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  #21  
Old Posted May 11, 2021, 3:05 AM
homebucket homebucket is online now
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Originally Posted by dimondpark View Post
totally agree.

I went to a public hearing in San Mateo a few years back where people were protesting with signs to preserve the suburban nature of town"--I was like huh? San Mateo is building a ton of high density and is a major commuter crossroads on the Peninsula, what is this opposition?? And the thinly veiled comments pissed me off "we dont want to be urban like Oakland', I thought as if you ever could, twot.

This attitude is very common among the NIMBYs.
The peninsula has some of the worst NIMBYs in the world.
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  #22  
Old Posted May 11, 2021, 6:26 PM
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Originally Posted by dimondpark View Post
If he made this a main focal point of his administration from this point forward, I would be estatic. This is the main reason I voted for him, he promised 3.5M houing units and I am livid that he hasnt delivered anything on that, but I give him a pass due to the pandemic.
What did he mean by that? The state government was going to build housing? Sounds like a terrible idea.
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  #23  
Old Posted May 11, 2021, 6:40 PM
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Originally Posted by Pedestrian View Post
Probably not capital gains last year, at least from stocks--those will come this year. Although many people had large unrecognized gains last year, much of it is being recognized this year and last year they would have also had losses from the spring to write off against them.

Some people who moved and sold homes they may have owned for many years probably would have had gains on those homes. And a lot of it is other forms of income but also $28 billion in federal "stimulus" the Dems insisted the state needed so badly last summer. Newsom's ally Nancy Pelosi in effect is helping him win the recall by having the feds provide his with cash to hand out.
"a combination of federal pandemic aid and capital gains taxes from wealthy California stock market investors filled state coffers."
https://news.yahoo.com/californias-n...042100976.html
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  #24  
Old Posted May 11, 2021, 6:43 PM
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Originally Posted by Pedestrian View Post
Probably not capital gains last year, at least from stocks--those will come this year. Although many people had large unrecognized gains last year, much of it is being recognized this year and last year they would have also had losses from the spring to write off against them.

Some people who moved and sold homes they may have owned for many years probably would have had gains on those homes. And a lot of it is other forms of income but also $28 billion in federal "stimulus" the Dems insisted the state needed so badly last summer. Newsom's ally Nancy Pelosi in effect is helping him win the recall by having the feds provide his with cash to hand out.
It's not Newsom, the state has to do something with most of the money due to state law. I'll go look for what the law specifically is, it might have been enacted to keep Brown from hoarding money. Specific percentages go to specific areas, and the main one is education. I think the state can only spend something like 30-40 billion of it for what they want. It's called the Gann limit from proposition 4.
source
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Last edited by TWAK; May 11, 2021 at 6:51 PM. Reason: source
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  #25  
Old Posted May 11, 2021, 7:30 PM
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Originally Posted by TWAK View Post
It's not Newsom, the state has to do something with most of the money due to state law. I'll go look for what the law specifically is, it might have been enacted to keep Brown from hoarding money. Specific percentages go to specific areas, and the main one is education. I think the state can only spend something like 30-40 billion of it for what they want. It's called the Gann limit from proposition 4.
source
It was part of the 1979 tax revolt. I don't have time to look it up right now, but as I understand it, when the state has a surplus over a certain percentage of planned expenditures for two years in a row, a certain amount of the surplus must be rebated to the taxpayers.
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  #26  
Old Posted May 11, 2021, 7:43 PM
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What a dying state. S/
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  #27  
Old Posted May 11, 2021, 8:10 PM
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Originally Posted by Camelback View Post
"a combination of federal pandemic aid and capital gains taxes from wealthy California stock market investors filled state coffers."
https://news.yahoo.com/californias-n...042100976.html
Doesn't surprise me at all that some mass media reporter who has no capital gains to report would assume this.

All I have to do is look at my own situation. It was easy to "harvest" losses in 2020 to write off against gains. Unless the market collapses in the remainder of 2021, I'm not coming close to be able to do that this year. And the folks with really big money are far more sophisticated about these things than I am.

Obviously, some folks did have gains and, as I said, just those from the sale of homes by folks who moved could have generated considerable taxable gains (even after the $250,000/$500,000 exemption), but I suspect the comment you posted from Yahoo is just laziness by a reporter making the same assumptions you are because the stock market ended the year way up.
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  #28  
Old Posted May 11, 2021, 8:23 PM
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Originally Posted by Pedestrian View Post
Doesn't surprise me at all that some mass media reporter who has no capital gains to report would assume this.

All I have to do is look at my own situation. It was easy to "harvest" losses in 2020 to write off against gains. Unless the market collapses in the remainder of 2021, I'm not coming close to be able to do that this year. And the folks with really big money are far more sophisticated about these things than I am.

Obviously, some folks did have gains and, as I said, just those from the sale of homes by folks who moved could have generated considerable taxable gains (even after the $250,000/$500,000 exemption), but I suspect the comment you posted from Yahoo is just laziness by a reporter making the same assumptions you are because the stock market ended the year way up.
The stock market didn't just ended the year way up, it began way up in record territory, then lost 40%, then rocketed back to new record highs. Trading volume and financial transactions exploded, all of which are taxable events.

Quote:
Almost half of the personal income taxes that California collects comes from the top 1 percent of the state’s earners. Since much of that group’s income comes from stock holdings and stock-based compensation, their fortunes are tied to the performance of the stock market. After hitting a bottom in March 2020, the S&P 500 is up nearly 90 percent, creating close to $17 trillion in paper gains.

Last year, 457 companies sent public, raising $167.8 billion, both records, according to Dealogic. Almost a quarter of those dollars were destined for the 100 California companies that made the jump — the most of any state.

The governor’s office projects that revenue from capital gains taxes next fiscal year will top $18 billion, a key driver of the state’s surplus. “With Silicon Valley, when entrepreneurs get stock grants that they exercise, or stock options, California makes out very well,” said David Hitchcock, the primary analyst on California for bond-rating firm S&P Global.

California’s budget rebound was aided by larger-than-expected federal government spending that kept people afloat and the economy from complete collapse. When California’s governor revises his most recent budget next month as required by law, analysts expect it will show an additional $26 billion in federal funding to California as a result of President Biden’s $1.9 trillion American Rescue Plan passed last month.
https://www.nytimes.com/2021/04/28/b...-pandemic.html
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  #29  
Old Posted May 11, 2021, 8:30 PM
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Originally Posted by Camelback View Post
The stock market didn't just ended the year way up, it began way up in record territory, then lost 40%, then rocketed back to new record highs. Trading volume and financial transactions exploded, all of which are taxable events.
They're only taxable events if you let them be, take gains but fail to take losses and so on.

As I said, I totally readjusted my own portfolio in March/April of 2020 which means my own "trading volume" was much higher than usual, but most of the trades generated losses, not gains. Those losses obliterated the gains that came later. As a result, I paid less taxes in 2020 than I would have in a normal year. Any stock investor who didn't do something similar probably missed an opportunity. I did the same thing in 1998, 2008 and in 2018 by the way, all other years in which the market tanked and revived fairly quickly.

Market gyrations are opportunity events but not necessarily events that generate taxes for the government. The old saying is, "Cut your losses but let your winners run." If you do that, you do not have taxable gains until you ultimately do recognize the gains.
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  #30  
Old Posted May 12, 2021, 3:58 AM
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Gov. Newsom announces plan to invest $12 billion to tackle the homeless crisis in California
One of the goals would be to end family homelessness within five years by investing in homeless prevention and rental support.

Gov. Gavin Newsom on Tuesday proposed $12 billion in new funding to get more people experiencing homelessness in the state into housing and to "functionally end family homelessness" within five years.

The funding is part of Newsom's $100 billion California Comeback Plan, an economic recovery relief plan aimed at addressing five of the state's biggest challenges.

Newsom's plan was announced in a statement and he provided more details at a media event Tuesday morning in San Diego County. The first-term Democrat faces a recall election, mounted by Republicans and others unhappy with the way he has handled the pandemic, the economy and government.

...

Newsom - a former mayor of San Francisco, where the homelessness is very visible - seized the twin crises of homelessness and affordable housing even before the pandemic started last year.

He launched projects "Roomkey" and "Homekey," using federal funding to house homeless residents in hotels and motels during the pandemic and helped cities, counties and other local entities buy and convert motels and other buildings into housing.

Newsom's new proposal includes $8.75 billion to expand on "Homekey" and to convert existing buildings into 46,000 units of housing. Newsom officials said $800 million spent on the program last year created 6,000 more housing units from motels, houses, dorms and other repurposed buildings, providing shelter for 8,200 people.

The average cost to convert a unit into housing for people experiencing homelessness was nearly $150,000, Newsom administration officials said at a recent briefing. They said that is much cheaper than building housing from scratch.

Local leaders have welcomed Newsom's focus on the problem. Big city California mayors are seeking $20 billion from the state over five years to address housing and homelessness.

Advocates for the homeless say there's simply not enough affordable housing to help people who slip into homelessness, which is why tent camps and sleeping bags still clutter highway ramps and city sidewalks.
https://abc7.com/society/newsom-announces-$12b-plan-to-house-cas-homeless/10613703/
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  #31  
Old Posted May 12, 2021, 4:04 AM
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Originally Posted by twinpeaks View Post
The state has a progressive income tax structure that leans heavily on top earners, allowing the state to enjoy record revenues despite widespread job losses in the travel and service industries that have kept California's unemployment rate among the nation's highest.

https://www.politico.com/states/cali...urplus-1381195
It's almost like taxing the rich works! An inconvenient truth for conservatives.

Would be great if California spent this on a public housing boom. This seems like the most obvious need and best way to spend the money to me.
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  #32  
Old Posted May 12, 2021, 4:12 AM
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Originally Posted by The North One View Post
It's almost like taxing the rich works! An inconvenient truth for conservatives.

Would be great if California spent this on a public housing boom. This seems like the most obvious need and best way to spend the money to me.
yes, although subsidized "commuter" HSR to the expensive cities from the central valley may be more palatable.
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  #33  
Old Posted May 12, 2021, 5:20 AM
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Originally Posted by iheartthed View Post
There's the money for California's high-speed rail project.
I was thinking the same thing. I've always been lukewarm about the CA High Speed Rail project, but if they have the money for it, go for it!
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  #34  
Old Posted May 12, 2021, 7:19 AM
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Originally Posted by SFBruin View Post
I was thinking the same thing. I've always been lukewarm about the CA High Speed Rail project, but if they have the money for it, go for it!
Again, there's no hint that Newsom is even considering using the money this way even though it makes extremely good sense to use a non-recurring bonanza like this on a non-recurring project like building some vital infrastructure. Politically, it's much more useful to give voters an unexpected present.
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  #35  
Old Posted May 12, 2021, 8:48 AM
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Originally Posted by Pedestrian View Post
it's much more useful to give voters an unexpected present.
If they really do that, I will be more glad that I left.
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  #36  
Old Posted May 12, 2021, 4:42 PM
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Originally Posted by Pedestrian View Post
Again, there's no hint that Newsom is even considering using the money this way even though it makes extremely good sense to use a non-recurring bonanza like this on a non-recurring project like building some vital infrastructure. Politically, it's much more useful to give voters an unexpected present.
They would have to start construction on the whole thing in order to do that, and still the areas that don't have HSR will be all angry. I won't be, but let's just say everybody around me and north is! I wonder if this will continue, the surpluses, since this did happen during a lockdown.
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  #37  
Old Posted May 12, 2021, 4:50 PM
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Originally Posted by TWAK View Post
They would have to start construction on the whole thing in order to do that, and still the areas that don't have HSR will be all angry. I won't be, but let's just say everybody around me and north is! I wonder if this will continue, the surpluses, since this did happen during a lockdown.
I believe that we have had a surplus for many years running, hence the healthy emergency fund that the state has.
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  #38  
Old Posted May 12, 2021, 5:18 PM
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Originally Posted by Pedestrian View Post
Again, there's no hint that Newsom is even considering using the money this way even though it makes extremely good sense to use a non-recurring bonanza like this on a non-recurring project like building some vital infrastructure. Politically, it's much more useful to give voters an unexpected present.
The rebate is mandatory. It's not a political decision.
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