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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: DMaA who wrote (451779)	9/2/2003 6:52:36 PM
From: Lizzie Tudor	Read Replies (2) \| Respond to of 769670

oh yeah it is Buffett that made that comparison himself. I can't get the NYT article anymore but this is the gist of it. Whatever else, Buffett makes a strong point. He told the Journal that his home in Omaha is valued at $500,000 and that he's paying more than $14,000 in annual property taxes. But Buffett also owns a home in Laguna Beach (Orange County). It's valued at $4 million, yet he pays only $2,264 in annual property taxes. Moreover, he noted that taxes on his Omaha residence rose almost $2,000 this year. Taxes on his California house climbed a mere $23. The reason, of course, is Prop. 13, the 1978 measure that generally limits property-tax increases to 2 percent a year. The original idea was to prevent seniors and others on limited incomes from being tossed onto the street. The result, at least in part, has been a gaping hole in the state's budget reserves.