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CA Prop 15: Thoughts?
- Thread starter grapedrink
- Start date
No, I'm not confused. You are operating on the assumption that any person or entity with $3M in commercial real estate assets is using loopholes to avoid taxes. Where's your proof of that?
Now if the threshold for a higher tax rate had a few more zeros on it, then you might have a point . . . . In regards to Federal Income taxes. Nobody is evading county assessed property taxes.
The county assess real property and taxes are based on that value. There are no loopholes that I’m aware of. Think of it like sales tax, but without the option of trying to get around it by paying cash. Oftentimes, payment of a portion of the property taxes is a term of the tenant’s commercial lease. This means that if property tax increases, so does rent. The tenant then needs to find a way to pay increased rent, which means it will have to increase prices or dip into any savings left after covid to try and pay property taxes until they run out of money and are then forced to increase prices. This will hurt small businesses and help the despised large corporations because they will be the only ones who can afford it and will likely benefit from more customers because there is less competition.
The point you tried to make in the Trump tax thread is that EVERYBODY is using tax loopholes.
Now you're saying they're not?
I didn't say that everyone uses loopholes. I did say that mostly everyone uses tax laws to pay the least amount of taxes possible.
For example, do you pay for your "work" truck and phone out of your own post tax income, or do you consider it a work expense?
Either way, federal taxes have literally nothing to do with county property taxes.
Okay, so nobody should be complaining about closing tax loopholes. Especially the ones that commercial real estate crooks use.
Again, what county property tax loopholes are you talking about? Be specific. Your average small business is not getting away with writing off $70k haircuts. Even if they were, they are not evading county property taxes with that.
You are basically saying that all small businesses are cheating on their taxes. Feel free to boycott your favorite brewery and restaurant if that's how you feel, because in SD County I guarantee the building they are in is worth more than $3 million. Put your money where your mouth is.
This is socialism in reality. It's exactly as Solzhenitsyn said. It's an opportunity for bureaucrats to live well on other people's money. You can go on Transparent California and see how much they make.
Like you said, the public sector unions are powerful and will plunder until there's nothing left. COVID has greatly accelerated the process, but I don't expect business to recover in this state for a very long time. All the smart money is leaving.
He’s saying prop 13 for commercial property is a loophole, for crooks, commercial landlord crooks. Or something. Even though it applies to everyone automatically at the county assessor level...
Wonder how he’d feel if his property taxes on his residence were reassessed at current fmv.
Also he’s so far off base not sure why you’re engaging in his trolling.
I don't have commercial property.
In fact I don't have any property worth $3 million.
Fuck em, they can afford it.
I don't live in California but that is a terrible idea from a state that is running out of taxes to implement or increase. No doubt my state won't be far behind.
And are you ok with your favorite local restaurant or grocery store passing on that cost increase to you?
Yes you do.
You charge as much as you can, otherwise you are leaving money on the table.
Every business is constrained by what the competition is doing. Competition for clients makes you a price taker, not a price setter. You don't have a momopoly.
If your competitor worked under the table, cash only, no taxes, he could afford to undercut you and take your business. If your competitor paid higher taxes , he would raise his price, or his profit margin would be unsustainable.
All your costs, including taxes are a function of your businesses survival
Well, my day rate has not changed for years while my taxes have. So no, I didn't pass it to my clients.
And I don't have anything worth $3 million.