Jeff Tedford Highest Paid in California Leaves State for No Tax Reno, Nevada

Jeff Tedford Leaves CA - Does he avoid California's new Millionaire Tax by leaving the state to not work?

California Tax Rates Post Proposition 30 for 2012 and 2013

I just read that the former University of California Golden Bear head coach, Jeff Tedford, moved to Reno Nevada and is in the process of selling his home in Danville, CA.

Former Cal football coach Jeff Tedford speaks out on his dismissal

Tedford and his wife, Donna, just returned from a 10-day trip to New Zealand. They have moved to Reno and are in the process of selling their home in Danville.
He said he plans to take this next season off, then hopes to coach again.

Tedford's salary of $5M over three years makes him the highest paid person on California's payroll.

Jeff Tedford's Buyout Details

Former Cal football coach Jeff Tedford and the University reached a settlement on the remaining three years of his contract. He’ll receive $5.5 million over the next three years, less if he gets another coaching job that pays him more than $1.5 million per season.

Tedford's "salary" to not work is nearly twice that of the next highest paid employee, From State’s Highest-Paid Employee—an $800,000-a-Year Prison Psychiatrist—Sits Idled by Suspension

The Afghan-educated doctor earned $822,302 in 2011, making him California’s highest-paid state employee.

More:

• California Tax Rates Post Proposition 30 for 2012 and 2013
• CA Taxes Too High to Invest or Live Here. Just ask Phil Mickelson, Tiger Woods and Intel

Will California Follow Greece into Insolvency?

This is a must read article for anyone who pays taxes in the US, especially California
California households owe an average $30,500 for public employee pension debt 
Key points to understand:

•  The average California household's share of the debt for underfunded state and local government employee pensions comes to about $30,500.
•  The Stanford studies -- written by public policy professor Joe Nation, a former Democratic assemblyman, and math and economics student Evan Storms -- help us understand the absurdity of a 7.75 percent projection and the effects of different assumptions.
•  When pension systems assume a 7.75 percent return rate, they have only a 42 percent chance of meeting or exceeding that target. But even using that optimistic assumption, the systems are currently only 77 percent funded, with a $180 billion shortfall. That averages $14,500 for each of California's 12.4 million households. 
•  Many argue that pension systems should base investment projections on much-less-risky bond rates, about 4.5 percent. The chance of reaching that goal is 81 percent. Using that rate, California pension systems are currently 48 percent funded, with a $658 billion shortfall, or about $53,000 per household.
•  Investment gurus such as Warren Buffett have argued for a midpoint, about 6.2 percent. The chance of reaching that goal is 63 percent. Using that rate, California systems are currently 61 percent funded, with a $379 billion shortfall, or about $30,500 per household. 
•  Households won't receive individual bills for their shares. Instead, they will lose government services and face demands for more taxes. Using the midpoint assumption, the $379 billion debt is equal to about 3½ years of base salaries for state and local government employees. That's a lot of lost service.
• ... the numbers don't include the unfunded liability for promised retiree health benefits, which were estimated four years ago to be at least $118 billion. They're surely far more today.

Currently California taxes me a bit over $10,000 a year for my home, taxes my income at 9.3%  (CA Tax Rates) and charges a sales tax between 8.25 and 8.75%, depending on what county I purchase goods near me yet it doesn't have enough money to pay its current bills.  I also bought a new car last year where sales taxes and fees added over $5,000!   California also doesn't have enough money to fund its pension obligations.    I am not the magical "one percent" either.  Last year I made well under the cap on Social Security so I paid both sides of the Payroll Tax plus Federal income tax.  No matter how you slice it, I pay a ton of taxes and government still can't pay its bills or meet its future obligations.

I won't vote for higher state and local taxes until government workers (other than police and fire fighters) pay the same percentage of their income to their pensions as I do AND they don't get to retire until they are the age I am when I can collect Social Security.  I've noticed that many who argue people who think like me are wrong or "selfish" are retired government workers who are part of the problem.

CalPERS Aristocracy - Public Pension Reform Parody

This wonderful video explains a big part of why California is going bankrupt with an estimated $25B budget deficit for the current fiscal year with revenue of roughly $83B.

2010-11 $20B Budget Shortfall

• $6.6 billion: Current budget year shortfall due to slow revenues and nearly $5 billion worth of federal and state court decisions that mandated spending on programs cut in the 09-10 budget.
• $12.3 billion: Projected shortfall for 2010-11 due to unfunded mandates and a still slow economy.
• $1 billion: Modest reserve.

I read this $20B shortfall relies on moving anther $5 to $6B into 2011-2012 so the actual amount we Californians are in the hole is over $25B.

What is amazing is here in CA we have:

• 9.75% sales tax in some counties like Los Angeles
• 10% income tax on top earners
  Tax Rates by State
• very high property costs.  The property tax on the average home in Santa Clara County is close to $10,000 a year.  
• We have extra taxes on gasoline that is supposed to help build and maintain our roads. I paid $3.49 per gallon for 91 Octane (1994 Corvette) just the other day.

and yet the California government can't balance its budget!