Will New Tax Plan Hurt California Home Owners?
Will New Tax Plan Hurt California Home Owners?
While it still remains to be seen if the new tax proposal from House republicans ever gets through the Senate and reaches the president, many taxpayers are still concerned about the consequences. One of the largest groups in this category is homeowners in California, not to mention builders and realtors, as well.
So what’s the reason for the concern?
There are actually several. For starters, the House bill would hurt any taxpayer that itemizes his or her deductions and uses the mortgage interest deduction. That’s because that deduction is now in question under the new proposal. The threshold would be reduced from $1.1 million to $500,000.
The bill would also completely eliminate this deduction for vacation homes, while the Senate bill would actually keep it. And lastly, while the House would cap the property tax deduction at $10,000, the Senate proposal would completely cut it.
Because California has such high-priced housing already, these limits and changes would hurt many residents even more. “In a high-priced state where we’ve already got a shortage of homes for sale, this simply traps people in their homes longer,” said Steve White, a Studio City broker who is president of the state Realtors association. Fewer people will move and that will just exacerbate the home shortage.
This is sure to be a hot-button topic for lawmakers as they continue trying to move this bill through. However, many California residents are already pushing their congressman to vote against it.
We hope you found this article about “Will New Tax Plan Hurt California Home Owners?” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
The Power of Emotional Intelligence in Negotiation with Former FBI Lead International Kidnapping Negotiator Chris Voss
Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Chris Voss, Chris welcome to today’s show. Chris Voss Alan Thank you very much happy to be here. Alan Olsen Chris You have an amazing background and you know for the listeners can you walk us through your…
Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Joe Polish. He Joe’s done a lot of things today we’re going to talk about his book, The Miracle Morning for addiction recovery. And, Joe, welcome to today’s show. Joe Polish Thank you, Alan. So good to be…
Nuraxi Holdings: Pioneering the Future of Health and Longevity with Sparrow Rogers, Serial Entrepreneur
Introducing Nuraxi Holdings Nuraxi Holdings, a trailblazing venture operating in stealth mode, is at the forefront of unraveling the enigma of longevity. Our journey takes us through the intricate landscape of biomedical research, advanced AI models, and an unprecedented dataset that disrupts the norm. With an unwavering commitment, we strive to decode the mysteries of…
Unlocking Value: When ROI Transcends Monetary Gains with Mary D’Souza – Chief Investment Officer at Misha Investments
Introduction In this interview, Alan Olsen, CPA, MBA discusses with Mary D’Souza unlocking value: when ROI transcends monetary gains. Mary is the Chief Investment Officer (CIO) at Misha Investments. Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Mary D’Souza. Mary, welcome to the show. Mary…