A One-half- of-one percent tax? That wouldn’t generate enough money to attempt to collect it. Where do they come up with these outrageous estimates of how much money they will be able to expropriate?
Here’s the thing that you typically notice when it’s a “fraud-tax”....it’s a nice round number. Half of one percent? Nice and extra round, if you ask me. So, it has no real validity...no one knows what that equals...they simply invented it and wait and see how much flows in. Three years later....they double it.
What’ll happen here is that the properties or residences in question....will be turned over to a ‘foundation’ or tax-dodge operation. Most of these really upper-class Hollywood types own a second and third place....outside of L.A. so they will pretend to live there mostly, and just visit the foundation property. It’ll all be legal of course.
The amusing thing on this whole help-the-homeless thing is that if you added up all the different groups, different services, and different assets at work....it’s a significant amount but each has a cost factor and people in the middle who carve off their share of the ‘loot’.