e-mail log
note re. California:
""When California faced a Mount Everest-sized $14 billion deficit in 2003, one of the major causes for the red ink was the stampede of millionaire households from the state," says a report called "Rich States, Poor States" by economists Arthur Laffer and Stephen Moore. "Out of the 25,000 or so seven-figure-income families, more than 5,000 left in the early 2000s, and the loss of their tax payments accounted for about half the budget hole.""
there is an exodus from California to escape its high taxes.
worldnetdaily.com
On Thu, Feb 21, 2008 at 11:57 PM, Jay wrote:
soon enough it will be time for j6p of california to do away with Prop 13 and equalize property tax within the same neighborhoods regardless of who bought what when, and when so, folks who had faithfully resided in the same old neighborhood in the same old house will find it all of a sudden unaffordable on cash flow basis, leading to collapse of debt-economy nurished worth - count on 50% correction by nominal price, and a further 50% correction against gold, and a 20% illiquidity discount |
