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California areas tax revenue implications. How will counties survive?
Posted on 1/9/25 at 1:47 pm
Posted on 1/9/25 at 1:47 pm
Take Palisades for example...all those homes unlivable. So for years, those people are gone and live elsewhere. Businesses are gone. Millionaires are forced out and their tax revenue will be gone
This isn't for a month, like a hurricane, this will be several years.
This isn't for a month, like a hurricane, this will be several years.
13
Posted on 1/9/25 at 1:50 pm to ChatGPT of LA
The broken window concept of economics will kick in. Federal and insurance money will flow in. Aid money will flow in. Private money will flow in to rebuild and for mitigation projects.
It won't be as lucrative as Katrina and Gustav were from 2006-2016 but this still means lots of spending and jobs.
It won't be as lucrative as Katrina and Gustav were from 2006-2016 but this still means lots of spending and jobs.
Posted on 1/9/25 at 1:52 pm to ChatGPT of LA
The land has value and will be taxed at lot value, which will still be high.
Posted on 1/9/25 at 1:57 pm to ChatGPT of LA
quote:
Millionaires are forced out and their tax revenue will be gone
As someone who has tax clients who have moved out of California, they are like the fricking terminator tracking you across the world trying to claw back that tax revenue. I had to send in a 100 page dossier with everything from their outlook calendar, Delta flight records over 5 years, moving yard sale advertisement from crags list, emails back and forth requesting a transfer, and what I believe won the day for me, their dog's vet history showing the canine xanax they needed to transport the dog by plane to the east coast.
They will make your life miserable making sure you keep paying taxes there even if you live across the country. If they can draw any connection between your income and the state, they will say that is enough to claim 100% of it.
This post was edited on 1/9/25 at 1:58 pm
Posted on 1/9/25 at 1:57 pm to ChatGPT of LA
You're going to get a new "fire tax" if your house burns down 
Posted on 1/9/25 at 1:58 pm to ChatGPT of LA
quote:
How will counties survive?
Raise everyone else's taxes
Posted on 1/9/25 at 2:07 pm to TheQuadrangle
quote:
The broken window concept of economics will kick in. Federal and insurance money will flow in. Aid money will flow in. Private money will flow in to rebuild and for mitigation projects.
I expect federal aid for this will be gargantuan. Insanely wealthy people have powerful friends. Hillbillies in Chimney Rock, not so much.
Posted on 1/9/25 at 2:09 pm to Chicken
quote:
The land has value and will be taxed at lot value, which will still be high.
Agreed, but sales tax revenue will slow to a crawl and makes up large parts of the budget.
No business, restaurants, etc...no wages, no citizens, no utilities, etc etc
Good luck with just using property tax.
Posted on 1/9/25 at 2:15 pm to PeleofAnalytics
quote:
As someone who has tax clients who have moved out of California, they are like the fricking terminator tracking you across the world trying to claw back that tax revenue.
Rush Limbaugh mentioned something like that when he moved from NYC to Florida. NYC had a law to make you pay for duel residency by how many times you stayed in NY. He had to use his cell phone data to prove he was not in NYC to avoid the taxes.
Posted on 1/9/25 at 2:16 pm to ChatGPT of LA
With the way CA is with permits this is going to take a very long time unless they change some legislation.
Posted on 1/9/25 at 2:21 pm to ChatGPT of LA
quote:true, but they will just need to cut their budget, like normal people do when their expenses start to exceed their income...
Agreed, but sales tax revenue will slow to a crawl and makes up large parts of the budget.
No business, restaurants, etc...no wages, no citizens, no utilities, etc etc
Good luck with just using property tax.
Posted on 1/9/25 at 2:24 pm to ChatGPT of LA
Someone rational is going to win Gov and unregulate all this nonsense
Im sure Musk Orange and SV are talking about who that person is
Maybe RFKs VP choice
Im sure Musk Orange and SV are talking about who that person is
Maybe RFKs VP choice
Posted on 1/9/25 at 2:27 pm to TheQuadrangle
quote:
insurance money will flow in
That might not be the case. State Farm Canceled alot of policies 6 months ago and the FAIR insurance won't be able to cover it.
Loading Twitter/X Embed...
If tweet fails to load, click here. Posted on 1/9/25 at 2:27 pm to ChatGPT of LA
Can they even rebuild on lots of those hills? I was under the assumption that is fire destroyed their homes that they could not rebuild due to legislation passed about environmental reclamation. Basically they were grandfathered in but no new construction could take place. Will be interesting to see if these people are forced to give up their land.
Posted on 1/9/25 at 2:30 pm to Zach
quote:
Rush Limbaugh mentioned something like that when he moved from NYC to Florida. NYC had a law to make you pay for duel residency by how many times you stayed in NY. He had to use his cell phone data to prove he was not in NYC to avoid the taxes.
I read where a NY auditor went through the drop off/pick up schedule of a taxpayer's dog boarding service to determine he was in the state over the 184 day residency threshold when it did not match up with the event calendar the taxpayer had provided the auditor. They don't mess around when it comes to the big fish.
Digital footprints give these guys so much more to screw you with.
Posted on 1/9/25 at 2:56 pm to PeleofAnalytics
And what can they do if you just tell them to get bent after you change your DL??
Posted on 1/9/25 at 3:00 pm to John Barron
quote:
State Farm Canceled
I don't know why, but I have a feeling there was something big not to long ago that SF had perfect timing on too. Like "they just knew" type of timing
Posted on 1/9/25 at 3:06 pm to ChatGPT of LA
It's the oldest scam in government: cut budgets for the FD, spend those funds on stupid political programs, then hold a vote to raise taxes to fund the FD.
Posted on 1/9/25 at 3:14 pm to PeleofAnalytics
quote:
I had to send in a 100 page dossier
And think of how many people they pay to sort through that.
Posted on 1/9/25 at 3:19 pm to LemmyLives
In texas you pay property taxes in January for the benefit of owning your house the previous year. If California operates in similar fashion, Property owners will have empty lots that they have to pay the full house burden right now. Been there done that and its not nice
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