Rich_by_the_Bay
Moderator Emeritus
As I ponder the plight of California retirees or soon-to-be's (as well as my son who lives near SF) I wonder what ultimate damage will be from the state's bankruptcy-like status.
What do you see ahead, say 5 years? Higher income tax (already a flat 10% or so), pension take-backs? A state sales or VAT type tax? Muni defaults? Breakdown of core civil services?
Or do you feel it will work itself out relatively painlessly (except for those who loses their jobs, the big victims) as the economy ultimately recovers? I'm interested in the opinions of Ca residents as well as "outsiders."
What do you see ahead, say 5 years? Higher income tax (already a flat 10% or so), pension take-backs? A state sales or VAT type tax? Muni defaults? Breakdown of core civil services?
Or do you feel it will work itself out relatively painlessly (except for those who loses their jobs, the big victims) as the economy ultimately recovers? I'm interested in the opinions of Ca residents as well as "outsiders."