Quote:
Originally Posted by marothisu
It's progressive tax right, so if a sale price is $1.25M for example then it would be:
($1M * 0.6%) + ($250K * 2% ) =$11,000
I think the original proposal would have been 2.65% on the entire price i.e. $33,125 in this case. is that right? The current tax would be $9375, so an increase of $1625 (+17.33%) with the latest proposal. This is certainly better than what was being proposed originally (very stupid proposal) if I got that right. Not going to say it's perfect by any means but the original proposal was horrible.
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it's being called progressive but I am not sure if that refers to the application of the tax rates or not. the descriptions in news articles would indicate not.
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