New bill would give nearly every californian $1,000 a month, similar to andrew yang's freedom dividend plan (section 8, to buy)

[Mike930]

Originally Posted by TR95

And to me the biggest issue is will the VAT apply to real property. Mike pointed this out initially. Some countries exempt real property from VAT and some don't. This would be a huge burden on anyone buying a home, but isn't that what these lunatics want to do, penalize property owners.

So, adding a VAT to the mfg's, wholesaler distributors, suppliers, retailers and consumers. Who gets hit the hardest in the end, likely the consumer, by paying higher prices as well as not being able to deduct it like the other businesses can.

Agree, just don't see how the added VAT will pay for this unless the $1k is strictly for citizens and other social programs are dismantled. I'd love to just get all the money back I paid into SS and not collect any benefits, but realize that will never happen. So why would CA be able to pull something like this off when history has shown they're a bunch of lunatics in office here. Also, go read some articles on the problems the Alaska dividend is having in their state, and they have far less people and the annual dividend is far less than $12k.

There’s not enough information or detail in the bill. If it does affect real estate, would the tax be rolled into the loan? Will the bank be willing to add 10% of the property value to the loan if it makes it go over the appraisal? Would people have to come up with the 10% on top of their down payment? This may kill some VA loans.

And like most are pointing out, the math doesn’t add up. No way will 10% pay for $1,000 a month.

And let’s not forget about vehicles. All around a really bad idea.

[eastcoastbias]

Originally Posted by Mike930

There’s not enough information or detail in the bill. If it does affect real estate, would the tax be rolled into the loan? Will the bank be willing to add 10% of the property value to the loan if it makes it go over the appraisal? Would people have to come up with the 10% on top of their down payment? This may kill some VA loans.

And like most are pointing out, the math doesn’t add up. No way will 10% pay for $1,000 a month.

And let’s not forget about vehicles. All around a really bad idea.

Great time to be in real estate and auto sales. Let’s say this is passed and enacted Jan 1, 2021. Buy before that time.

Husband and wife can then easily sock away the monthly 2k probably pay out $200-$400 each month and save 1600-1800 each month. Nice little egg for property and income taxes each year.

Like others too, I canT see this working over the long run given the math.

[CaliRestoration]

Looks like Californians could possibly get UBI in the not-so-distant future.

18992.1. (a) Subject to an appropriation by the Legislature for this purpose, the State Department of Social Services shall administer the California Universal Basic Income (CalUBI) Program. Under the CalUBI Program, a California resident who is 18 years of age or older shall receive a universal basic income of $1,000 per month, except as specified in subdivision (b).
(b) California residents who are 18 years of age or older and receiving benefits under the Medi-Cal program, the County Medical Services Program, the CalFresh program, the CalWORKs program, or Unemployment Insurance shall not be eligible to receive a universal basic income under the CalUBI Program.

https://leginfo.legislature.ca.gov/f...LRdrmo2eXGM7vg

To put this in context, there are 24,621,819 (CENSUS) adults 18 and over in California. Easy to do the arithmetic here.

Good luck Californians!

[CaliRestoration]

Bill was introduced by Assemblyman Evan Low (D-Silicon Valley) .

[bmw335xi]

Essentially $295.5 BILLION per year, is that correct? And the current state budget is around $215 billion.

[Trekker99]

More taxes for more free stuff.

Awesome.

[xPlorer48]

“A California resident”? Does that mean illegal aliens will receive this payout? California legislation often becomes national policy. I hope they meant citizens only.

[CaliRestoration]

Originally Posted by bmw335xi

Essentially $295.5 BILLION per year, is that correct? And the current state budget is around $215 billion.

200+ new taxes being voted on this year in California (including the roundabout destruction of Prop 13 through school bonds).

Wonder how the voting will go?

[CaliRestoration]

Originally Posted by xPlorer48

“A California resident”? Does that mean illegal aliens will receive this payout? California legislation often becomes national policy. I hope they meant citizens only.

Interesting wording no doubt.

[Tulemutt]

Thread should be merged with existing same-topic thread started last week.