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From: sms <scharf.steven@geemail.com>
Newsgroups: rec.bicycles.tech
Subject: Re: Tariffs and bikes
Date: Sat, 5 Apr 2025 07:36:03 -0700
Organization: A noiseless patient Spider
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On 4/4/2025 5:59 PM, Jeff Liebermann wrote:
> On Fri, 04 Apr 2025 23:36:14 GMT, cyclintom <cyclintom@yahoo.com>
> wrote:
> 
>> In California add to the top rate another 12%. plus gas tax, plus salews tax,plus 50% inheretance tax, property taxes.
> 
> The California estate tax was reduced starting in 2001 and ended in
> 2005:
> <https://www.sco.ca.gov/ardtax_estate_tax.html>
> Since your mother died in 2019, you should have noticed that there was
> no estate tax.

<snip>

Besides there being no inheritance tax or estate tax, the first $13.61 
million in value of an inheritance is exempt from Capital Gains taxes, 
thanks to the Step-Up in Basis rule.

California ranks 35th in the country for property tax percentage, and 
thanks to Prop 13, long time homeowners pay a pittance in property tax, 
including on inherited property prior to December 16, 2020 (when Prop 19 
took effect).

With Prop 19, heirs get $1 million off the assessed value of property 
they inherit (or they pay the current assessed value, whichever is 
greater). Since Tom's property is worth less than $1 million, the 
property tax rate of any heirs would not go up at all.

However California has the highest income tax rate in the country, which 
is why so many wealthy people establish residency in Nevada.

Where Tom lives, the sales tax is a whopping 10.75%, but in nearby San 
Francisco it's 8.625%, more than 2% lower. For any large purchases he 
should go to San Francisco. In my city it's 9.13%.

If Tom paid anything in inheritance taxes then his accountant was either 
incompetent or was stealing from him.

-- 
“If you are not an expert on a subject, then your opinions about it 
really do matter less than the opinions of experts. It's not 
indoctrination nor elitism. It's just that you don't know as much as 
they do about the subject.”—Tin Foil Awards