Don’t Buy A Home In 2023 (Sellers Panicking)

"California passed a new housing tax that will deliver the hardest hit to the market since 2007 and a new proposal could wind up costing you a lot more money especially since Social Security is running out sooner than expected so that's why we got to break down exactly what's going on which markets are seeing the biggest price Cuts why you should not be buying a home in California and then finally what you could do about all of this to save a little bit of money on today's episode of Facebook job"

"Beginning April 1st Los Angeles residents will be subject to an additional four to five and a half percent tax on all properties sold over 5 million dollars and this is expected to completely destroy the high-end property Market throughout the entire State potentially resulting in even more people leaving"

"Although one state in particular is about to see even more of a home buyer Exodus and that would be none other than California"

"this means that there's even less incentive now for investors to add more housing Supply into the market businesses will be less inclined to expand and this only gives more of a reason for people to leave"

"First this would increase the corporate tax rate from 21 to 28 raising 1.3 trillion dollars as they say this would still be lower than the 35 tax that was established before the 2 2017 tax cuts and jobs act but it would ensure that companies pay their fair share at a slightly higher tax rate than what we're currently seeing"

"a Tax Foundation analysis found that a 28 corporate tax rate would reduce GDP by 0.7 percent or 160 billion dollars stocks and wages would marginally decline and 138 000 full-time jobs be lost thankfully they believe the loss would be gradual but it could result in a GDP decline of 720 billion dollars over the next 10 years which is larger than the tax revenue that would be generated in its place"

"as a result they believe that long-term higher corporate tax would result in incomes dropping by one and a half to two percent"

"and third the plan would increase the top tax bracket from 37 percent back to 39.6 percent where it stood prior to 2017. to me this is probably the most realistic outcome since the tax cuts and jobs Act is set to expire anywhere in 2025 so the taxes are going up either way"

"they would quadruple the stock buyback tax from one percent to four percent"

"instead of paying 20 to 50 tax on all of your income you would simply pay a flat 30 sales tax on all of your purchases"

"a 2004 study found that if the United States were to replace its current tax system with a sales tax the rate would have to be as high as 60 percent to bring in the same amount of money as we are currently any lower and we'd likely plunge even deeper into a worse national debt"