capital gains taxes from the stock taxes."

Enjoy the volatility that the investment class must deal with ....

Last edited by yeahthatguy; 08-09-2011 at 03:44 PM..
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Old 08-09-2011, 03:48 PM
 
Location: Police State
1,472 posts, read 2,410,201 times
Reputation: 1232
In before: All of this will magically go away if we repeal Prop. 13.
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Old 08-09-2011, 05:43 PM
 
12,823 posts, read 24,402,599 times
Reputation: 11042
Women, children and other underrepresented classes hardest hit ... !
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Old 08-09-2011, 05:46 PM
 
Location: Sacramento, Placerville
2,511 posts, read 6,299,161 times
Reputation: 2260
Quote:
Originally Posted by ZhugeLiang View Post
In before: All of this will magically go away if we repeal Prop. 13.
Just like NJ and IL, right?
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Old 08-09-2011, 06:44 PM
 
Location: Las Flores, Orange County, CA
964 posts, read 2,647,949 times
Reputation: 578
Quote:
Originally Posted by yeahthatguy View Post
California tax revenues plunge, deep cuts to schools could be triggered - latimes.com

Happening just like i said it would ... Wait till the cluster ____ of the market downturn is reflected in tax revenue...

Reality is coming...


And just to drive the point home about taxing the 'investor' class ....
"Worse, the sagging tax collections were reported before the recent stock market turmoil. The Dow Jones industrial average plunged by more than 600 points on Monday. California relies very heavily on capital gains taxes from the stock taxes."

Enjoy the volatility that the investment class must deal with ....

What about other states' tax revenues? Are they plunging too? Do other states also rely on investment (long term and short term capital gains) taxes?
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Old 08-09-2011, 06:53 PM
 
2,311 posts, read 3,505,790 times
Reputation: 1223
Quote:
Originally Posted by proudmommy View Post
What about other states' tax revenues? Are they plunging too? Do other states also rely on investment (long term and short term capital gains) taxes?
NO .. states like Florida and Texas don't have a state income tax.. And even when they do, it's not as high as California's...

As an investor, I'm heading to Florida in due time.. Tired of California taking 10% of my investment income for which I can make anywhere in the world...
It's almost equal to friggin capital gains..

Having rolled my 401k to the tune of 250% i'll also be drawing down on it once I finally leave .. California wont get any of that either.

I didn't get slammed as hard but I know many people who lost 20-30% of their wealth in the recent down turn in markets .. capitulated and sold everything... They have net losses actually for the year.

Almost 4 trillion has been wiped out worldwide w/ the rout in markets.. Nothing to laugh at and certainly not something that a state dependent on investment tax income wont feel ..

What many people who don't invest don't appreciate is the risk those take in order to make money on money they worked hard for.. Instead of spending every penny they make, they take their hard earned cash (yes it comes from somewhere .. mine came from an actual job) .. Sacrifice luxuries early on in life and risk it all in markets.. Sometimes they win .. Sometimes they loose ...

California punishes those people who takes that great risk (when they win)... Now California can enjoy getting punished now that they are loosing.
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Old 08-09-2011, 08:38 PM
 
Location: Earth
17,440 posts, read 28,602,920 times
Reputation: 7477
Quote:
Originally Posted by KC6ZLV View Post
Just like NJ and IL, right?
NJ has a part time legislature so they shouldn't be having any problems, no?
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Old 08-09-2011, 11:23 PM
 
Location: The High Seas
7,372 posts, read 16,015,581 times
Reputation: 11867
That banana is worrisome.
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Old 08-10-2011, 09:22 AM
 
Location: San Luis Obispo and Santa Barbara Counties
6,390 posts, read 9,684,265 times
Reputation: 2622
Quote:
NO .. states like Florida and Texas don't have a state income tax.. And even when they do, it's not as high as California's...

As an investor, I'm heading to Florida in due time.. Tired of California taking 10% of my investment income for which I can make anywhere in the world...
It's almost equal to friggin capital gains..
Florida is such a great state to save on taxes, I mean really,,,,

In California one must work 106 days in order to pay all your taxes.

In Lucky Florida you only have to work 101 days,, a whole 5 out of 365 days less!

In California one must pay a depressing 10.6 % of your income in taxes.

In Lucky Florida you only pay an enchanting 9.2% of your income in taxes

A whopping 1.4% difference.

And you get to live in Lucky Florida. The highest point in Florida is a whole 345 feet above sea level, just think of all the cool mountain biking and moto riding on the steep twisty roads and trails on Britton Hill......... Yep, just think about it..
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Old 08-10-2011, 11:22 AM
 
2,093 posts, read 4,698,293 times
Reputation: 1121
Heh. Florida.

No state income taxes where the millionaires like athletes and celebrities live freely in that state, yet it went through the worst unemployment period with high foreclosure rates.

Heading to Florida? Good luck. Not much of a economy there besides tourism and elderly residents.
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