Candidate’s Tax Bill
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* Re “Candidate Owes Thousands in Taxes,” Jan. 9.
After reading your [article] I have come to admire [Ted] Stein for his honorable belief that one should be responsible for and pay his debts. Many property owners who have had real estate that does not [generate] cash flow are willing to let lenders foreclose and leave them holding the bag concerning delinquent property taxes.
In Stein’s case, he has taken the moral and legal high ground with regards to his obligations and is paying Los Angeles County usurious interest in the pursuit of keeping name and credit standing in good stead.
It should be noted that Stein’s actions are totally legal and that taxpayers are not being taken advantage of in this situation. In fact, based on the penalties and interest, the county is ultimately going to get twice its money back.
RICKEY M. GELB
Encino
Gelb is managing general partner of Gelb Enterprises, a real estate and property development company.
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