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Re: “Balancing Accounts

Oh, come on, Clarion, you’re not taking oldtimeplayer seriously, are you? This is a game! Oldtimeplayer is lofting softball absurdities for us to knock out of the park. Let’s see how many we can find, I’ll start.

“This upper income minority has an entitlement mind.”
“No amount of police power will stop a hungry person from stealing, robbing, etc to get food.”
Ummm… which income bracket is guilty of feeling entitled?

“The lower income groups also help those upper middle class families by keeping costs down.”
“Most of your jobs is dependent on the demand for products and/or services, which a large part is due to the lower rungs having to constantly purchase them.”
It’s Economics 101 turned on its head: High demand from people who can't pay creates low prices.

Already I'm bored. This is too easy.

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Posted by JEC on 06/09/2013 at 2:35 PM

Re: “Balancing Accounts

jcov40, thank you! What references can I look at to learn how the tax codes work? Nothing I've seen in the news has provided full understanding - JEC
P.S. I'd prefer materials written in English and not lawyer-talk. Do they exist?

oldtimeplayer, you need to look up Say's Law and the Ricardian theory of comparative advantage.

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Posted by JEC on 06/09/2013 at 9:26 AM

Re: “Balancing Accounts

A rate hike in property taxes will ensure the coming year’s bills get paid, and that’s a responsible goal, but increased property taxes are a dangerous legacy.

Everyone hopes for economic recovery, but a tax hike reduces the odds of recovery as more burdens are put on taxpayers. For now, a reduced property value multiplied by a higher tax rate may net out to the same or lesser dollar tax than paid last year. But when property values eventually increase, today’s solution to financing the budget will turn into tomorrow’s tax grab. Politicians don’t have a long and trusted history of rescinding taxes. The threatening long-run outcome is that wealth that belongs to local consumers and businesses will be channeled out of their pockets to the county. This diversion of wealth could hinder an economic revival if it pushes people and industries to leave the county.

Worse, homeowners who today are underwater in their mortgages will be penalized more than anyone else. Those borrowers have lost property. Anyone who is toughing it out and paying off a debt in these circumstances should be applauded for accepting responsibility for their risks. Instead, higher tax rates on what they don’t own will dig these homeowners into a deeper hole. Their climb to economic recovery will be that much greater, and so will their incentives to leave.

If we must have a higher tax rate, set it to expire at a future date. If the idea of a rate hike is a good one, it can once again be proposed, debated, and voted through. If it is the wrong choice, it will end: no longer will property owners be subjected to politicians’ inertia to reverse a bad decision that gives them a fat budget and catered lunches.

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Posted by JEC on 06/08/2013 at 11:48 PM


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