Article

2008-11-13 Home Front: Politix

Laficornia budget solution: US taxpayers to fund state bailout

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Steve White 2008-11-13 12:55|| || Front Page|| [7 views ] Top

#1 Maybe. You go into receivership which in this case is territorial status. A territorial governor will be appointed who will oversee the Chapter 11 operation of the state till a new state convention will be called to write up a state constitution which will address and restructure the operation of the state within a budget that it can sustain by revenue generation and not bond creation. Said constitution must be approved by Congress. Meantime, you don't have any representatives or senators with voting rights in Congress [sort of like the District of Columbia or stockholders in AIG].

Posted by Procopius2k 2008-11-13 13:34|| 2008-11-13 13:34|| Front Page Top

#2 Schwarzenegger has been spending a lot of time and effort on Climate Change (formerly Global Warming). He and his wife are probably angling for an Obama appointment to Energy Czar, Climate Change Czar or EPA so he doesn't have to deal with this mess.

Posted by DoDo 2008-11-13 14:22|| 2008-11-13 14:22|| Front Page Top

#3 while i would like to think that the other 49 might have some objection to that, due to the state of many states' budgets, they all might want to get in line, so all the good little donks will strap on the feed bag and head for the pork.

Posted by USN, Ret. 2008-11-13 14:58|| 2008-11-13 14:58|| Front Page Top

#4 Sell it back to Mexico.

Posted by ed 2008-11-13 15:00|| 2008-11-13 15:00|| Front Page Top

#5 Since they like the whole idea of share the wealth and all, how bout a 85% income tax on all hollywood and music industry types making +$1 million per year (besides all those CDs and movies with promos is bad bad right)? Otherwise STFU and end the socialist programs and balance your account just like Average Joe must.

If there are 77.5 million (only stat I could find 2005 census.gov; any other figures out there?) households who file federal, then that means average household would pay litl over $320 to help California (of course, this depends filing household income). Gee, I think I would rather spend that on family groceries than an obviously floundering socialist state.

A married person no kids making $50-$60k per year already puts $7k in the Fed per year.

Posted by swksvolFF 2008-11-13 15:08|| 2008-11-13 15:08|| Front Page Top

#6 (loose figure based on fed paycheck withhold, variable of course by total household income etc etc tax laws)

Posted by swksvolFF 2008-11-13 15:13|| 2008-11-13 15:13|| Front Page Top

#7 You left out 15.3% FICA taxes (7.65% from your paycheck, 7.65 from employer).

Posted by ed 2008-11-13 15:21|| 2008-11-13 15:21|| Front Page Top

#8 swk, try single w/ no dependents. There are no "gimme's" for us.

Posted by tipover 2008-11-13 15:25|| 2008-11-13 15:25|| Front Page Top

#9 That number above is not me, just an example. And yes, single no dependants is brutal and my guess will take the brunt of any future tax increases. Then there is state withhold, ss, med, and various local additions etc.

Still on for $2trillion total bailouts by eoy, $25billion divides into that number quite a few times (80). $100mil waste here there don't seem much until it all adds up and Tax Freedom Day is after 4 months of work. I don't mind paying taxes - roads, military, police so on are good; this however is bullcrap.

Posted by swksvolFF 2008-11-13 15:57|| 2008-11-13 15:57|| Front Page Top

#10 I live in California and would be outraged if the US gov't acceeded to this request. This pressure is the only thing capable of inserting a modicum of sanity into the equation. The legislature (in particular) has built this monster and REFUSED to act responsibly. They could not act in any other position of authority in anything beside government because thye private sector eould have discded them long ago.

Posted by Shatle and Tenille1815 2008-11-13 17:50|| 2008-11-13 17:50|| Front Page Top

23:59 JosephMendiola
23:51 JosephMendiola
23:43 JosephMendiola
23:39 3dc
23:36 JosephMendiola
23:32 JosephMendiola
23:31 3dc
23:27 JosephMendiola
23:21 Cornsilk Blondie
23:16 Some guy
23:08 James Carville
23:07 Cornsilk Blondie
23:04 ed
23:02 ed
23:00 ed
22:45 JosephMendiola
22:42 Alaska Paul in Nikolaevsk, AK
22:34 ed
22:33 JohnQC
22:32 ed
22:28 ed
22:27 ed
22:24 JohnQC
22:22 ed