Mid-Term Elections Devastating for California – Higher Taxes Coming
It has almost been a week since the mid-term elections in California. As the final tally sinks in to the voters few seem concerned. Three out of the 4 multi-billion bonds were passed as well has hundreds of sales tax increases. Gavin Newsom was elected governor, Feinstein keeps her job and 5 more republicans were ousted from their positions. You could say a “blue wave” did hit California, however it was not unexpected.
Those of us that do not believe in liberal values, that don’t want higher taxes, illegal immigrants running the streets, free money for the drug addicted, parks being turned into homeless shelters, healthcare for all, and criminals being released on the streets are a minority in this state. Those that have CWC permits, believe in the 2nd Amendment will eventually have their rights taken away to become targets of the gang members, released criminals, illegals and thugs running the streets. With Gavin Newsom at the wheel the reality of San Francisco will become the reality of California – poop in the street, needles in the street, homeless at every corner, filth, crime and more.
California is on fire. It is horrible to see tens of thousands of people lose their homes. If you believe in God as I do this was no accident. God is angry with California.
There is a few conservative counties hanging on in California that Tom McClintock won and we have a small voice left in government – that is if you are one of the lucky ones. It does not matter though because his voice in the House of Representatives will be drowned out by the liberal majority in the House.
California is slowly pushing the conservative folks out. That is what they want. They don’t want people here that believe in the Constitution, closed borders, hard work and less government. California wants to fleece our pockets to pay for liberal programs so they can continue to proceed with their socialist plan. This however is not going to work because socialism only works until you run out of other people’s money.
Currently, taxpayers who itemize their deductions (meaning they don’t take the standard deduction) can deduct what they’ve paid in certain state and local taxes. That deduction includes state and local property, income and sales taxes.
Anyone who itemized can deduct their property taxes, but filers must choose between deducting their income taxes or deducting their sales taxes. Most choose to deduct their income taxes because those payments generally exceed sales tax payments. Residents of states with high income taxes (California, New York, New Jersey and Maryland, to name a few) generally opt to deduct their state and local income taxes if they itemize. Residents of states with high sales taxes (Louisiana, Texas and others) and low or nonexistent income taxes generally opt to deduct their sales taxes if they itemize. However, property taxes and income taxes – not sales taxes – are the primary drivers of the SALT deduction.
So who will miss the SALT deduction the most? According to a 2016 report from the Tax Policy Center, “Taxpayers with incomes over $100,000 would have the largest tax increases both in dollars and as a percentage of income.” Eliminating the deduction entirely would raise taxes for about a quarter of taxpayers and reducing the deduction (as Congress is planning to do) would affect about half as of people.
The bottom line is if you didn’t file single zero this year in California be prepared to pay – and pay a lot! That federal refund you may get— prepare to hand it over to California! Federal law changed what you can deduct in California.
With the liberals in charge in California its going to get really bad! Healthcare for all? Yes of course that will pass and those that have a job and work hard will pay for it – and those that do nothing will get it all for free – and at what cost? Increased taxes! After all, you will be paying for the welfare folks, plus the homeless drug addicts, and the illegal immigrants! Think the California budget surplus will last?
As for housing the prices must continue to go up! Why? Property taxes of course! Think proposition 13 will stay in place as this limits the amount your property tax bill can go up to 1-1.5% per annum? Think again. Prop 13 will be discarded and brace yourself – because property taxes are going to be headed up super fast — and then…. the housing market will crash because there will be plenty of vacant houses for those that lost them to not paying their tax bills – thus in one sweep the housing crisis is solved in California.
People like me that are near retirement are already looking at property in other states. We have a little equity and the housing market bubble hasn’t burst yet but it will. We already realize that we can sell and move and pay for a home with our equity in another state that is friendly. We have not left because one of the things California offers is the beauty of the mountains and the wonderful climate – but due to tree huggers that is going too – Look at the horrific fires as of late.
California has been going to hell and a hand-basket for a long time. — Liberals that made their big bucks are now retiring so they are taking the cash and fleeing California. Why? Well, rich ones have decided that the taxes they passed are too high and they don’t want to pay for what they created. They are headed to other states to destroy them too.
The good news is that 35 states are still conservative. The liberals are on both coasts but that is it. It would be good to keep them there.
There are lots to consider before leaving California but clearly the last election was devastating for California. It is a sign that the state is headed in a direction that cannot be sustained. People that have money will be packing up and leaving and California will have to raise taxes on the poor to survive – A socialist economy cannot sustain itself without money – money to be taken from the middle class and redistributed to all. We already have read history and know this doesn’t work, but someone forgot to tell California politicians.
Yes, the blue wave hit California but it was already blue and sinking fast. If you don’t live here sit back and watch it’s demise. It will be broke before you know it, crime will be out of control and criminals will only have guns for protection because everyone else won’t be able to carry. It’s great for those people who work at home though… Think about it – work from home, have Whole Foods deliver your groceries and you never have to leave the house. Just lock the door and keep your firearm on the table near by. If you think I am kidding think again. Well I have one year of freedom left – My CWC expires in Nov 2019. I doubt it will be renewed in California – but they haven’t outlawed taser’s or knives yet…. so maybe there is still hope.