What was the price of Bond futures when Reagan took office? What was the Bond's price when he left? The day Obama was inaugurated the Bond closed at 134. It's never been there since.
i am unclear about the potential consequences. california is out of money - they send out ious, ibama comes in and throws some money at it. repeat * 40 odd other states... ?? is this a non event ?:
I voted for Arnold. He has clearly failed. I regret that vote. Dems won't cut spending and contend that Prop-13 is the root of all evil (they can't raise property tax more than 2% of assessed value per year. My home in chicago cost me 19k per year in property tax. My home in california of roughly the same assessed value costs me approx 9k per year in property taxs). Republicans won't consider ANY new ways of raising revenue. They insist that spending cuts are the answer. The california state legislature has failed. A sensible mix of tax increases and spending reductions is what is expected. I say stop paying the legistlators until they do their job. There is supposed to be some compromise. Arnold turned out to be feckless and powerless.
he has a third alias here, the "order filler" Landis moans abt his transition to the screen. What a hoot! http://elitetrader.com/vb/showthread.php?s=&threadid=165998
we are here......obamanomics song http://www.youtube.com/watch?v=7NtYTdA8Jw4&feature=related lyrics http://www.azlyrics.com/lyrics/deadkennedys/californiauberalles.html
Whats the effective property tax rate in chicago? CA is about 1.2%. CA just caps at the price you paid. How can that not be fair? As property values sky rocket everytime a house sells they have a higher tax basis? CA brings in more than enough revenue - they are just spending it on illegals - non tax payers. If were not so good to illegals we would have fewer. Can you imagine all the money that is spent on doctors, nurses, hospitals, schools, lawyers, judges, police, fire etc just because we have such inviting social programs. We already know we spend about 10 billion a year on educating the children of illegals. In my kids schools those kids also tend to be the ones getting the free meals and I suspect the free after school care.
I'm sorry, but the data does not support that claim. The tax BASE in California is pretty narrow, and there is not much of a "safety net" on hand when the economy slows down and contracts given that a large percentage of the State's income DOES NOT come from property taxes or taxes on services, but from a rather progressive personal income tax. This is a recipe for disaster during an economic contraction for obvious reasons. But for some reason, the legislature is unable to grasp simple Econ. 101A concepts.
Someone on ET finally gets it! I couldn't agree more. California derives a substantial amount of its tax revenues via a progressive personal income tax, while property taxes are essentially "frozen" via Prop. 13 and taxes on services is trivial. A total recipe for disaster when the Economy contracts sharply.