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California Reckoning - From WSJ



May 18, 2009 – Comments (2) | RELATED TICKERS: CAKE


I promised MotleyAnimal I would keep my eyes open and have my ear to the ground regarding the coming storm in California. I caught this article in the WSJ today. I looked it over at lunch between eating and making calls. I'll have to read it again after I get home. This promises to be very interesting.  


California Reckoning



2 Comments – Post Your Own

#1) On May 18, 2009 at 4:44 PM, motleyanimal (36.16) wrote:

This is an excellent article which expresses my views and those of most Californians. About the only proposition I might consider voting for is 1-D. It would gut the programs of the Proposition 10 tobacco tax that meathead Rob Reiner pushed on the electorate. I would love to see him pissed off if it passed.

Proposition 1-D would authorize the shifting of $268 million in annual revenues from tobacco taxes, as well as $340 million in reserves garnered from those levies, to pay for state health and human services.  These taxes are currently earmarked for "First Five" early childhood development programs created by Prop 10 in 1998.  Prop 1-D would essentially end “First Five.”

This is better than the Tea Parties. We are willing to push them off the cliff if necessary.

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#2) On May 18, 2009 at 7:11 PM, Donnernv (< 20) wrote:

The California legislature is insane.  They have no fiscal self-control whatsoever.  In January 2003 (after ten years as a CA resident) I bought a home in Nevada, where I now spend six months plus one day each year.

It wasn't easy to escape the FTB's clutches.  They came after me like a starved mountain lion.  It took a calendar year, but in the end, they sent ME a check for $7000.  The FTB publishes a handy booklet called "Guidelines for Determining Residency Status".

It is a thorough checklist of what you must do to escape.  The process can't be faked.  But my savings from FTB taxes have paid for my NV house, and the beat goes on.  This approach is not for everyone.  I'm retired, so it is for me.

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