SOUNDS LIKE MN .... BUT IT'S NEW YORK ... CITY!!!!

I was told by my parents that there is "never a tax a Democrat didn't like" ... and boy has she been right ... but Mayor Mondahmi would have had her shaking her head in disbelief.

So, first, let's all remember he is a Socialist who ran under the Democratic label. We must keep this in mind .... 

He has proposed an INCREASE in the Death Tax, on the municiple side of things.

As it stands now, the worth of what you have left behind must equal $7 Million or more ... that is likely a lot of property, at least a couple homes, but if you own a business, it likely includes that as well .... I'm not sure how the law is written.

He wants to change that amount to $750 THOUSAND!  This would be much easier to reach - and will harm the middle-class folk more.

If you've got $7 Million you know it - but if you were middle-class, and that varies from state to state as to exactly what that level is, you likely have no idea what your home is worth ... you don[t think of having it evaluated except for property taxes. 

Well, when you die, they come out and estimate what you could get for the property -- in our case, our taxes are based on a much bigger home in a whole different city - why? because in our city, we have a small house.

Now - the house we used to own, we bought for like $60K ... my son was looking to buy a house and went to look at it ... it was gutted (broken pipes by the sounds of it) and they were still asking $400K for it!!

Now - say your parents own a home, they bought it back in the 1980's at some point ... people don't usually share with others what the tax value is of their home ... but they will say they paid $100K for it back then ...

They pass, and it turs out that the property value of the home is said to be about $600K ... very likely, actually.  BUT - now the city says "naw, I bet you could easily get $800K for it" - but since there was never an evaluation on the property, you are screwed.

So, now there is an INCREASE of 90% of estates into the coffers of the city ... just based on stats, no values of property ... just an decrease of 90% of the worth of the property needed to get taxed.

Your rate of taxation??

It will go from 15% now, to 50% if Mondahni gets his wish.

Let's hope he gets snapped back into his place!!