[quote=CA renter]
Once those things are done, see where everything stands, and then raise certain taxes, if necessary. I have a feeling we’d end up with a surplus if we enacted the changes noted above, though.[/quote]
How about a 10% additional marginal tax rate on all earned income above $1 million?
And how about figuring out how to change the tax code in a manner that forces the thousands of real estate deci-millionaires in CA to actually pay income taxes?
Currently the depreciation rules are a complete joke. I routinely see credit files during loan review of folks with several $million in cash flow from real estate ventures that have, for all intents and purposes, never paid taxes… and it’s all legal.
