[kpeavey]

When will they learn that you can't tax yourself into prosperity?

Street level actions to cope with a flood of new taxes:
-home brewing becomes popular
-bootleg alcohol comes back, it'll be the 20's all over again
-residents near the border will spend their money outside the state
-yard sales and flea markets will be popular
-skip the movie, buy the DVD
-cancel cable TV, watch the DVD
-clothes are bought 2 weeks a year
-I see opportunity for a Black Market

---
Does the tax mean NYS must monitor your internet use in order to tax downloads?

Big Brother is watching because he wants a piece of the action.

[ReverseEngineer]

If Patterson thinks these taxes will even put a dent in the looming tax shortfall for next year, he needs a new State Comptroller at the very least. This is chump change compared to the shortfall from income taxes from the lost jobs ALREADY, much less the job loss yet to come. How on earth do they figure such easy to avoid taxes to raise any kind of money at all?

Its not just that our Political Leaders are Crooks. The real problem is they don't know how to do basic math.

Reverse Engineer

[highlander]

$this->bbcode_second_pass_quote('ReverseEngineer', '
')Its not just that our Political Leaders are Crooks. The real problem is they don't know how to do basic math.

Reverse Engineer

[JoeW]

$this->bbcode_second_pass_quote('highlander', '')$this->bbcode_second_pass_quote('ReverseEngineer', '
')Its not just that our Political Leaders are Crooks. The real problem is they don't know how to do basic math.

Reverse Engineer

[Sixstrings]

$this->bbcode_second_pass_quote('', 'i') must have missed that basic math in third grade. how did you guys determine how much revenue the new taxes will generate?

[CarlosFerreira]

$this->bbcode_second_pass_quote('kpeavey', '
')
Big Brother is watching because he wants a piece of the action.

[Plantagenet]

$this->bbcode_second_pass_quote('Sixstrings', '
')
According to the article, the new taxes and fees will make up for the current year's shortfall in the NY state budget, plus a 1% growth in budget (lowest budget growth for that state to date).

[ReverseEngineer]

Thinking about the impending Bailout of CA and every other State eventually, a thought popped in my head regarding Property Taxes, which are pretty high in CA of course. CA also has amongst the highes foreclosure numbers.

Now, at least as I understand it, if a Bank forecloses on a house and doesn't get the house resold before property taxes are due on it, the bank would owe the property taxes to the State Goobermint.

However, in many if not most of these cases, the Bank no longer holds these mortgages, they were sold of as securities, the so-called "Toxic Debt" that brought down the mighty Investment Banks. Who now holds these securities? The Federal Goobermint, which took in all the Toxic Debt in return for handing out juicy Treasury Bonds, right?

By this logic then, when Tax time comes, the Federal Goobermint owes State Tax on all these homes it holds the mortgages on! In theory then, the states could raise the property taxes on these properties and charge the Federal Goobemint whatever it takes to pay their state bills. If the Federal Goobermint doesn't pay up their taxes, the State can forclose on them and Repo the property, now owning said property free and clear with no mortgage! The state is then free to either resell the property to the highest bidder or rent out said properties to its residents in order to pay the state bills here.

The Federal Goobermint is left holding the bag here with the securities but no property, and then the Federal Goobermint goes out of business. The States then Reincorporate a new Holding Company called the USSA and take over all the old buildings of the old USA Goobermint located in their states by Emminent Domain. They issue a new Dollar themselves, cutting the Fed out of the loop. They no longer owe anything to anybody other then their own paper they sold on International Markets, all the old debt of the USA is wiped off the books when that corporation went Bankrupt and out of business.

Foreign Nations can then sue the owners of the Fed to make good on all their Federal Reserve Notes backed by the Full Faith of the old USA, which no longer exists

As I see it, this is all perfectly legal and completely gets the taxpayer out from under all the debt the old USA Corporation racked up, since you can't hold individuals liable for the debts of a Coporation, itself a legal entity independent of the individuals it is composed of.

Somebody want to find the flaws in this logic for me?

Reverse Engineer

[vaseline2008]

$this->bbcode_second_pass_quote('', 'B')y this logic then, when Tax time comes, the Federal Goobermint owes State Tax on all these homes it holds the mortgages on! In theory then, the states could raise the property taxes on these properties and charge the Federal Goobemint whatever it takes to pay their state bills. If the Federal Goobermint doesn't pay up their taxes, the State can forclose on them and Repo the property, now owning said property free and clear with no mortgage! The state is then free to either resell the property to the highest bidder or rent out said properties to its residents in order to pay the state bills here.

[Jotapay]

Evidently from this story, Rahm Emanuel does not.

LINKY

Disclaimer: I have not yet had a chance to read through this completely yet, but it appears to hold some potential validity at first glance.

[RedStateGreen]

$this->bbcode_second_pass_quote('Jotapay', 'E')vidently from this story, Rahm Emanuel does not.

LINKY

Disclaimer: I have not yet had a chance to read through this completely yet, but it appears to hold some potential validity at first glance.

[Cog]

If you go to the county courthouse and look at your deed, you will see the lien-holder's name appear in the deed documents. The bank or mortgage company that loaned you the money for the house. When the property goes into foreclosure and you aren't paying the property taxes anymore it becomes the lien-holder's responsibility to pay them if they want to protect their collateral. The Federal government's name is not on that deed as a lien-holder.

The other case is when the property is owned outright by a person with no liens on the property. When the owner fails to pay the taxes, that property can be seized by the county and sold for back taxes. In neither instance is the federal government involved in the process.

[ReverseEngineer]

$this->bbcode_second_pass_quote('Cog', 'I')f you go to the county courthouse and look at your deed, you will see the lien-holder's name appear in the deed documents. The bank or mortgage company that loaned you the money for the house. When the property goes into foreclosure and you aren't paying the property taxes anymore it becomes the lien-holder's responsibility to pay them if they want to protect their collateral. The Federal government's name is not on that deed as a lien-holder.

The other case is when the property is owned outright by a person with no liens on the property. When the owner fails to pay the taxes, that property can be seized by the county and sold for back taxes. In neither instance is the federal government involved in the process.

[Cog]

The federal government has bought majority stakes in Fannie and Freddie. That doesn't mean they own the individual mortgages contained within. Fannie and Freddie are still exisisting companies that I can look up on the NYSE.

[ReverseEngineer]

$this->bbcode_second_pass_quote('Cog', 'T')he federal government has bought majority stakes in Fannie and Freddie. That doesn't mean they own the individual mortgages contained within. Fannie and Freddie are still exisisting companies that I can look up on the NYSE.

[Cog]

Do you know precisely what the Feds are buying up at Goldman Sachs? Goldman Sachs is(was) an investment bank not a mortgage company. They did get involve in the CDS business but as far as I can determine you won't find a residential mortgage with their name as a lien holder.

Yes someone has to pay the property taxes. If it isn't the homeowner its the lienholder, which I have already explained. The federal governement is indirectly involved with Fannie and Freddie since we have put the weight of the federal government behind them but you won't see the county dunning Hank Paulson to pay up overdue tax bills.

[ReverseEngineer]

$this->bbcode_second_pass_quote('Cog', 'D')o you know precisely what the Feds are buying up at Goldman Sachs? Goldman Sachs is(was) an investment bank not a mortgage company. They did get involve in the CDS business but as far as I can determine you won't find a residential mortgage with their name as a lien holder.

Yes someone has to pay the property taxes. If it isn't the homeowner its the lienholder, which I have already explained. The federal governement is indirectly involved with Fannie and Freddie since we have put the weight of the federal government behind them but you won't see the county dunning Hank Paulson to pay up overdue tax bills.

[Spanktron9]

$this->bbcode_second_pass_quote('ReverseEngineer', '
')Now, at least as I understand it, if a Bank forecloses on a house and doesn't get the house resold before property taxes are due on it, the bank would owe the property taxes to the State Goobermint.

[mos6507]

$this->bbcode_second_pass_quote('RedStateGreen', '')$this->bbcode_second_pass_quote('Jotapay', 'E')vidently from this story, Rahm Emanuel does not.

LINKY

Disclaimer: I have not yet had a chance to read through this completely yet, but it appears to hold some potential validity at first glance.

[ReverseEngineer]

$this->bbcode_second_pass_quote('Spanktron9', '')$this->bbcode_second_pass_quote('ReverseEngineer', '
')Now, at least as I understand it, if a Bank forecloses on a house and doesn't get the house resold before property taxes are due on it, the bank would owe the property taxes to the State Goobermint.