The city of Los Angeles and the legislators responsible for California's financial quagmire have devised a fresh tactic within the confines of the conventional playbook.
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Despite being the most heavily taxed state in the United States, California finds itself grappling with a staggering
$68 billion budgetary deficit. Contrary to the metaphorical richness associated with the Gold Rush era, California's fiscal situation resembles Fool's Gold.
Even Gov. Gavin Newsome couldn’t admit in his recent debate against Florida Gov. Ron DeSantis that the net migration out of California is reaching epic proportions more often than not over one word… TAXES.
Enter Los Angeles' latest stratagem, instated on April 1, 2023 – the "mansion tax." This levy imposes an additional 4% tax on homes exceeding $5 million and a 5.5% tax on those surpassing $10 million paid for by the buyer.