quote:


and if you disagree they will bankrupt you and take away all your shit in the process

quote:

ORIGINAL: MasterCaneman

I hear a start-up called Omni Consumer Products is tendering a bail-out offer even as we speak...

quote:

ORIGINAL: Politesub53

My question is who picks up the pieces, or will Detroit just be left to rot.

http://www.bbc.co.uk/news/world-us-canada-23369573

quote:

ORIGINAL: Phydeaux
9 bill out of the 11 bill owed is to the city workers pension. Nuff said?

quote:

ORIGINAL: Phydeaux
Whoever wants to take 25 cents on the dollar - step right up.

quote:

ORIGINAL: Politesub53

My question is who picks up the pieces, or will Detroit just be left to rot.

http://www.bbc.co.uk/news/world-us-canada-23369573

quote:


The White House said it was closely monitoring developments in Detroit.

quote:

ORIGINAL: Phydeaux

9 bill out of the 11 bill owed is to the city workers pension. Nuff said?

Although, only in michigan can you repeal gravity.

quote:

ORIGINAL: Politesub53

If corruption has taken place over many years, why is it never acted upon ?

quote:

ORIGINAL: Phydeaux
Whats probably more accurate, is that detroits couldnt afford to keep wages (and staffing) as a city of 500k like it did when it had 2mil.
Politicians (being what they are) kept paying and borrowing money to pay till there was no more of other peoples money to borrow.

quote:

ORIGINAL: Politesub53
I agree with Yachtie about the decreasing population. The City has growth so the economy picks up. Workers become better paid and move out to more affluent areas. The City then suffers a massive decrease in the tax intake.
If corruption has taken place over many years, why is it never acted upon ? Surely cutting that would help boost revenues in the long term. Better schooling would also have a long term benefit.

• A Conservative interpretation of the US Constitution
  
• Personal Responsibility
  
• Help for the truly needy
  
• Limited Government
  
• Consumption Tax (non-profit charities and food exempt)
  

quote:

ORIGINAL: JeffBC
This is hardly the first pension fund in the US that has turned out to be a total scam. Social Security comes to mind along with a host of corporate pension plans. One of the stunning things about being here in Canada is that they actually DO take your money, invest it on your behalf, and then pay it back to you as they promised. Wow! Whodathunk?

• A Conservative interpretation of the US Constitution
  
• Personal Responsibility
  
• Help for the truly needy
  
• Limited Government
  
• Consumption Tax (non-profit charities and food exempt)
  

quote:

ORIGINAL: Real0ne

cities and states and nations are "corporations" no different than any other corporation. well they are different, we worship them and they get away with forcing their services upon you at the end of a barrel of a gun and if you disagree they will bankrupt you and take away all your shit in the process

quote:

ORIGINAL: DesideriScuri


I can't speak totally for Detroit, but usually, you pay taxes in the tax district you earn them in. Thus, if I live outside Detroit, but work in Detroit, I pay taxes to Detroit. The City of Toledo has a reciprocal agreement with most of the suburbs that if a Citizen of Toledo works in a suburb, whatever City taxes are taken out by that suburb count dollar for dollar towards the Toledoan's City of Toledo taxes owed. The City of Maumee has an income tax rate of 1.75% while the City of Toledo has a 2.25% tax rate. Toledoans that work in Maumee pay 1.75% of their incomes to the City of Maumee and that 1.75% is "ignored" by the City of Toledo, but 0.50% is still paid to Toledo. If you work in a Township that doesn't have income taxes, the City gets their full 2.25%. If a Maumee Citizen works in Toledo, Toledo gets their full 2.25% and Maumee gets nothing because their income tax rate is lower. The City of Perrysburg's reciprocal agreement with their surroundings is ½ of whichever rate is lower. So, if you live in Perrysburg, but work in Toledo, Toledo gets their full 2.25% while Perrysburg (1.75% rate) gets their rate less half the lower of the two rates (their own rate). So, Perrysburg gets 0.875% income tax, minimum. That means that someone living in Perrysburg and working in Toledo ends up paying over 3% of their income in City taxes. Harsh!

quote:

ORIGINAL: Politesub53

quote:

ORIGINAL: DesideriScuri
I can't speak totally for Detroit, but usually, you pay taxes in the tax district you earn them in. Thus, if I live outside Detroit, but work in Detroit, I pay taxes to Detroit. The City of Toledo has a reciprocal agreement with most of the suburbs that if a Citizen of Toledo works in a suburb, whatever City taxes are taken out by that suburb count dollar for dollar towards the Toledoan's City of Toledo taxes owed. The City of Maumee has an income tax rate of 1.75% while the City of Toledo has a 2.25% tax rate. Toledoans that work in Maumee pay 1.75% of their incomes to the City of Maumee and that 1.75% is "ignored" by the City of Toledo, but 0.50% is still paid to Toledo. If you work in a Township that doesn't have income taxes, the City gets their full 2.25%. If a Maumee Citizen works in Toledo, Toledo gets their full 2.25% and Maumee gets nothing because their income tax rate is lower. The City of Perrysburg's reciprocal agreement with their surroundings is ½ of whichever rate is lower. So, if you live in Perrysburg, but work in Toledo, Toledo gets their full 2.25% while Perrysburg (1.75% rate) gets their rate less half the lower of the two rates (their own rate). So, Perrysburg gets 0.875% income tax, minimum. That means that someone living in Perrysburg and working in Toledo ends up paying over 3% of their income in City taxes. Harsh!

Thanks for the heads up. I was thinking more of local property taxes. In the UK all taxes on wages are paid to the Treasury and distriuted towards Government spending as a whole. Local taxes for for the town,city are paid form a property tax.

• A Conservative interpretation of the US Constitution
  
• Personal Responsibility
  
• Help for the truly needy
  
• Limited Government
  
• Consumption Tax (non-profit charities and food exempt)
  

quote:

ORIGINAL: DesideriScuri

We have property taxes, too. And, that could be another problem for Detroit. As someone else mentioned in a different Michigan thread, there are an assload of houses for sale in the Detroit area. The thing is, whoever owns that property owes those property taxes, even if it's a real estate company or bank. That's a little buyer's leverage in a foreclosure situation. The only time the property owner doesn't owe those taxes, is if it's a tax exempt entity (ie, church, government entity, etc.). If Detroit owns those properties, or the County or State, the taxes aren't going to be coming in. If it's not a government entity or a tax exempt entity, those taxes are still owed.