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Thread: Restoring the SALT Deductions

  1. #21
    Expects Yuge Games nsacpi's Avatar
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    Quote Originally Posted by Jaw View Post
    You have a painful combination of Hollywood and Silicone Valley providing absurd incomes to people with little connection to reality.
    Just about any state or country would kill to have that painful combination. But you also have a point. States/countries that are "blessed" with either amazing natural resources or world-leading industries will often neglect good policy because they can get away with it. The rest of the world will always be coming to visit and to buy their products. There is a whole economics literature (google Dutch Disease) about this. This literature has been elaborated mostly in conjunction with economies blessed with natural resources (oil being the big one), but it applies to other golden geese (Wall Street, Silicon Valley, Hollywood).
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  2. #22
    It's OVER 5,000! Jaw's Avatar
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    Quote Originally Posted by chop2chip View Post
    You basically just cited conservative talking points I have heard from my Utah based parents for years. Hollywood elites. Tech. Crazy liberals. Californians suffering. The only thing you missed was illegal immigrants. It would be like me saying “if only the South would stop being fat and racist”.

    California is amazing. I moved here from Utah in my 20’s and got a world class education from the state funded UC school system (the best public school system in the world by a long shot btw). My wife has had an amazing experience in that same UC school system in her PhD program.

    I work in Silicon Valley for a company that’s bent over backwards to make sure I am happy and satisfied in my work. The reason that company has to do that is because my LinkedIn is full of job opportunities from Tesla, Facebook, Google, etc. all companies just down the road so to speak. There is a similar thing in Los Angeles. California created the best job market in the entire world.

    There are challenges here. Housing is too expensive and it’s pushed out a lot of people in important jobs (teachers, police, nurses, construction workers etc.) who can’t afford to keep up. The state and local governments aren’t very good at solving these problems so they raised taxes to pay these people more and to try to fund these state pensions. SALT deductions were bad solution to go about addressing. But it was pretty successful in getting money into the pockets of middle class Californians to make sure they aren’t as disproportionately taxed as people in other states.

    And then you have the rest of the state that isn’t LA or the Bay Area, that also has its own issues that are way different from the metro areas that have higher populations, bigger economies, and more geography than the majority of the country.

    While I appreciate you characterizing us as being able to sell our million dollar homes so we can escape our tyrannical government that forces us to pay high taxes to fund George Soros utopia, I don’t think you quite have it figured out.
    Sorry I offended you. My comment on raising taxes on high incomes wasn't sarcasm. A far greater than average percentage of Californians have 7 figure incomes. Raising income taxes further on those people to help the middle class seems necessary to me. You may not know, but I'm pretty far left on economics.

    I know from listening to Hank Jr that there are rednecks in North California. The Hollywood and Silicone Valley stuff doesn't represent your entire state, but it has a huge cultural impact and their campaign donations have a heavy influence on state politics.

    Selling the million dollar homes? Part of that was playful, but there isn't a native of any small town in the South that hasn't known too many transplants who sold something modest in a place with a different economy to come live like royalty in the small southern town. Your dishwashers get paid more, your burger flippers get paid more, your teachers and police officers get paid more. We aren't talking about differences of ten or twenty percent, we're talking about multiples in some cases. And yet, more people leave every day than from any other state. None of that is me characterizing anything.
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  3. #23
    Expects Yuge Games nsacpi's Avatar
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    Quote Originally Posted by chop2chip View Post

    California is amazing. I moved here from Utah in my 20’s and got a world class education from the state funded UC school system (the best public school system in the world by a long shot btw). My wife has had an amazing experience in that same UC school system in her PhD program.
    There is a populist anti-public education and anti-college strain around these boards, but I would say a very underestimated reason for states like California and New York being able to get away with bad policy in other areas are their amazing state university systems. The Cal and Cal State systems are incredible. And the SUNY system is pretty good. I've mostly worked and lived in New York and California, so I take it for granted. But my youngest child is just finishing high school, and he and I did a pretty thorough vetting of the SUNY system. The number of great choices was amazing (I'll give a shoutout to SUNY Geneseo as one that especially impressed me). And my older son applied to a bunch of Cal schools and went to one of them. Even better choices there. And the in-state tuition makes it all a very good value.
    Last edited by nsacpi; 04-16-2021 at 08:39 AM.
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    Quote Originally Posted by nsacpi View Post
    There is a populist anti-public education and anti-college strain around these boards, but I would say a very underestimated reason for states like California and New York being able to get away with bad policy in other areas are their amazing state university systems. The Cal and Cal State systems are incredible. And the SUNY system is pretty good. I've mostly worked and lived in New York and California, so I mostly take it for granted. But my youngest child is just finishing high school, and he and I did a pretty thorough vetting of the SUNY system. The number of great choices was amazing. And my older son applied to a bunch of Cal schools and went to one of them. Even better choices there. And the in-state tuition makes it all a very good value.
    The CUNY system is pretty good too.

    Did 4 years of Bing. Wasn’t ready to commit to a productive life at that point but still got a degree after 4 years. Went to queens college at 25 for education. Decided a different path and did accounting from 26-27.

    Good teachers. OCR got me an interview with PWC. The rest is history.

  5. #25
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    Quote Originally Posted by nsacpi View Post
    There is a populist anti-public education and anti-college strain around these boards, but I would say a very underestimated reason for states like California and New York being able to get away with bad policy in other areas are their amazing state university systems. The Cal and Cal State systems are incredible. And the SUNY system is pretty good. I've mostly worked and lived in New York and California, so I mostly take it for granted. But my youngest child is just finishing high school, and he and I did a pretty thorough vetting of the SUNY system. The number of great choices was amazing. And my older son applied to a bunch of Cal schools and went to one of them. Even better choices there. And the in-state tuition makes it all a very good value.
    I think it's more anti academia than anti education, but there's no doubt that residents of those states enjoy more highly ranked state and local schools than less affluent states, thanks to their higher state and local taxes.
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    Expects Yuge Games nsacpi's Avatar
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    Quote Originally Posted by thethe View Post
    The CUNY system is pretty good too.

    Did 4 years of Bing. Wasn’t ready to commit to a productive life at that point but still got a degree after 4 years. Went to queens college at 25 for education. Decided a different path and did accounting from 26-27.

    Good teachers. OCR got me an interview with PWC. The rest is history.
    CUNY is very good too. And the excellence in New York and California extends to community colleges.
    "I am a victim, I will tell you. I am a victim."

    "I am your retribution."

  7. #27
    Expects Yuge Games nsacpi's Avatar
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    Quote Originally Posted by Jaw View Post
    I think it's more anti academia than anti education, but there's no doubt that residents of those states enjoy more highly ranked state and local schools than less affluent states, thanks to their higher state and local taxes.
    Oh I understand. But I would even advocate for the shi shi la la experience that is part of a college education. For me the more quirky and out-there the student body and faculty, the better. Talking things over with my son reminded me of things I went through. My academic advisor my first two years was a committed marxist. I had some conversations with him and his perspective was completely different from mine. But he was a good man and good advisor. He took us to dinner and concerts. He gave me good advice.
    "I am a victim, I will tell you. I am a victim."

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  8. #28
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    "I am a victim, I will tell you. I am a victim."

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