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Old 02-27-2019, 06:20 PM
 
786 posts, read 148,029 times
Reputation: 1274

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Warren Buffett discusses ‘disaster’ contributing to high tax state exodus on CNBC interview

https://www.bizjournals.com/sanfranc...-wfc-core.html


Warren said:

Quote:
“If I were relocating into some state that had a huge unfunded pension plan, I'm walking into liabilities," Buffett said. "'Cause I mean, who knows whether they're gonna get it from the corporate income tax or my employees — you know, with personal income taxes or what. That liability isn't gonna — you can't ship it offshore or anything like that. And those are big numbers, really big numbers."
And Charlie Munger said:

Quote:
“Driving the rich people out is pretty dumb, if you’re a state or a city,” Munger told CNBC. “There are a number of places that have shot themselves in the foot — Connecticut, California, New York City.”
But it isn't limited to those. Take Kentucky:

https://kychamberbottomline.com/2019...-pension-debt/

Last edited by RationalExpectations; 02-27-2019 at 06:28 PM..
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Old 02-27-2019, 07:32 PM
 
2,471 posts, read 1,568,753 times
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No rich people and no corporations sounds like a paradise for some of the economic crackpots here.
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Old 02-27-2019, 09:09 PM
 
Location: SoCal
11,600 posts, read 5,544,377 times
Reputation: 8060
Quote:
Originally Posted by RationalExpectations View Post
Warren Buffett discusses Ďdisasterí contributing to high tax state exodus on CNBC interview

https://www.bizjournals.com/sanfranc...-wfc-core.html


Warren said:



And Charlie Munger said:



But it isn't limited to those. Take Kentucky:

https://kychamberbottomline.com/2019...-pension-debt/
I believe Munger lives in California and heís pretty liberal too.
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Old 03-01-2019, 11:57 AM
 
Location: Boston
6,275 posts, read 1,853,306 times
Reputation: 4568
thank God my pension is through the federal government, there's going to be a lot of tears shed eventually in many states.
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Old 03-03-2019, 04:12 PM
 
3,132 posts, read 759,099 times
Reputation: 2543
Quote:
Originally Posted by RationalExpectations View Post
Warren Buffett discusses ‘disaster’ contributing to high tax state exodus on CNBC interview

https://www.bizjournals.com/sanfranc...-wfc-core.html


Warren said:



And Charlie Munger said:



But it isn't limited to those. Take Kentucky:

https://kychamberbottomline.com/2019...-pension-debt/
Buffett uses the same kind of doublespeak that Democrat politicians use. And people are moving TO states with huge unfunded pensions. Feel free to write a big fat check to the IRS if you don't feel like you are paying enough in taxes, Warren.
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Old 03-04-2019, 05:10 AM
 
12,767 posts, read 6,669,873 times
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The reality is that unfunded pension liability isn’t all that big a problem compared to others. Medicaid is what is going to crush state budgets. Medicaid pays for 70% of nursing home beds. As the population ages, that’s going to be a huge burden. Take Massachusetts as an example. 25% of the state budget is Medicaid. 1/3 of that is nursing home spending. Then project out 30 years when the last of the Boomers all land in nursing homes. Medicaid spending jumps to almost half of the state budget. The unfunded pension stuff is lost in the noise. It’s not just limited to Massachusetts. All states face this ticking time bomb though the affluent states feel it more because they pay 50% of the Medcaid bill. In Mississippi, the Feds pay 73% of the Medicaid bill.
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Old 03-04-2019, 06:09 AM
 
Location: Eastern Tennessee
2,482 posts, read 1,692,470 times
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Quote:
Originally Posted by GeoffD View Post
The reality is that unfunded pension liability isnít all that big a problem compared to others. Medicaid is what is going to crush state budgets. Medicaid pays for 70% of nursing home beds. As the population ages, thatís going to be a huge burden. Take Massachusetts as an example. 25% of the state budget is Medicaid. 1/3 of that is nursing home spending. Then project out 30 years when the last of the Boomers all land in nursing homes. Medicaid spending jumps to almost half of the state budget. The unfunded pension stuff is lost in the noise. Itís not just limited to Massachusetts. All states face this ticking time bomb though the affluent states feel it more because they pay 50% of the Medcaid bill. In Mississippi, the Feds pay 73% of the Medicaid bill.
Just pointing out that only about 5% of people over 65 reside in nursing homes. We are not "all" heading there.
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Old 03-04-2019, 01:03 PM
 
3,132 posts, read 759,099 times
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Quote:
Originally Posted by Grlzrl View Post
Buffett uses the same kind of doublespeak that Democrat politicians use. And people are moving TO states with huge unfunded pensions. Feel free to write a big fat check to the IRS if you don't feel like you are paying enough in taxes, Warren.
I mean to say NOT moving.
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Old 03-04-2019, 01:09 PM
 
1,183 posts, read 294,736 times
Reputation: 3155
Quote:
Originally Posted by GeoffD View Post
The reality is that unfunded pension liability isnít all that big a problem compared to others. Medicaid is what is going to crush state budgets. Medicaid pays for 70% of nursing home beds. As the population ages, thatís going to be a huge burden. Take Massachusetts as an example. 25% of the state budget is Medicaid. 1/3 of that is nursing home spending. Then project out 30 years when the last of the Boomers all land in nursing homes. Medicaid spending jumps to almost half of the state budget. The unfunded pension stuff is lost in the noise. Itís not just limited to Massachusetts. All states face this ticking time bomb though the affluent states feel it more because they pay 50% of the Medcaid bill. In Mississippi, the Feds pay 73% of the Medicaid bill.
Under-funded pensions liabilities can be a huge problem for cities though, if not so large compared to medicaid issues for states.
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Old Yesterday, 08:30 PM
 
Location: Las Vegas, NV
1,137 posts, read 1,191,876 times
Reputation: 1029
I live in Nevada. A friend owns a small IT firm. He told me that on roughly level revenue, his corporate profits went up approximately 40 percent when he moved his company from Silicon Valley to Las Vegas, even counting in the cost of the move. Almost all of it was corporate tax savings.

Then-California-Governor Arnold Schwarzenegger brought a truck caravan here to try to convince local businesses to move to California. I'm not sure that the laughter has completely died down yet.
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