L.A. politicians pass extra 5% "mansion tax" on the sale of really costly homes

Like all politicians, the socialist Democrat rat-bastards who rule Los Angeles are always looking for ways to grab money from citizens.  

But if you try to tax serfs, you get voted out of office.  The only people a pol can tax without losing office is...the rich, cuz there aren't enough to tip an election.

So a year or so ago the LA pols put a proposition on the ballot to add a new, additional tax people will be forced to pay when they sell a pricey home.

The measure, officially known as "Measure ULA," took effect on April 1 and imposes a stunning new tax on the sale of high-value homes.  Homes selling for over $5 million now have an additional 4% tax, and those above $10 million incur a 5.5% tax.

Say, citizen, what do ya suppose the tax would be on a $10 million home in LA?  Take your time.

Umm...that would be $550,000.  And the tax on a home selling for between $5 million and $10 million would be between $200,000 and $400,000.

Damn, that's a big chunk of tax, eh?  How could that pass?  Oh that's right: there are only a thousand or so homes above $10 million in LA, and 3,000 or so selling for between 5 and 10 mill.  So the measure passed easily--because...

The pols piously, solemnly *promised* that every penny of the new revenue would be used to "fund affordable housing and homelessness prevention."

Anyone wanna bet?  Yeah, didn't think so.  Good luck ever getting an accounting from the corrupt scum ruling L.A.

The point of this post isn't to gen up sympathy for wealthy residents of LA, but rather to show you the future.  Which is: everyone knows that when you have a monopoly (no competition), prices charged skyrocket.  Cuz again, no alternative.

Politics works just like that: it's one of the few "enterprises" that are legally allowed to be a monopoly (i.e. no competition).  As a result, politicians have absolutely no real interest in holding down costs (i.e. being efficient), because you have no choice.  If you're not corruptly connected you must pay every tax they demand, or they will seize your property and possibly send you to prison. 

Well, unless you're the faaaabulous Hunty biden, of course.  In that case you can sneeringly not pay income taxes on $10 million of illegal income and no one will even bat an eye.

So politicians will always--I repeat: always--come up with new ways to squeeze more and more money from us.  You don't care about owners of multi-million-dollar mansions in LA, and I don't either.  But sooner or later they'll tax something that bites you--like taxing the number of miles you drive each year, or doubling or tripling the city or state tax on your utility bills.

If you think they won't do that I've got a bridge to Cuba I'd love to sell ya.

Source.

https://finance.yahoo.com/news/california-landlords-charging-150-000-165212667.html