Bull Ring Tax Reform Is Coming!

Discussion in 'The Bull Ring' started by DarkFury, Jan 6, 2018.

  1. DarkFury
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    DarkFury BANNED

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    I want to call on william the wie and Toddsterpatriot for this. Not about the one that just past but the States with the greatest change and NEED to do it because of the looming state tax REVOLT.
    Whose hurting
    How bad?
    And what States are looking at REAL cuts or lose your economy?

    Guys?
    Fury
     
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  2. DarkFury
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    We are going to see a tax REVOLT but it will be on a state level. A person is simply not going to lose 10k and forget it. The voters are going to expect the States to roll back taxes. A failure to do so will cost them votes!
    Trump may have just "green mailed" those states into tax reform.
     
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  3. Toddsterpatriot
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    Toddsterpatriot Diamond Member

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    Illinois just boosted our income tax rate from 3.75% to 4.95%.
    The state has probably a $20 billion backlog of unpaid bills.
    Taxpayers are fleeing. The state pension funds are at least $130 billion underfunded.

    Can't wait to leave this sinking ship........
     
  4. DarkFury
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    And if those funds go belly up they lose that base forever! That would rip the blue collar out of the Democrat party. And you know as well as I do those states expect the red states or feds to save their pensions. 2018 could lead to be the biggest slaughter ever of state level Democrats if tax payers revolt over state taxes.
     
  5. william the wie
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    william the wie Gold Member

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    IL has been in low grade tax revolt for a very long time, decades.

    CA has already passed new taxes to make up for a shrinking tax base SALT is a lesser problem than the mortgage expense cap for homes. Moonbeam is trying to find a loophole to get around SALT. Which if the sources I look at are right is at best his third biggest problem. WTO compliant tariffs are what I hear is coming and the Panama canal expansion will make it profitable to bypass west Coast ports. If either of these cases are correct CA is toast in present form.

    NY well Cuomo is seeing real estate crashing already due to the mortgage expense cap so he is battling the SALT deduction cap in the courts.

    NJ is supposed to be in the biggest trouble but it doesn't make the news.

    The BAT tax violates the constitution in regards to exports and the WTO in regards to imports so I suspect the claims that we will end up with a tariff to increase Foreign direct investment in the US are correct. I suspect that BAT was just a red herring needed to get the treasury to make it a just a barely big enough tariff to make investing here cheaper than exporting to here.
     
    Last edited: Jan 6, 2018
  6. DarkFury
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    Okay, now States are required by law to run a balanced budget right? Which means they HAVE to cover every debt. They would damn near have to do a 5 percent cut across the board! They can't do it. But the people can! Another proposition 1 and their fall is self induced.
     
  7. william the wie
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    william the wie Gold Member

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    Practice, theory and reality diverge in this instance. As long as cashflow in equals or exceeds cashflow out that counts as balanced so services are cut and unfunded liabilities can grow like topsy. That is why CA has burned so much this past year. No prophylactic steps were taken to reduce damage. No one can buy a tarpaper shack in CA and stay under the mortgage deduction cap. So a massive percentage of the houses burned already and the houses that will be lost in landslide later this year will be rebuilt. For CA this year may be worse than the Meltdown.
     
  8. william the wie
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    william the wie Gold Member

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    My bad. task0778 is really good on the other thread.
     
  9. DarkFury
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    So if they don't get federal help on the fire bill did the trigger just drop?
     
  10. william the wie
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    william the wie Gold Member

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