Quote:
Originally Posted by BillinGlendaleCA
Mass exodus of the wealthy have been predicted for California for decades, it's not happened. It won't happen this time either, there are lots of reasons to live here as opposed to a low tax state such as Texas. I doubt it'll have much of effect on high end real estate, upper middle class properties on the other hand might be impacted.
|
When you're wealthy you can afford to hire the best tax attorney's and tax consultants and pay little or no taxes, no matter what state you live in. When the tax on the rich was 90% during the 1950's, and high tax rates in the 1960's, there were any number of wealthy in Beverly Hills, during that time, that paid little or no taxes. My first partner in Minnesota was extremely wealthy, and he used to brag: I never pay taxes!
During that high tax on the wealthy period of the 1950's, how on earth did Reagan afford a home in Pacific Palisades and a ranch in the San Fernando Valley? Wouldn't you have liked to meet his tax consultant?
William Buffet's secretary pays more tax than her boss!
I did one of my one day'ers to L.A. Tuesday, and I have to have at least one adventure: Commuter train from Union Station to Lancaster, up and back. Had never been up those parts, and I saw, only from the train windows, very little if any construction. No cranes! What gives in that area of L.A.? Please don't say lots of Nimby's in those areas! Yes, a few high rises I could see in Glendale, Burbank, but why not more? I do see some potential for a viable downtown Lancaster one day, but is there a downtown Palmdale? I did see a big, newer 5 story apartment building from the train window near Palmdale, but it's stuck in the middle of nowhere!
Dinner at Grand Central Market, and, as always, I go out the back door to gape at my favorite towers in L.A., the curved glass towers, and tried to imagine the Angel Tower going up there. Not a lot of space there next to the Pershing Square subway entrance. This will be incorporated in the project?
My 10:10pm flight was cancelled

, they didn't cancel it until 1am, and? All flights to Las Vegas on Wednesday booked solid! Option-less, I rented a car to return, and haven't done that in 15 years, but as I drove on I-10, at 2am, with an all-but-darkened skyline, it looked very ominous with those towers under construction, so happy to see DTLA move into adulthood!
Downtown, along the freeway I noticed a long colorful low-rise green or blue building? wall? all lit up. What's with that?