Prop 19 means that you have to at least live in the house you inherit to keep the tax basis. You can't inherit your parents' vacation home without it getting re-assessed now.
Old people are the ones who already own fucking houses. This gives them more massive fucking tax breaks while doing nothing for the majority. It’s bullshit.
It's essentially the continuance of the status quo for people over 55 in terms of taxes and closes a very big giveaway for inherited wealth. If it didn't pass the old people would simply not move instead and nothing would have changed anyway except now we get to tax failchildren who are landlords using inherited property.
Prop 19 means that you have to at least live in the house you inherit to keep the tax basis. You can't inherit your parents' vacation home without it getting re-assessed now.
Who cares how many times old people can move?
Old people are the ones who already own fucking houses. This gives them more massive fucking tax breaks while doing nothing for the majority. It’s bullshit.
They can already transfer the tax basis once. Why do you think it matters if they can do it three times now instead?
I'd trade all the old people getting to do that if it means the movie star kids don't get to pay nothing on their parents' six houses in Malibu.
State CBO had this as a net positive for revenue anyway.
It's tax breaks for the wealthy.
It's just another giveaway for a different group.
It's essentially the continuance of the status quo for people over 55 in terms of taxes and closes a very big giveaway for inherited wealth. If it didn't pass the old people would simply not move instead and nothing would have changed anyway except now we get to tax failchildren who are landlords using inherited property.
Sorry I don't cheer for liberal half measures.