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From: AMuzi <am@yellowjersey.org>
Newsgroups: rec.bicycles.tech
Subject: Re: Tariffs and bikes
Date: Sat, 5 Apr 2025 10:11:43 -0500
Organization: Yellow Jersey, Ltd.
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On 4/5/2025 9:36 AM, sms wrote:
> 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.
> 

Many ways to view that or parse it.

For 2023, selected states by population, annual budget and 
simple ratio:

Florida 24 million people, $116 billion budget = 4.8
New York 20 million people, $122 billion budget = 6.1
California 40 million people, $308 billion budget = 7.7

I don't doubt you that there are local differences of sales 
tax and property tax within California.


California is however a high-tax State and the voters seem 
to prefer it that way.

-- 
Andrew Muzi
am@yellowjersey.org
Open every day since 1 April, 1971