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By: Dr. Bill Top Gun Chris Gallagher parachuted in to call the meeting to order. He invoked the authority of the Knaack-Meister who reminds us that Rotary Opens Opportunities. (Check your local listings for times and places.) Our Greeter was the inimitable Pat Paterson who wowed us all with his tartan cap from a Rotary convention in Glasgow. His Thought for the Day explained why calling someone who works at Penny’s an “associate” bestows on them a sense of pride and involvement. The Pledge of Allegiance was ragged but heart-felt. There were no guests, so we shouted “Aloha” into the ether. “News You May Have Missed” A hungry bear chased a skier down the slopes in the Balkans but settled for a tuna fish sandwich. Oklahoma recently enacted a hunting season for Bigfoot; certain Rotarians were advised to wear red when walking in the woods.
A car-napper snatched a car with a toddler in the back seat, drove away and then back immediately to yell at the mother and return the child; mother asks if he can bring the diaper bag back too. Announcements: Colette Lay announced that we have given a grant to the Foundation for Advancement and Development for Afghanistan, Naim Katiby’s project. Priya Jhingan will be part of “A Night of Networking,” an outreach effort by the Rotaract via Facebook; Priya’s next appearance will be on TMZ. Chris Gayler shared with us a picture of the magnificent table Herm Welm built for him; it looked suspiciously like a giant squirrel. Recognitions: Pat Paterson was recognized for his Tartan Rotary cap, harsh. Herm Welm was recognized for the National Squirrel Month hoopla. Steve Wilcox was recognized for being a smart ass. Program: Our speaker was David Wolfe who runs a consulting firm, Well Versed Consulting, specializing in information on financial and tax legislation and regulations. The topic of his talk was the Implications of Proposition 19, which passed in 2020. Under its provisions, senior or disabled taxpayers are able to transfer their current property tax rate to any other property they may acquire as a primary dwelling. This is a one-time-only opportunity. When the property owner gives up the property, his/her heirs may keep the favorable tax rate as long as they move into their parents’ home within one year. There is no limit on how long they must remain in the home, but they must claim the homeowner’s exemption. The deadline to file for the transfer of the senior’s tax rate is February 16. Those interested in doing so should consult a tax attorney to explore the implications, such as capital gains. The law requires that the old home must be sold or the new home bought by April. The tax savings may not include special district assessments. Joint ownership may also trigger assessment consequences. David ended by giving an overall view of the Governor’s proposed budget. At $227 billion it is relatively strong in the pandemic. Unemployment has hit those with lower incomes especially hard. He foresees an $11 billion shortfall in the next two years. If you have further questions you can contact him at dwolfe@wellversedconsulting.com The raffle was won by Kathy Gailey whose many fans were crushed when she drew blue. Next week we will be down to 15 marbles, if Julie McKinney is to be believed. |
