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Sunday, April 15, 2012

Are Democrats, State Unions and Pension Fund Managers Allowing Millions of Unnecessary Foreclosures?

As homeowners settled into the homes they may have spent decades making mortgage and never ending property tax payments, have states panicked at lower than desired property tax levels? While I don't know the rules for all 50 states, in California, the longer one lives in their home, the more affordable their property tax rates as compared to newer homeowners.


Every time a homeowner who has lived in a home for a long period of time (say over 10 years), sells that home, the new homeowner will instantly pay a higher property tax rate. Could state unions, pension fund managers, and the democrats they fund all be in cahoots dragging their feet in helping foreclosure victims in general since it might mean an overall increase in property tax revenue?


The purposeful shunting of the moderate liberals and moderate conservatives in favor of neo con republicans and progressive liberal democrats has led to NO intelligent discussion of pension fund obligations that every state in the nation faces.


If a state retirement pension hovers around 100% to 120% of the amount of a state employee's highest yearly income, while the private sector's social security benefits hovers between 33% to 66% of their highest yearly income, a discussion is needed to explain this difference and see how much more is justified for a state retirement pension fund versus social security.


I believe that many state jobs are "tougher" than private sector jobs. Most state jobs require non stop interaction with the public (DMV and teachers), many state jobs require dealing with habitual criminals (prison guards), or, simply dealing with the mistakes made by society that have to be fixed by those who have state jobs, (aka firefighters, drug counselors, abuse counselors, police, the court system), and lets not forget the most unsung of all, the sanitation workers. I believe these types of jobs should pay a higher annual pension than social security, the question is, how much higher should a state job retirement pension be versus the private sector social security?


This simple question is rarely posed in the media. Instead the media simply feeds off of a "tastes great, less filling, beer commercial" mentality.  You are either for education, the police and firefighters, or you are for big business.  I want a discussion about what is fair when it comes to state retirement pensions.


I believe the 100% to 120% of the highest salary earned is too high. I believe the last 10 years should be averaged together, and the rate should be 75% of that amount.  However, I am not against a full additional perks, such as a discount on property tax rates, and perhaps even a discount on sales tax rates as well.


But having an actual discussion about state retirement pension funds seems off the table based on the present day neo con conservative vs progressive democrat war that George Soros helped set in motion when he used his vast financial empire to ensure that Barack Obama, and not Hillary Clinton, was the 2008 democrat nominee.


As time goes on, I fear that the long term homeowner will continue to sold out by state budgets that continue to be in the red. Remove a long term homeowner from their home, and the new homeowner pays a much higher property tax rate, satiating the financial thirst that the state pension funds desire.


But what if the home is a foreclosure and sold for a lot less money?  That scenario still favors the state. The property tax rate will still probably be at the worst, equivalent to the long term homeowner.  However, the lower price on the home will enable the new homeowner to be able to make more local purchases for their new home, and pay the state sales tax on their purchases.


The more states clamor for new tax revenue, the more I believe the long time established homeowner is in danger of losing their home. California used to allow an elderly homeowner to defer their property taxes until their death, at which time the amount owed could be attached to the home.  No more.


Banks have been slashing home equity lines for the past several years, this act could result in a homeowner losing their home over a modest property tax bill even if their home has several hundred thousand dollars worth of home equity in it!

You are viewing Swarm The Banks. Please check out Parallel Foreclosure blog and UNfair Foreclosures blog as well.

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