With a nail-biter of an election day, and results that may not be known for days, there is one thing for certain and that is tax advisors win. There are many tax laws on the ballots this election cycle and we shall see their outcomes very soon. These tax law increases will affect many people and businesses. All these new initiatives (if passed) will create more work for tax advisors all over the country.
In California, one of the biggest tax hikes in history (if passed) will be one of the biggest changes to California’s tax system. Its passage will hike property taxes on big businesses, raising billions for schools and local governments. Now owners pay property taxes based on the price they originally paid for real estate – typically a lot less than what its worth today. All the revenue would come from taxes on commercial properties valued over three million by reassessing them at market value every three years. The California Teachers Association was the top Yes on Prop. 15 donor at $19.8 million followed by $11.7 million from Facebook founder Mark Zuckerberg and his wife Priscilla Chan.
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