Stuart Varney: California's new 'mansion tax' is just another way to bash the rich
Stuart Varney: California’s new mansion tax is just another way to bash the rich
Varney & Co. host Stuart Varney discusses California’s new property tax designed to raise money to build affordable housing.
During his "My Take," Friday "Varney & Co." host Stuart Varney discussed the impact of California's "mansion tax" on property sales or transfers over $5 million, arguing the bill is triggering a "rush to sell" and is another way to bash the rich in a state incapable of getting almost anything done.
STUART VARNEY: It is Friday, March 24th.
In Los Angeles, if you have a $5 million home that you want to sell. Hurry up. Because on April 1st, just 8 days away, a so-called "mansion tax" will be imposed.
Not just on houses, but commercial property and multifamily housing. On sales over $5 million, it's a 4% tax, $10 million, 5.5%.
'MILLION DOLLAR LISTING' STAR WARNS MANSION TAX WILL DELIVER ‘HARDEST HIT’ TO MARKET SINCE 2007
Inevitably, there's a rush to sell now, to escape the tax. Star realtor, Josh Altman, who was on this program last week, is offering a million-dollar bonus to any agent who can bring in a sale for a $28 million Bel Air mansion by April 1st.
A rush to sell, yes, and a rush to buy at what may be bargain prices. Bash the rich. Way to go California.