Posted on 01/19/2018 1:51:48 AM PST by jmclemore
Wealthy exodus to escape new tax rules worries California Democrats
By Adam Ashton
aashton@sacbee.com January 18, 2018 12:33 PM Updated 10 hours 36 minutes ago
The Republican-backed federal tax bill flipped the tables on a never-ending question for California politicians: Will high taxes lead the state’s wealthiest residents to flee the Golden State for the comparable tax havens of Florida, Nevada and Texas?
Republicans reliably raise that alarm when Democrats advocate for tax increases, like the 2012 and 2016 ballot initiatives that levied a new income tax on very high-earning residents.
But now, with the federal tax bill cutting off deductions that benefited well-off Californians, the state’s Democrats suddenly are singing the GOP song about a potential millionaire exodus.
“People with higher incomes pay a lot more money, and some of them may be tempted to leave,” Gov. Jerry Brown said when he unveiled his 2018-19 budget proposal last week. “This was an assault by the Republicans in Congress against California.”
Read more here: http://www.sacbee.com/news/politics-government/capitol-alert/article195405279.html#storylink=cpy
(Excerpt) Read more at sacbee.com ...
Oregon , Washington , Colorado , Nevada , Arizona , New Mexico ,
Montana , and now they are killing off Idaho .
This state is a menace .
The dems can fix that easily enough, once they have enacted ‘Directive 10-289..
In the name of the general welfare, to protect the people’s security, to achieve full equality and total stability, it is decreed for the duration of the national emergency that:
Point One. All workers, wage earners and employees of any kind whatsoever shall henceforth be attached to their jobs and shall not leave nor be dismissed nor change employment, under penalty of a term in jail. The penalty shall be determined by the Unification Board, such Board to be appointed by the Bureau of Economic Planning and National Resources. All persons reaching the age of twenty-one shall report to the Unification Board, which shall assign them to where, in its opinion, their services will best serve the interests of the nation.
Point Two. All industrial, commercial, manufacturing and business establishments of any nature whatsoever shall henceforth remain in operation, and the owners of such establishments shall not quit nor leave nor retire, nor close, sell or transfer their business, under penalty of the nationalization of their establishment and of any and all of their property.
Point Three. All patents and copyrights, pertaining to any devices, inventions, formulas, processes and works of any nature whatsoever, shall be turned over to the nation as a patriotic emergency gift by means of Gift Certificates to be signed voluntarily by the owners of all such patents and copyrights. The Unification Board shall then license the use of such patents and copyrights to all applicants, equally and without discrimination, for the purpose of eliminating monopolistic practices, discarding obsolete products and making the best available to the whole nation. No trademarks, brand names or copyrighted titles shall be used. Every formerly patented product shall be known by a new name and sold by all manufacturers under the same name, such name to be selected by the Unification Board. All private trademarks and brand names are hereby abolished.
Point Four. No new devices, inventions, products, or goods of any nature whatsoever, not now on the market, shall be produced, invented, manufactured or sold after the date of this directive. The Office of Patents and Copyrights is hereby suspended.
Point Five. Every establishment, concern, corporation or person engaged in production of any nature whatsoever shall henceforth produce the same amount of goods per year as it, they or he produced during the Basic Year, no more and no less. The year to be known as the Basic or Yardstick Year is to be the year ending on the date of this directive. Over or under production shall be fined, such fines to be determined by the Unification Board.
Point Six. Every person of any age, sex, class or income, shall henceforth spend the same amount of money on the purchase of goods per year as he or she spent during the Basic Year, no more and no less. Over or under purchasing shall be fined, such fines to be determined by the Unification Board.
Point Seven. All wages, prices, salaries, dividends, profits, interest rates and forms of income of any nature whatsoever, shall be frozen at their present figures, as of the date of this directive.
Point Eight. All cases arising from and rules not specifically provided for in this directive, shall be settled and determined by the Unification Board, whose decisions will be final.
Was up in Priest Lake Idaho recently.
Talked to several folks there who were upset that their kids could no longer afford to live there as so many from California and Washington were moving there and increasing home prices so much for housing.
Making things liberal or bringing their crappola with them
I used to travel to ID and Montana for work .
The staff were always talking about that topic .
Kind of funny,
While up there our host told us about a great old growth cedar forest mostly on our way.
We stopped and there was 2 vehicles there, both from Florida, both from within about 20 miles from where we live here in Florida.
Long way to go to meet neighbors.
“NY and CA Democrats should be worried about real estate values”
Blatant spin; they should worry about PROPERTY TAXES!!!
You are spot on. This will affect properties in all libtard regions.
Not many will be in the market for an over-priced, over-taxed area unless they are retired.
There’s the wealthy, the obscenely wealthy and the ridiculously wealthy. The only people this effects are the bottom of that rung, the wealthy ... who probably do more to contribute jobs and tax revenue than the other two combined.
Here’s a stat I’d like to see some info on: The number of foreclosures in NYS statewide for back property taxes. If NYS collects the info, I can’t find it. And I’ll bet the stats would be interesting.
A while back someone showed me a map of foreclosures in my area (on Zillow?); I doubt you’ll get clean figures on how many are caused directly by property taxes, since once people determine they’ll lose the house anyway they stop making mortgage payments - thus the taxes will be in arrears very quickly.
There have been at least a couple for back taxes on my street in Upstate NY. And people around here with nice hones, NOT McMansions, are having to sell at a loss because it’s harder than Hades to find buyers willing to assume the prop tax burden.
Other thing nobody’s talking about: The number of homes going to rack and ruin because 1) Ever frigging little repair/improvement requires a permit. 2) Repairs/improvements can jack assessments which jack your prop taxes. Even if you can afford the improvements/repairs, which thanks to insane labor costs and labor shortages is really iffy, you can’t afford the taxes. So whole neighborhoods around here look like HELL.
Which should lower assessments, but that never happens. And arguing one is an exercise in futility.
That is huge problem here in NJ as well; Christie helped by limiting the annual increases to a 2% cap (as opposed to the 5%+ increases we were seeing before), but the taxes were already high while the high-paying jobs had left. Single-family homes aren’t even being built very much anymore; now it is multi-families and apartment-type childless worker hives (which towns love because they add tax revenue without adding the primary consumers of that revenue - the children that take 75% of our property taxes in public school costs.
As people either have smaller families or no children at all, existing owners are converting single-family homes into multi-families (with or without permits), and in some cases converting to boarding houses renting just rooms to single, childless people. These often come to light when fires result from electrical/heating issues caused by these improvisations; the converted units often have no backup exits, and people die. In my area the local governments will inspect every room of your house to find illegal conversions, but they don’t always shut them down; if they meet safety requirements they’ll allow it while simply hiking the taxes higher (even in areas zoned for only single-family homes - and this kills the values of neighboring properties as parking becomes impossible and the normal indications of residents with no long-term stake in the area flourish).
Multi-family dwellings in homes never meant to be are a problem here, too. But the local government doesn’t give a cr@p because their occupants tend to vote nanny state.
Rumor has it NYS is gonna lose another House seat or two after the next census. The makers in the US should celebrate NYS’s takers having less power in the chamber with the power of the purse.
Some Americans in areas on the brink see those permit costs and assessments as a defense against their area turning into a sh!thole (in the same way some view their high property taxes), but that system only works if good jobs are available to allow people to afford those homes. We have housing stock from the “old economy” (where average Americans could live in them), while our jobs are from the new economy (in which people even have to share apartment rents - and not only in nice areas). It seems the towns with the best defense against blight/illegal invasion are those that don’t allow overnight parking on any streets; it is very hard to hide illegal apartments/rooming house arrangements, and hard to attract “pedestrian” tenants in those areas (that wouldn’t have cars) because they are often off the beaten path in terms of mass transit.
A basic problem with improvements is that the old adages no longer apply (primarily due to the tax increases that suppress value); in the past people would say you could add $x of value by installing an additional bathroom or garage, but now your tax increases would keep the value down anyway (whether the improvements themselves were taxed or not).
NJ will probably lose one as well; our last Dem governor (Jon Corzine, before Christie’s eight-year term) admitted that without ILLEGAL immigration, NJ had lost population.
We’re going to end up with a re-hash of the 3/5 Compromise, where 5 braceros count as 3 Americans for census purposes. Without it NJ will have a population of 10 million people in 2025 with one House seat for the whole state (representing the 10,000 Americans still here working as public school teachers and cops).
Obscenely wealthy?
Is there such a thing?
Together, Jeff Bezos and I have a combined net worth of over 105 Billion dollars.
Those that sell out early will prosper. Those that procrastinate will be left holding heavily devalued real estate
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