December 31, 2007

 

 

           

                            - Image of Death as portrayed in Ingmar Bergman's

                              The Seventh Seal, as noted at Wikipedia

 

 

"...All our times have come

    Here but now they're gone

    Seasons don't fear the reaper

    Nor do the wind, the sun, or the rain

    Come on baby...don't fear the reaper..."

 

                        - Partial lyrics from the song

                          "Don't Fear The Reaper", by

                          Blue Oyster Cult, 1976.

                          Reputedly this is the new anthem over

                          at the California Legislative

                          Analyst's Office and at California's

                          Donkey Central, currently located

                          in the Slytherin Common room

                          down in the Capitol Basement

 

 

 

To All,

    Grab your wallets folks, California Dems have maxed their plastic and are looking for more, more, more:

 

 

Dancin' With The Reaper:

     Just when one would have thought that the Party of Henry Wallace had California stashed and sealed in the same place Hillary keeps Bill's Precious Jewels, news comes out in today's slow news cycle that threatens the assumptions of every political pundit from Sea To Shining Sea in 2008.

 

     As reported by Steve Geissinger and the fine (if not soon to be unemployed) staff at the San Jose Mercury News, it seems that Elizabeth Hill has found a number of tax breaks and loopholes that, to quote, "...mostly benefit the rich and corporations...". Apparently she has submitted these to Assembly Speaker Fabian Nunez for consideration in any plans that could address the current financial black hole that State Government has gotten Californians into.

 

    For example, the California Department of Finance has conveniently furnished a list of the 11 tax breaks that "cost" the state at least a cool $ 1 billion or more each and every revenue cycle. These are:

 

    Home mortgage interest deduction:                  $ 5.3 billion (Yes, that deduction.)

 

    Exclusion of employer pension contributions:  $ 4.7 billion (Well, there go the 401k's).

 

    Exclusion of capital gains on sale of principal

      residence:                                                            $ 3.6 billion (Well, there go the other 401k's)

   

    Exclusion of employer contributions to health

      plans:                                                                     $ 3.4 billion (Government hates competition)

 

    Basis step-up on inherited property:                    $ 3.1 billion (Hasta la vista, family farm)

 

    Exclusion of Social Security benefits:                  $ 1.7 billion  (Do ya wanna live forever?)

 

    Charitable contributions deduction:                     $ 1.5 billion (What, no workhouses?)

 

    Exclusion of benefits provided under

      cafeteria plans:                                                    $ 1.3 billion (Pro-choice my tucchus)

 

    Real estate deduction:                                          $ 1.3 billion (New housing? Nah..)

 

    Exclusion of investment income on life

      insurance and annuity contracts:                        $ 1.2 billion ( Shilling for the Lotto here)

 

    Dependent exemption in excess of

       personal exemption credit:                                $ 1.1 billion ( Well, kids don't vote, right?)

 

 

 

     Folks potentially impacted by the above tax breaks include homeowners, the ENTIRE real estate sector in California (demand for newly built homes may just go down a tad, no?), pensioners, seniors, family farmers, charitable foundations (Children's Hospital, Cancer Centers, and a host of other medical treatment for the poor operations are shellacked with this one), working stiffs, and families in general.

 

    In other words, EVERYONE GETS HOSED with these proposals, whether these deductions are totally removed or simply "trimmed" by that method known as "targeting" the benefits.

 

    Now, imagine what politics might be like in 2008 with Nunez proposing to whack 38 million citizens one way or another in his search for the shekels to support his fine wine habit. Even if this is a "trial balloon", an attempt to scare Californians into swallowing higher tax rates or even a VAT rather than have their best deductions stripped from their annual filings, it definitely has the potential to make California's Blue Staters see "red". Unlike Wyoming, where the prospect of a ticket with Hillary at the top has Dems running for cover, the Fool's Golden State has up until now been considered a lock for whichever Democrat survives Super Tuesday with the most votes (Don't forget those super-delegates.).

 

    But if Nunez truly thinks that he can increase some form of tax to the tune of an average of some $ 500 per every man, woman and child without facing the wrath of voters in a Presidential Election Year, then his is truly dumber than he looks (R'uh, R'oh, we are in trouble....).

 

    Perhaps the National Leaders at Donkey Central will take Fabian into a smoke-filled room somewhere and explain how the Donkey Brand cannot take the PR hit that this kind of tax rape represents (Not at least until they re-capture the White House, in any rate, especially if Charlie Rangel is still around). And perhaps they will tell Fabian to tighten the belt, trim the redecorating and the find some way to shift the cost of Spoils Politics in a way that does not spoil Democrat hegemony on the Left Coast. But unless they move soon, we peasants will truly be revolting. Stay tuned.

 

Links at:

http://www.mercurynews.com/localnewsheadlines/ci_7842575

 

http://www.mercurynews.com/localnewsheadlines/ci_7842576

 

   

Respectfully,