The City of Los Angeles’s “mansion tax” on all property over $5.15 million has led to an over 70% decrease in affected sales, resulting in significant foregone property tax revenue.
Here in Germany we have 4-6% sales tax on ALL sales (depending on the state), plus 2% for the notary plus up to 6.5% for the agent, the last one is a bad joke, as the buyer pays not the seller. Now there is legislation to split the agents fees 50/50 for residential
Well, they voted for it to try and correct a prior problem. This is classic government causes a problem, then requires taxpayers to pay for the problem. This leads to new laws that supposedly will fix the first problem, only to create a second problem.
Here in Germany we have 4-6% sales tax on ALL sales (depending on the state), plus 2% for the notary plus up to 6.5% for the agent, the last one is a bad joke, as the buyer pays not the seller. Now there is legislation to split the agents fees 50/50 for residential
DOH!
Democrat Marxists control Los Angeles and are incompetent in basic economics.
Well, they voted for it to try and correct a prior problem. This is classic government causes a problem, then requires taxpayers to pay for the problem. This leads to new laws that supposedly will fix the first problem, only to create a second problem.