Posted on 12/13/2017 12:25:07 PM PST by Kaslin
CNutN: "The State and Local Tax deduction will be expanded, beyond just property taxes, to include income tax. It would be capped at $10,000."
NY Slimes: "Allow individuals to choose whether to deduct up to $10,000 in income, sales or property taxes."
16 years?
When I call CA a high property tax, I'm looking at absolute dollars paid based on very high house prices.
If we sold our House the new Owner would be paying 1.25% of the Sale Price, minus the big $7,000 Owner Occupied Exemption.
Under Prop 13 and some follow up Legislation, a Homeowner aged 55 and over can transfer the Assessed Value to another Property they bought for the same price or less than they sold their old House for.
The Sacramento Mexican Mafia Politicians hate Prop 13 with a passion.
"Among the other tax breaks, negotiators agreed to eliminate the alternative minimum tax for corporations, a big sticking point for the business community, the aides said. They also agreed to let homeowners deduct interest on the first $750,000 of a new mortgage, down from the current limit of $1 million.
The provision would not affect current mortgages."
http://time.com/5062837/house-senate-gop-tax-bill-agreement/
Lotsa peeps live in Calif. w/o paying taxes.
In the past year we are seeing a lot of semi permanent people living in our Californicator year with cars licensed in: Nevada, Washington and Alaska.
They own homes in California and another home in Nevada, Washington or Alaska. They vote there and have drivers’s licenses from those states.
Those out of state homes must be empty a lot during the year.
We are seeing a few semi permanent Texas vehicles here during the tornado season and hot summers.
“Its a great relief to no longer have the governments putting me in their tax slave chains for ~ 40% of my working hours.”
I did consulting after retiring at age 56 for 6 years.
Living in Californicator Land with its income tax, paying both sides of SS and Medicaid. Our CPA suggested that I put every other paycheck into an escrow act. for my quarterly payments. My wife paid big time each paycheck claiming zero deductions. We still ended up owing about 1k for Federal taxes and 500$ for Cali taxes over our quarterly payments, and my wife’s payroll deductions.
Our CPA told me to pull the plug at 62 and go on SS and work on my IRA and my wife’s IRA and 401k.
Best move I ever made and the best financial advice ever.
Mine will go down a lot, but i actually used the tax calculator, i don’t take anything the media says as true cause it normally aint when its about republicans.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.