Mish's Global Economic Trend Analysis

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Property Taxes: an ATM for the Government; Measure to Abolish Property Taxes Approved for ND Ballot Posted: 30 Apr 2011 05:19 PM PDT Congratulations to citizens of North Dakota, fed up with taxation and have raised the necessary number of signatures to place a measure abolishing property taxes on the ballot. The voter initiative needed 27,000 signatures. 28,000 signed the petition. Please consider Measure to abolish North Dakota property taxes on ballot Secretary of State Al Jaeger said Friday the initiative had enough petition signatures to qualify for the June 2012 primary election. It will be listed as Measure 2. The amendment says North Dakota and its local governments may not impose property taxes after Jan. 1. It says the Legislature will have to figure out a way to provide replacement revenue to cities, counties and other local governments. Property Taxes, an ATM for the Government The above image courtesy of Empower The Taxpayer which asks "Why Should Your Home Be Governments' Private ATM?" Please click on the above link for more information including an FAQ, explaining what the measure is all about and how you can help. The real battle begins now. No doubt recipients of the tax and supporters of "big government" will battle Measure 2 furiously. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Governor Brown Tells Cheering California Unions "You've Got a Friend" Posted: 30 Apr 2011 12:31 AM PDT As payback to the teachers', police, prison, and firefighters' unions largely responsible for his election, socialist Governor Jerry Brown vows to pick the pockets of California taxpayers, and tells cheering unions "You've Got a Friend". Bloomberg reports, Brown May Take $11 Billion California Tax Extension to Voters California Governor Jerry Brown said he's willing to gather signatures for a voter initiative to extend $11 billion in expiring tax increases, blocked by Republican lawmakers, in order to balance the state's budget. "We are going to put it before the people one way or another," the 73-year-old Democrat said in an interview. The governor worked with lawmakers to reduce the $26.6 billion budget shortfall to about $15 billion through cuts to health care, education and other programs. The linchpin of his plan would fill $11 billion of the remaining gap by getting voter approval of a five-year extension of tax and fee increases due to expire by July 1. The proposal fell short when Republican lawmakers withheld support. Brown has since been traveling up and down California, the most populous state, trying to persuade at least two Republicans each in the Senate and Assembly to change positions, which would be enough to allow a vote. The governor wants to retain increases of 0.25 percentage point in personal income-tax rates; 1 percentage point in the retail-sales levy, to 8.25 percent; 0.5 percentage point in auto-registration fees, to 1.15 percent of a vehicle's value; and a reduction in the annual child tax credit to $99 from $309. Brown got a standing ovation yesterday at the California State Parent Teacher Association's convention in Long Beach when he said he would not support reduced spending on schools. "I want you to know you've got a friend, an ally and a partner as we go forward together," he said. Leaving the podium, he held up a sign he was handed that read, "Cuts Hurt Kids." Unions Hurt Kids Cuts won't hurt kids, but unions sure do. Via tactics of coercion, bribery, and threats, unions have achieved enormous power for their own self-serving mission, to the detriment of everyone but the politicians whose votes they buy. Here are a couple of YouTube videos to consider. I could easily come up with dozens more. Give up the Bucks Link if the above video does not play: Give Up the Bucks SEIU Spokesperson Threatening California Lawmakers with Union Retaliation Link if the above video does not play: SEIU Retaliation As I have pointed out many times, union rules prevent firing of horrendous teachers, act to block charter schools and home teaching, and union seniority rules hurt the neediest schools the most. Not a single teacher need lose their job if there are cuts. All that needs to happen is for public service pay and benefits to be brought in line with that of the private sector. Instead, Brown wants to hike taxes, including sales taxes and reduce child credits. Some of his proposed measures will fall disproportionally on those who can least afford it. In effect, socialist Brown wants to rob everyone for the benefits of overpaid, underworked, and over-pampered unions who already receive pay, benefits, and job guarantees that make most in the private sector envious. Brown is no friend of California. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

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