I think the way to save the Bay Area is to tax the rich at extremely high rates to pay for public services until they move away.
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If they like move away right away before taxes are collected... that still seems like a net positive?
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Replying to @RickPaulas
California has higher marginal rates than anywhere else in the country. It just makes the whole system even more financially dependent on attracting even more rich people here.
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Replying to @kimmaicutler
How else do we get the rich people to leave then?
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Replying to @RickPaulas @kimmaicutler
If you get the rich people to leave who is going to pay for the pensions of all the public workers?
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Replying to @khuey_ @kimmaicutler
That’s is something we’d have to figure out. I imagine the cost of living going down may help.
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Replying to @RickPaulas @khuey_
That's not how California law works. We are legally obligated to honor it no matter what. SF's net pension liability is $4.3B at a 7.5% rate of return. If we lower the rate of return by 1%, that unfunded liability grows to $8B. https://mysfers.org/wp-content/uploads/2019/04/SFERS_AnnualReport_0419.pdf …pic.twitter.com/o24jOliXWr
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It's part of the reason Ed Lee invited tech in and part of why San Jose mayor Sam Liccardo is doing so. SF was projected to run nearly $1 billion deficits every year by 2016 when he came into office. https://sfmayor.org/sites/default/files/FileCenter/Documents/108-MYR%20FYFP%20FINAL%205_3_11.pdf …
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Replying to @kimmaicutler @khuey_
I mean, the Lee moves kinda speak for themselves?
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Replying to @RickPaulas @khuey_
I'm just saying that homeowners with really old property tax bases and awarding public sector union benefits that aren't adequately funded upfront are also complicit contributing factors to the current situation.
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When we promise things we haven't fully funded decades from now, we're de facto choosing to suppress wages of future public sector workers or forcing public sector union retirement funds to go deeper into the exact high-growth, risky asset classes that some are criticizing.
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Replying to @kimmaicutler @khuey_
I think these are all very important things to keep in mind.
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we should probably practice a politics that decouples the good from the bad
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