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Thread: Live in California? Break out those check books!

  1. #1
    God/dess Deogol's Avatar
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    Default Live in California? Break out those check books!

    Your taxes are going to go up sooner or later to pay off all that debt!

  2. #2
    Banned Melonie's Avatar
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    Default Re: Live in California? Break out those check books!

    My take on the California situation is that ...
    a. the state has been spending more money than it takes in through state income taxes for several years now (much of the additional spending goes to entitlement programs, state MediCal etc. but that's really beside the point)
    b. unlike the federal gov't, the state can't print money to cover budget shortfalls
    c. it is politically unacceptable to propose significant spending cuts (i.e. entitlement/benefit reductions)
    d. the state is therefore faced with a choice of pay me now (a.k.a. state income tax rate increase) or pay me later (a.k.a. issue bonds, and pay down the shortfall over the next 20 years on top of future expenditure needs)
    e. one thing is absolutely for certain ... that the California Franchise Tax Board is going to be turning over every rock in search of Californians with unreported/underreported taxable income - which will very likely lead to the FTB paying more attention to cash businesses than they typically have in the past.
    f. another thing that is absolutely certain is that upper middle class California residents have been and will continue to leave the state in droves to avoid the already burdensome state income taxes. This of course puts even more pressure on upper middle class California taxpayers who stay in California.
    Last edited by Melonie; 01-06-2006 at 09:26 AM.

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    Default Re: Live in California? Break out those check books!

    Ive been wondering about CA for ahwile now. Good info, thanks. This state is all upside down and backwards! Arnolds lovely words about how he didnt hear the voters say they didnt want a special election was complete crap.

    As much as I love this state if theres no good plan set forth to better it; then, like others Ill be forced to move. I want to buy a house someday but it wont be here if the price and interest rates keep going up. Taxed to death I say.
    you live like an ivy vine
    you can only survive by clinging onto trees
    that's your flaw
    put down some roots so you can stand on your own
    -Kenpachi



  4. #4
    God/dess Deogol's Avatar
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    Default Re: Live in California? Break out those check books!

    I already moved. I now live in a state with NO state income tax (property taxes are another issue though.) I took a pay cut and I *STILL* come out with more money in my pocket because the cost of living is lower. There are plenty of beach states (TX and FL) that are just as good and if you live inside CA there is no reason to live else where.

  5. #5
    Yekhefah
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    Default Re: Live in California? Break out those check books!

    Not true, Deogol. If you work in movies, you're stuck in L.A. unless you can manage it in New York. There's production in other cities, but not enough to make a steady living. Believe me, if I could get out of California, I would!

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