Definition of’Step-Up’ in Basis and others

May 20, 2008

Here is a good definition on wikipedia of the ‘Step-Up- in basis:  http://en.wikipedia.org/wiki/Stepped-up_basis

Here is a link of the Taxpayer Relief Act of 1997: http://en.wikipedia.org/wiki/Taxpayer_Relief_Act_of_1997

Here is a good article titled Community Property with Right of Survivorship:  http://www.svcn.com/archives/lgwt/11.07.01/re-law-0145.html . It talks about what the law is, how the ‘Step-Up’ is involved, the difference between community property states like California and non-community property states and the benefits California residents receives because it is a Community property state.  There are some examples to help the reader understand the differences. 


Increasing property taxes without raising taxes

May 9, 2008

Title: Is there a way to increase property tax revenue without increasing taxes: the answer is yes.

  1. There are three pieces of State and Federal legislation that are the root cause of revenue deficits here in California.
  2. Calpers and Calstrs unions here in California have carved out very lucrative defined benefit pension plans that can pay close to 100% of their retirement salaries for life after 30 years of service: a huge incentive to retire and then possibly get other employment.  According to USA Today Feb. 2008, the state employees (Calpers and Calstrs) defined benefit plans are under funded by 49-billion-dollars.

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