Re: Tariffs and bikes

On 4/5/2025 9:36 AM, sms wrote:

On 4/4/2025 5:59 PM, Jeff Liebermann wrote:

On Fri, 04 Apr 2025 23:36:14 GMT, cyclintom <cyclintom@yahoo.com>
wrote:
>

In California add to the top rate another 12%. plus gas tax, plus salews tax,plus 50% inheretance tax, property taxes.

>
The California estate tax was reduced starting in 2001 and ended in
2005:
<https://www.sco.ca.gov/ardtax_estate_tax.html>
Since your mother died in 2019, you should have noticed that there was
no estate tax.

 <snip>
 Besides there being no inheritance tax or estate tax, the first $13.61 million in value of an inheritance is exempt from Capital Gains taxes, thanks to the Step-Up in Basis rule.
 California ranks 35th in the country for property tax percentage, and thanks to Prop 13, long time homeowners pay a pittance in property tax, including on inherited property prior to December 16, 2020 (when Prop 19 took effect).
 With Prop 19, heirs get $1 million off the assessed value of property they inherit (or they pay the current assessed value, whichever is greater). Since Tom's property is worth less than $1 million, the property tax rate of any heirs would not go up at all.
 However California has the highest income tax rate in the country, which is why so many wealthy people establish residency in Nevada.
 Where Tom lives, the sales tax is a whopping 10.75%, but in nearby San Francisco it's 8.625%, more than 2% lower. For any large purchases he should go to San Francisco. In my city it's 9.13%.
 If Tom paid anything in inheritance taxes then his accountant was either incompetent or was stealing from him.
 

Many ways to view that or parse it.
For 2023, selected states by population, annual budget and simple ratio:
Florida 24 million people, $116 billion budget = 4.8
New York 20 million people, $122 billion budget = 6.1
California 40 million people, $308 billion budget = 7.7
I don't doubt you that there are local differences of sales tax and property tax within California.
California is however a high-tax State and the voters seem to prefer it that way.
--
Andrew Muzi
am@yellowjersey.org
Open every day since 1 April, 1971