Stockton, Ca., largest city....so far to file BK

[Wonky Pundit]

Typical California thread here. No one so far has the first clue about why the state has so many fiscal troubles now. It's the state's Constitution, and the abuse thereof. Neither the right or the left is interested in stopping it.

oh, let me guess- prop 13?



if so;
your answer would be to lift the property tax cap so they could soaks everyone, and I mean everyone.....low middle and upper class, becasue thats what happens in states minus one, like Illinois, new jersey etc...it solves dick, if we had never had prop 13 we'd be right here anyway with an even larger past present and future out migration to deal with.

Wrong guess. (Although lifting the tax cap only on commercial real estate would definitely help.)

I was actually talking about the ballot initiative process. So many billions have gone into special-interests propositions over the years that the system has become a total joke.

 

[martybegan]

Typical California thread here. No one so far has the first clue about why the state has so many fiscal troubles now. It's the state's Constitution, and the abuse thereof. Neither the right or the left is interested in stopping it.

oh, let me guess- prop 13?



if so;
your answer would be to lift the property tax cap so they could soaks everyone, and I mean everyone.....low middle and upper class, becasue thats what happens in states minus one, like Illinois, new jersey etc...it solves dick, if we had never had prop 13 we'd be right here anyway with an even larger past present and future out migration to deal with.

Wrong guess. (Although lifting the tax cap only on commercial real estate would definitely help.)

I was actually talking about the ballot initiative process. So many billions have gone into special-interests propositions over the years that the system has become a total joke.

And how do you think buinsesses would recoup the cost of these increased taxes?

 

[Wonky Pundit]

oh, let me guess- prop 13?



if so;
your answer would be to lift the property tax cap so they could soaks everyone, and I mean everyone.....low middle and upper class, becasue thats what happens in states minus one, like Illinois, new jersey etc...it solves dick, if we had never had prop 13 we'd be right here anyway with an even larger past present and future out migration to deal with.

Wrong guess. (Although lifting the tax cap only on commercial real estate would definitely help.)

I was actually talking about the ballot initiative process. So many billions have gone into special-interests propositions over the years that the system has become a total joke.

And how do you think buinsesses would recoup the cost of these increased taxes?

Businesses can't raise prices arbitrarily. If they go beyond what the traffic will bear, the business dies.

 

[thereisnospoon]

I read an article in WSJ back in 07 or 08 that detailed how CalPers was going broke.
I called my Sister who is a City Employee (Not Stockton) and is depending entirely upon CalPers for her retirement and the convo went like this:

Me: "Hey Sis, can you change your retirement account to something else"?
Her: "No".
Me: "Can you take a loan out against it to invest somewhere else?"
Her: "No".

I then told her about the article and while she got really upset. Not about the Problem itself, be ME for telling her about it!

But that's ok, California is gonna' go broke and do a "Cypris" on anyone who has a Bank account there. I guarantee it.

She got mad with you...WOW!!!

 

[thereisnospoon]

Wrong guess. (Although lifting the tax cap only on commercial real estate would definitely help.)

I was actually talking about the ballot initiative process. So many billions have gone into special-interests propositions over the years that the system has become a total joke.

And how do you think buinsesses would recoup the cost of these increased taxes?

Businesses can't raise prices arbitrarily. If they go beyond what the traffic will bear, the business dies.

Obviously you are a whiz at operating businesses..
Hey look, what happens within hours of a tax increase on fuel?...
Taxes are invariably passed along to the end user. Just as other increased unfunded costs...
For example. When the price of fuel rises, the price of groceries rises accordingly.
To state businesses "can't" raise prices due to increased costs is disingenuous.
To the contrary, this is a common practice.

 

[Wonky Pundit]

And how do you think buinsesses would recoup the cost of these increased taxes?

Businesses can't raise prices arbitrarily. If they go beyond what the traffic will bear, the business dies.

Obviously you are a whiz at operating businesses..
Hey look, what happens within hours of a tax increase on fuel?...
Taxes are invariably passed along to the end user. Just as other increased unfunded costs...
For example. When the price of fuel rises, the price of groceries rises accordingly.
To state businesses "can't" raise prices due to increased costs is disingenuous.
To the contrary, this is a common practice.

I didn't say they "can't," genius. I said that they can't do it arbitrarily. Read about price elasticity before you open your mouth next time. Don't know what that is? Surprise, surprise....

 

[thereisnospoon]

Businesses can't raise prices arbitrarily. If they go beyond what the traffic will bear, the business dies.

Obviously you are a whiz at operating businesses..
Hey look, what happens within hours of a tax increase on fuel?...
Taxes are invariably passed along to the end user. Just as other increased unfunded costs...
For example. When the price of fuel rises, the price of groceries rises accordingly.
To state businesses "can't" raise prices due to increased costs is disingenuous.
To the contrary, this is a common practice.

I didn't say they "can't," genius. I said that they can't do it arbitrarily. Read about price elasticity before you open your mouth next time. Don't know what that is? Surprise, surprise....

I'm not going to allow you to play mind checkers here.
The fact is when the cost of doing business reaches a point where the additional cost cuts into profit, the business will raise it's prices to the end user.
Now, what this has to do with a large city going bankrupt is a fucking mystery