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@jeremyrmccarthy Calif has a very progressive tax code, and you are correct that the state spends beyond its budget. The reason is that the legislature straight lines spending growth from the top of the business cycle and that creates a nasty deficit when the normal business cycle occurs. I suspect that the Calif budget could be fairly easy to repair. Hold spending constant for three years. That's it. Inflation on the revenue side would bring the state a long way toward balance. And San Francisco really could do a lot more to make life more tolerable for the working rich. Just fixing the taxi system so that there are enough cabs would be a great start.
1 year, 8 months ago on Proposition 30: Yet another way California screws entrepreneurs over
@bgoldberg @rstephens I can see what I get for my state taxes. Parks, roads, professional mgmt. The last figures available show Calif getting 78 cents back for every Dollar sent to Washington. Let Mississippi come up with its own funds to bail out the worst funded retirement plan in the lower 48. We have no interest in bankrolling the competition. Our delegation parlays a bad deal for the state into career advancement. Maybe now that the delegation is less divided they will work together for Calif. interests. SV could be so influential on a lot of this, but everyone is too busy to notice until the tax bill comes.
@bgoldberg @rstephens I think you are onto something about AMT. I can just see WashDC looking to transfer another round of tax hikes onto Calif. They reform AMT by enshrining it, at our expense. We CANNOT let that one pass. I propose that Brown sells me a voucher to declare my State&Local taxes a charitable contribution to the UC system. that way he generates extra revenue and keeps the money multiplier in Calif. Let them fight it out with VA, TX and FLA in front of the Supreme Court. seriously.
@bgoldberg rode BART in from Daly City every day for 13 years. bet you can't say the same. wish there was a regional transpo authority that could override the paranoia of the folks who live in Atherton. It looks like the Mayor is so ready to help tech any way he can. make suggestions - and remember, the NY subways/bridges were built by Tammany Hall, I am sure there was NO money wasted. (btw: walking just might save your life.)
hmm. remind us all why it makes sense to route CA tax revenues through WashDC and back? remind us how you are just dying to sit in traffic jams on I35 through Austin? is it the sheer ugliness that is the big attraction, or DELL's success at staying ahead of the curve?
Agree there is plenty of room to fix housing in the Bay area, and fix the state's unemployment problem in the process. Brown might want to move on that now before the crazy LA-centric supermajority in the legislature creates mischief. (it would be great to figure out how to tax carpetbaggers like the Romneys though).
But Brown has done every job in the state: Gov, AG, and mayor. And he owns major land here. I think he might be our best chance of getting this right for the state's economy. If they fix housing supply, Calif growth plan (immigrants of all stripes) seems to be in fine shape.
@AdamBritten I am a huge fan of Square. They are doing a terrific job, and the register function will eliminate old and awful technology. also happy when I find a new shop that uses it. They seem to be enabling whole new economic segments like the food trucks. its great for artists and art fairs etc etc. reducing their costs of doing business. all good. I just think the discussion of eliminating cash misses the degree to which cash serves an underground/tax avoidance economy. While the state treasury might like all transactions to go up online, with an email receipts, its not going to happen.
2 years ago on Square: The Mega-Disrupter Everyone Wants to Be In, Even the Investors Who Keep Passing
Square is actually cash plus a signature. The beauty of cash is that there is no signature. (see Euro 500 note) so all square transactions are traceable, by tax authorities and others. Their universe is limited to legit...'my wife will know I took this cab' type transactions. It's not a small universe but it sure will miss a big, compelling segment. Also worry that someone can pick up a credit card in a restaurant and next day $1000. is in Malaysia. Good luck with that.