Who Rules America? (Part 9)
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Palo Alto (from Spanish: palo: “stick” (or “pole” or “tree”) and alto: “tall”) is a California charter city located in the northwest corner of Santa Clara County, in the San Francisco Bay Area of California, USA. It is named after a tree called El Palo Alto. The city includes portions of Stanford University and is headquarters to a number of Silicon Valley high-technology companies, including Hewlett-Packard, VMware and Facebook. As of the 2000 census, the city had a total population of 58,598 residents.
Rent control refers to laws or ordinances that set price controls on the renting of residential housing. It functions as a price ceiling.
Proposition 13, officially titled the “People’s Initiative to Limit Property Taxation,” was a ballot initiative to amend the constitution of the state of California. The initiative was enacted by the voters of California on June 6, 1978. It was upheld as constitutional by the United States Supreme Court in the case of Nordlinger v. Hahn, 505 U.S. 1 (1992). Proposition 13 is embodied in Article 13A of the California Constitution.
The most significant portion of the act is the first paragraph, which capped real estate taxes:
Section 1. (a) The maximum amount of any ad valorem tax on real property shall not exceed One percent (1%) of the full cash value of such property. The one percent (1%) tax to be collected by the counties and apportioned according to law to the districts within the counties.
The proposition’s passage resulted in a cap on property tax rates in the state, reducing them by an average of 57%. In addition to lowering property taxes, the initiative also contained language requiring a two-thirds majority in both legislative houses for future increases in all state tax rates or amounts of revenue collected, including income tax rates. It also requires two-thirds vote majority in local elections for local governments wishing to raise special taxes. Proposition 13 received an enormous amount of publicity, not only in California, but throughout the United States.
Passage of the initiative presaged a “taxpayer revolt” throughout the country that is sometimes thought to have contributed to the election of Ronald Reagan to the presidency in 1980. However, of 30 anti-tax ballot measures that year, only 13 of them passed.
A large contributor to Proposition 13 was the sentiment that older Californians should not be priced out of their homes through high taxes. The proposition has been called the “third rail” (meaning “untouchable subject”) of California politics and it is not politically popular for Sacramento lawmakers to attempt to change it.
Duration : 0:9:42
http://RealEstateProfitCoach.com. Bob Leonetti shows in this Two Men and a Whiteboard series of videos, all the basics on how to start and invest in a 
Complete video at: http://fora.tv/2009/05/04/Corporate_Responsibility_and_Complicity
http://RealEstateProfitCoach.com. Bob Leonetti shows in this Two Men and a Whiteboard series of videos, all the basics on how to start and invest in a 
http://RealEstateProfitCoach.com. Bob Leonetti shows in this Two Men and a Whiteboard series of videos, all the basics on how to start and invest in a 
http://RealEstateProfitCoach.com. Bob Leonetti shows in this Two Men and a Whiteboard series of videos, all the basics on how to start and invest in a 
http://RealEstateProfitCoach.com. Bob Leonetti shows in this Two Men and a Whiteboard series of videos, all the basics on how to start and invest in a 
http://RealEstateProfitCoach.com. Bob Leonetti shows in this Two Men and a Whiteboard series of videos, all the basics on how to start and invest in a 
http://RealEstateProfitCoach.com. Bob Leonetti shows in this Two Men and a Whiteboard series of videos, all the basics on how to start and invest in a 
http://RealEstateProfitCoach.com. Bob Leonetti shows in this Two Men and a Whiteboard series of videos, all the basics on how to start and invest in a