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Archive for September 5th, 2010

If you think nobody cares about you…if you’re depressed…just remember that things are worse than you think.

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State and local politicians have rigged the property tax system so they always come out ahead. When home values are rising (even if incomes are flat), they automatically collect more revenue. Sometimes they even decide to reduce the tax rate, though rarely if ever by enough to compensate for the rise in home values. But when home values are falling, that’s almost always an excuse to impose a higher tax rate so that the bureaucrats don’t have to worry about tightening their belts (that’s a role reserved for us peons). Or they simply lie and over-value homes. The Tax Foundation has a new report showing that politicians collected more than 4 percent more money from property taxes even though actual home values dropped by 16 percent.

The recession that began in December 2007 was precipitated by a financial crisis which in turn was triggered by the popping of a real estate bubble, particularly in residential property. And indeed, property values did decline dramatically. The Case-Shiller index, a popular measure of residential home values, shows a drop of almost 16 percent in home values across the country between 2007 and 2008. As property values fell, one might expect property tax collections to have fallen commensurately, but in most cases they did not. Data on state and local taxes from the U.S. Census Bureau show that most states’ property owners paid more in FY 2008 (July 1, 2007, through June 30, 2008) than they had the year before (see Table 1). Nationwide, property tax collections increased by more than 4 percent.

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Hugo Chavez is a palpably evil thug, and he confirms this status with a new proposal to issue cards that almost certainly will be used to ration food. Left-wing despots claim that their policies put “people above profits,” but they never can explain why people (especially the masses) have much higher living standards in countries where “capitalist greed” runs rampant.

Presented by President Hugo Chávez as an instrument to make shopping for groceries easier, the “Good Life Card” is making various segments of the population wary because they see it as a furtive attempt to introduce a rationing card similar to the one in Cuba. The measure could easily become a mechanism to control the population, according to civil society groups. “We see that in short-term this could become a rationing card probably similar to the one used in Cuba,” Roberto León Parilli, president of the National Association of Users and Consumers, told El Nuevo Herald. “It would use more advanced technological means [than those used in Cuba], but when they tell you where to buy and what the limits of what you can buy are, they are conditioning your purchases.” Chávez said Tuesday that the card could be used to buy groceries at the government chain of markets and supplies. …In theory, the government could begin to favor the import of products to be sold through the government chains and have more control over the type of products purchased and the people buying them. Jaime Suchlicki, director of the University of Miami’s Institute for Cuban and Cuban-American Studies, said that Venezuela’s current problems of scarce supplies are very similar to those Cuba faced when Fidel Castro introduced the rationing card. “The card emerged when goods began to become scarce,” Suchlicki said. “The government had seized many companies that did not work because the government managed them poorly. Then they decided to distribute groceries through those cards.” And although the cards were introduced as a mechanism to deal with scarcities, Suchlicki said, they later became an instrument of control.

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