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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: JF Quinnelly who wrote (13020)	8/23/2003 2:37:40 PM
From: Tradelite	Read Replies (2) \| Respond to of 306849

<<if Warren Buffett would simply sell his own house to himself in a circular transaction, the state would gladly give him a 2003 tax basis and he could pay a whole lot more in taxes to Orange County. He'd be happy, his admirers would be ecstatic, they could point to him as a political messiah>> That's an amusing thought....sorta like the amusing thought published in yesterday's Investor's Business Daily, by a couple who retired and moved out of California to Olathe, Kansas. They point out in their letter to the editor that Buffett appears to be paying 2.88 percent property tax on his midwestern home vs. 2 percent on the CA home. They say they supported Prop 13 when it was passed and are "delighted" that it has met the goal of preventing the state from taxing elderly people out of their homes--but acknowledge it might have had some "unintended beneficiaries such as Buffett." They further suggest that Buffett stay out of California matters and instead start a tax revolt in his home state and then spread it around the country. THEN he would become a hero, wouldn't he? Yesterday's editorial section of IBD also contained a thought-provoking piece by a member of the Cato Institute, who mentioned that he and many like him got a nice almost-free education at prestigious CA universities (courtesy of taxpayers), but then left the state to avoid paying high taxes. He points out that lots of people whined when certain CA universities raised tuition for the first time in 8 years, and how business-unfriendly the state has become. Another letter to the editor in yesterday's IBD dealt with exporting tech jobs to India. A good issue of the paper, worth reading by anyone sincerely interested in the CA political and economic scene.