Posted on 07/20/2018 6:03:13 AM PDT by artichokegrower
In defense of the state - and my willingness to defend CA starts and stops here - the state taxes a flat 1% of assessed value - which is the same as for most states. That CA has high assessed values is in part due to the economy there.
And this is an old fallacy. The rents are high because salaries are high and land is scarce. The economic theory of rents is old and understood since Ricardo.
Effective overall tax burden is near 50% of earnings. Instead of lowering that, lets pin-prick specific issues like high rent via subsidies that will increase the overall tax burden even further! Genius.
Harris is a dummy.
Don’t we already non-voluntarily contribute to a plan like this? I think it’s called Section 8 Housing.
I have lived in my house for 30 years. Never refinanced my 30 year mortgage. It is paid off. I receive no tax deduction for mortgage interest. Do I qualify for a tax credit?
Worst legislators booty call ever.
CC
sCam Harris.
“While many homeowners with mortgages receive a federal tax deduction, no federal tax credit exists for renters. “
Mortgage interest deduction for owner allows him to charge lower rent thus renters that can’t itemize get some benefit unlike straight home owners.
Did she just say blacks’ credit scores are so bad they can’t buy homes? That’s racist.
I pay more than 30% of our income to property tax. That’s not including insurance or maintenance or utilities.
A tax deductible tax credit deductible Tax deduction that’s deductible from your tax ,but if you pay no tax then you get double the tax deduction that’s a credit ,LOL
They already are-—it is part of the calculation determining the rent in the first place.
Democratic politicians never get tired of giving away other peoples’ money...not theirs of course.
If passed, this would sent rent prices skyrocketing. But hey, you can deduct the unaffordable rent!
move out of SF.”””
THAT is really their only option.
I keep waiting for the companies that hire all these people to realize that IF they had that facility in Alabama or Arkansas, or such, they could pay far less because the cost of living for those employees would be far less.
IF I were younger, I would seriously think about using my life long experience in bookkeeping/accounting to start a company that researches other locations in the USA & post comparisons on a website. Perhaps the real exodus from California will then occur.
It isn’t how much money an employee GROSSES. It is how much $$$ they have after paying living expenses & taxes that tells me how much life they can enjoy.
IF I am making $100,000 gross, paying 39% to Obama’s taxing plan & then paying 9.3% to California, that is 48.3% right there. Who the hell in their right mind can defend living in the Bay Area after you re paying that much in income taxes?
In defense of the state - and my willingness to defend CA starts and stops here - the state taxes a flat 1% of assessed value - which is the same as for most states. That CA has high assessed values is in part due to the economy there. “””
Have no idea where you got those figures, since the sales price, not assessment applies.
Since 1978, when Prop 13 was passed in Calif, property taxes have been based upon the sale price of the property. That tax cannot rise more than 2% per year on residential properties. Those who still own their houses that they owned when Prop 13 was passed, have the 2% applied to the 1977 bills.
IF someone buys a house in Calif- the average property tax is 1% mandatory at the state ( you are correct about the 1 %)+ then approx 25% most local counties & cities add on.
So—IF you pay $1,000,000 for a new house, you can expect to pay about $12,500 for your property taxes.
The 1% is NOT based upon ASSESSED value. That is why Prop 13 got passed in the first place. Assessments around the state of California were all over the place. 2 identical homes in 2 different counties— a mile apart would have vastly different ‘ASSESSMENTS’. Elderly people were literally getting taxed OUT of their homes.
I lived in So Cal in 1978. I owned that house from 1966 to 1995. I couldn’t have afforded to have it without Prop 13. When I bought another property in N Calif, the property taxes were based upon Prop 13. I found a foreclosure, so I got a ‘deal’, but the assessor could NOT change my taxes with a whim. The 1% + local bonds applied.
I now live in N Nevada, rural. I have never quite figured out how they assess or calculate property taxes here.
I have 5.58 acres & my current property taxes for the YEAR are $693.64-—TOTAL. Since I am now retired, that helps. Also- Homestead laws apply in this county. I think we get a slight deduction for that, also.
WHAT credit Scores?
Many of then are on Section 8 housing-—which we all pay for & have for over 50 years.
She’s such a giving person, No?
Yeah, with OPM ..
Incompetent, incapable, incessantlly wrong,
Harris / Waters in 2020
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