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no. Earning $150K (what's required to afford a $600K mortgage, assuming you've held the house a few years), puts you in the top 10% nationally. That's not middle class.
In NYC the median income is 107K. The top 20% is still $150K (as indicated above), and top 20% is not "middle class"
Yes, that looks good on paper, the reality is that $150 grand a year in the city of New York and you are just getting by.
That's a California regulation problem jacking up the cost of everything - which was Trump's point. If California wants to have an insane amount of regulations that raises the costs - why should I in Texas subsidize that nonsense?
It's ridiculous for a regular home to cost that much.
No - it meant to say the country shouldn't compensate for states who over-regulate and over-tax. For some reason, Democrats fit in to that category. They are free to make life more affordable, but choose not to. That's their problem.
That's not true. CA property tax is way lower than TX. CA caps the property tax at 1% of the sale price and thereafter it cannot reassess the property at more than 2% per year. Even if the house value goes up 100X the property tax still stays at 1% of the original sales price plus maximum of 2% increase per year.
I looked into TX properties, property tax there is definitely way higher than 1% of the price. I know the local government usually does not assess the full value of the home, but still it typically comes out to over 2% of the price if I remember correctly.
For one of my properties in the Midwest, I once got a tax bill that is 30+% higher than the previous year! That'd never happen in CA.
The state has little control over how much people pay for homes. You can argue they should build more homes, but that's a topic for another thread.
That's not true. CA property tax is way lower than TX. CA caps the property tax at 1% of the sale price and thereafter it cannot reassess the property at more than 2% per year. Even if the house value goes up 100X the property tax still stays at 1% of the original sales price plus maximum of 2% increase per year.
I looked into TX properties, property tax there is definitely way higher than 1% of the price. I know the local government usually does not assess the full value of the home, but still it typically comes out to over 2% of the price if I remember correctly.
For one of my properties in the Midwest, I once got a tax bill that is 30+% higher than the previous year! That'd never happen in CA.
The state has little control over how much people pay for homes. You can argue they should build more homes, but that's a topic for another thread.
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Umm... you know there are more ways to collect taxes that through property taxes, right? And regulations are also part of the problem.
The reason Texas property taxes are high is because we do not have an income tax.
California absolutely has control over how much people pay for a home... are you kidding me?
2. Demand to Live and Work and Own in Urban California Has Reached a Breaking Point, and Part of That Demand Is Global
3. Proposition 13 Dilutes a City's Incentive to Build New Housing
4. In Most Parts of California, the Process to Get New Housing Approved Is Difficult, Time-Consuming and Expensive
5. Land, Labor and Raw Material Costs Are Higher in California Than the Rest of the Country. And Those Costs Are Rising
Number 3 deals with the property taxes and how their caps affect other areas.
Proposition 13 has made development decisions much more complicated. Because property taxes are capped, local governments have become increasingly reliant on other revenue sources. That vacant land is much more valuable to the city’s coffers if a big box retailer gets built on it, as opposed to a multifamily apartment building.
Housing nerds call this the “fiscalization of land use.”
There’s debate about just how much Proposition 13 is to blame for the state’s housing shortage. But talk to local elected officials, and you’ll see the issue isn’t just a hypothetical dilemma.
That's not true. CA property tax is way lower than TX. CA caps the property tax at 1% of the sale price and thereafter it cannot reassess the property at more than 2% per year. Even if the house value goes up 100X the property tax still stays at 1% of the original sales price plus maximum of 2% increase per year.
I looked into TX properties, property tax there is definitely way higher than 1% of the price. I know the local government usually does not assess the full value of the home, but still it typically comes out to over 2% of the price if I remember correctly.
For one of my properties in the Midwest, I once got a tax bill that is 30+% higher than the previous year! That'd never happen in CA.
The state has little control over how much people pay for homes. You can argue they should build more homes, but that's a topic for another thread.
.
There really isn't a big difference between CA and TX for the typical tax paying person.
California has a total tax burden of 9.48%. Texas is at 8.19%.
2. Demand to Live and Work and Own in Urban California Has Reached a Breaking Point, and Part of That Demand Is Global
3. Proposition 13 Dilutes a City's Incentive to Build New Housing
4. In Most Parts of California, the Process to Get New Housing Approved Is Difficult, Time-Consuming and Expensive
5. Land, Labor and Raw Material Costs Are Higher in California Than the Rest of the Country. And Those Costs Are Rising[/color]
Number 3 deals with the property taxes and how their caps affect other areas.
[COLOR=”Navy”]Proposition 13 has made development decisions much more complicated. Because property taxes are capped, local governments have become increasingly reliant on other revenue sources. That vacant land is much more valuable to the city’s coffers if a big box retailer gets built on it, as opposed to a multifamily apartment building.
Housing nerds call this the “fiscalization of land use.”
There’s debate about just how much Proposition 13 is to blame for the state’s housing shortage. But talk to local elected officials, and you’ll see the issue isn’t just a hypothetical dilemma.[/color]
For middle class, the income tax rate in California not that different from Nebraska. For a person with $80k taxable income, the difference between CA and NE tax is around $50. So stop with this CA taxes too much nonsense. CA taxes the rich too much, but for middle class they're right in line with other states.
The SALT change that Trump implemented doesn't punish high taxes, it punishes high income! People who are making $150k, still considered middle class in metropolitan cities, are those who are getting hit the worse.
You don't have to tell me about the housing issue in CA. I know more about this subject than most real estate agents, politicians, and investors.
What we do know is this not Democrat or Republican - three Republican governors oversaw CA during the last few decades and none of them could fix the problem. It happens in liberal San Francisco and conservative Orange County.
Bottom line is, Pelosi and mainstream Democrats are advocating a massive tax break for the wealthy.
The bottom 80%, 80%!, will only get 4% of the money.
The top 1% will get 57% of the money.
Well yes, Pelosi has never been popular with the progressive and she is usually in bed with the moderates and liberals. There's a reason why one of the riches cities in the nation chose her as their representative. She was never this AOC progressive that you guys paint her to be, she is a big money capitalist through and through.
I didn't read your source but I wouldn't be surprised if it's true. This tax the mega rich thing never came from the moderates of the Democratic party, which is the majority of the party. It's always been the progressives and the more progressive liberals who are saying that.
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