Could L.A. Millionaires Be Facing Another Tax?
Everyone can agree that being homeless is terrible. No matter what the circumstances are that bring an individual to this predicament, it’s unfortunate that anyone has to be without a place to call home. Cities all over the country deal with the homeless in different ways, including California. The Golden State is considering taking its effort to stamp out homelessness even farther, and they are looking at the state’s wealthiest individuals to foot the bill.
According to reports, the L.A. County Board of Supervisors plans to include a proposal in November that would add a tax of .5 percent to anyone that has an annual income over $1 million. According to the numbers, that would create anywhere between $250 and $300 million each year in funds that would be earmarked for eliminating homelessness and helping these individuals back into the workforce.
So far, early indications show that most people are very much in favor of the idea. A recent poll showed that 76 percent of the 1,400 people asked, liked the proposal. The plan to wipe out homelessness in the county includes creating steady housing and services as well as job placement help, among other things, for the county’s growing number of homeless people. No word yet on how those who fall into this bracket would respond.
http://time.com/money/4356367/millionaire-tax-los-angeles-homeless/
Which Tax Law Is Really Hurting Silicon Valley?
Silicon Valley is known for a lot of things. Some of the world’s greatest technological advances and ideas have come from companies located in the Silicon Valley. Likewise, some of the world’s most innovative and largest companies were born in Silicon Valley and still call it home today. Many people have found great success and…
More Proof the Wealthy Are Paying More Taxes
Depending on whom you ask, the wealthiest Americans either don’t pay enough in taxes and should be forced to pay more, or they pay way too much already and should be given a break. As with most cases, there are three sides to every story: yours, mine, and the truth. According to the Tax Foundation,…
Do You Know How to Stay Wealthy?
Most wealthy people work tirelessly to obtain their wealth and then continue to practice the same principles to maintain that wealth. However, achieving wealth and maintaining wealth over the long haul are two entirely different things. Therefore, it’s important to have the right advance plan in place if you wish to hold onto the wealth…
How Do Profitable Traders Save on Their Taxes?
Stock trading is an up-and-down endeavor and investors can win big, lose it all or maintain an even keel. For those investors that achieve a high level of success and become profitable traders the next trick is to learn how to save on taxes. That can be a completely different game in and of itself.…