Quote:
Originally Posted by McLovin
Directly quoted from California Assembly Bill 1199 proposed earlier this year, a “privilege tax” on rental properties:
“Existing law imposes various taxes, including taxes on the privilege of engaging in certain activities.
This bill would impose an annual excise tax upon a qualified taxpayer, as defined, for the privilege of renting or leasing out qualified property, as defined, in this state at a rate of 25% of the gross receipts of the qualified taxpayer that are derived from rental income. ”
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Well this is frightening. I read the actual proposed text of the bill, and it literally kept me up last night. I don't know if it's the 25% tax, or the fact that it literally uses the word "priveledge" derogatorily throughout the text.
And as landlord's raise their rents to make up for the lost revenue, it will actually
increase homelessness.