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Leaving California is harder than you think…

Old 01-16-2022, 10:13 AM
  #21  
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Originally Posted by bajthejino
Yes, I too am consumed with jealousy that a family that worked, saved, invested and then had the audacity to hand down that wealth to the next generation isn't being punished enough for their success by the tax code-they need the entire weight of the State to come down upon them like the furious winds of an angry god.
The kids had no part in that working, saving, and investing. The kids did not purchase that property decades ago. Why are the kids so deserving of not paying the same taxes ON THEIR FREE HOME that their same-age next door neighbors do who just bought their first home?

Also, it's not like the state is confiscating that wealth. The home still exists, the kids still own the home, nothing has been lost

And if you're equating being fairly subjected to the tax code like everyone else is having "the entire weight of the State come down upon them like the furious winds of an angry god" then perhaps the problem is the tax code?
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Old 01-16-2022, 11:53 AM
  #22  
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Originally Posted by rickair7777
Fundamentally I'm OK with *some* limits on inheritance, but of course the devil is in the details.

Our national success is based in large part on meritocracy, and for that reason it's good to reset the economic baseline at least a little with each generation.
So you're ok with some theft?

Robbing people of what is rightfully theirs is morally reprehensible.
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Old 01-16-2022, 06:13 PM
  #23  
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Originally Posted by SonicFlyer
So you're ok with some theft?

Robbing people of what is rightfully theirs is morally reprehensible.
I'm Ok with the kids paying the current tax rate on investment properties they inherited. The homestead, if they want to live there, should keep the original baseline.
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Old 01-17-2022, 05:25 AM
  #24  
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Originally Posted by rickair7777
I'm Ok with the kids paying the current tax rate on investment properties they inherited. The homestead, if they want to live there, should keep the original baseline.
That's vile and disgusting.
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Old 01-17-2022, 05:38 AM
  #25  
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Everyone should pay the same tax rate
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Old 01-17-2022, 03:53 PM
  #26  
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Originally Posted by Profane Kahuna
Everyone should pay the same tax rate
The problem with that (and the reason for prop 13) was that working class and/or retired people bought a modest house decades ago for a modest price. Insane real estate appreciation sends their paper value through the roof, and their tax follows along with it... there were older people who had paid off their homes who were literally forced out because their annul tax bill was 5-10 times what their original mortgage payment was.

Gov was happy to seize their home and sell it, leaving them with the remaining proceeds to rent a double-wide in Bakersfield or Little Rock. Got to get those damn old people the hell out of up-and-coming neighborhoods to make room for trendy DINK yuppies... it's all about the tax base! Income, property, sales, school, road, gas, etc, etc
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Old 01-17-2022, 03:55 PM
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Originally Posted by SonicFlyer
That's vile and disgusting.
That they have to pay the same taxes as other people who had to buy a house in the same neighborhood, but weren't so fortunate as to inherit one?
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Old 01-17-2022, 04:19 PM
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Originally Posted by rickair7777
The problem with that (and the reason for prop 13) was that working class and/or retired people bought a modest house decades ago for a modest price. Insane real estate appreciation sends their paper value through the roof, and their tax follows along with it... there were older people who had paid off their homes who were literally forced out because their annul tax bill was 5-10 times what their original mortgage payment was.

Gov was happy to seize their home and sell it, leaving them with the remaining proceeds to rent a double-wide in Bakersfield or Little Rock. Got to get those damn old people the hell out of up-and-coming neighborhoods to make room for trendy DINK yuppies... it's all about the tax base! Income, property, sales, school, road, gas, etc, etc
Cool story, but what actually happens is this.

People get grandfathered in with their cost basis for property tax and then proceed to vote for every increase in government spending under the sun. They don’t have to pay for it so why not?

Decades later those who were not lucky enough to inherit a home can’t afford anything and there is a mass exodus out of California.

Locking the property tax cost basis of your home in at purchase is one of those things that sounds like a good idea but has multiple negative un-intended consequences.
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Old 01-17-2022, 04:36 PM
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Originally Posted by rickair7777
The problem with that (and the reason for prop 13) was that working class and/or retired people bought a modest house decades ago for a modest price. Insane real estate appreciation sends their paper value through the roof, and their tax follows along with it... there were older people who had paid off their homes who were literally forced out because their annul tax bill was 5-10 times what their original mortgage payment was.
Which is why property tax is harmful and should be done away with it. Essentially it is feudalism where we are all serfs to the government. The government should be run on (optional) user fees, and if it must tax, then a minimal sales tax is the least destructive.
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Old 01-17-2022, 04:49 PM
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Originally Posted by SonicFlyer
Which is why property tax is harmful and should be done away with it. Essentially it is feudalism where we are all serfs to the government. The government should be run on (optional) user fees, and if it must tax, then a minimal sales tax is the least destructive.
Oh they know property tax is harmful, that’s why they grandfathered themselves in to the low cost basis of back when they purchased.

The only thing worse than everyone paying the same tax rate, is when one group of people legislates themselves a loophole to pay lower taxes than their neighbors while receiving the exact same services.
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