BMFPitt: dj_bigbird: Shostie: Guess Prop. 13 wasn't such a great idea, huh, California?Thank god for it, actually. The morans in Sacramento would just keep jacking up tax rates and spending whatever they can.California has raised taxes and spent more than just about any other state since Prop 13. So clearly their cunning plan was not thought all the way through. It's basically just rent control for property taxes - new entrants pay absurd rates to make up for the subsidied properties.tomWright: considering how bad inflation is likely to get, this may not be a bad deal. In 40 years that billion may be worth less than a 10 year old dodge neon is nowIf that happens they'll go bankrupt, anyway. That's like buying apocalypse insurance.jjorsett: There's nothing spendaholics hate more than a tax that's lower than it once was. Every other tax can go up to the sky, but if even one slips the net, they obsess over it, like a long-lost inamorata, hoping with all their being to entice it back.You think Prop 13 prevented taxes from going up? Do you buy $.01 items with $99 shipping and think you're getting a great deal?Flint Ironstag: I'd have to agree. $100m 40 years ago (1972) would be worth $500m, half a billion, today. So borrowing $100m for 40 years with no payments during those 40 years and having to pay back only double the amount isn't terrible. Lots of people with mortgages will be paying back far more than that over a shorter time.That is not what is happening. They're paying very high interest rates and deferring payments for 20 years. If inflation is massive enough to make that make sense, then they'll go broke, anyway.quickdraw: 25 years ago California had the best public education system in the world. Prop 13 cut funding for public schools drastically over time so the effects weren't felt immediately but this is the inevitable result.[wac.0873.edgecastcdn.net image 620x452]Yeah, look at that huge drop in the blue line after 1978.tarkin1: The scho ...
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