David Chiu: Robbing Hood Rides Again

From today's SF Chronicle article, here is the latest proposal from my second least-favorite Progressive Fascist:

SACRAMENTO — California homeowners with big home loans and vacation properties would owe higher taxes under new legislation to raise money for programs to get the state’s homelessness crisis under control.

The bill by Assemblyman David Chiu, D-San Francisco, would cap a state tax break for mortgages to the interest paid on the first $750,000 of a loan for a primary home. It would eliminate the deduction altogether for mortgage interest on second homes.  Chiu’s office estimates the changes would bring in $400 million to $500 million per year, which would be set aside as dedicated funding for shelters, permanent supportive housing and other homelessness services.

“These are the individuals who own the most expensive homes in California,” Chiu said. “It’s a small price to pay among a small number of wealthier homeowners to establish a permanent fund for homelessness prevention.”

I'll bet Chiu was at the front of the line to criticize Trump for limiting the State and Local Tax deduction on one's Federal taxes to $10,000 per year, but that won't stop Robbing Hood from doing far worse damage to California taxpayers.  "It's a small price to pay" especially if he doesn't have to pay it.

Comments

[[email protected]]

So what's wrong with that?

[Bruce Dickinson]

Point being it's the hypocrisy. Now CA democrats are stealing ideas from DJT? Funny!

[hillsider]

It would be a better idea to cut all state public pension payments by 20% and use that money for the homeless. Then holyroller would feel what its like to have his own ox gored.

[Concerned]

California will lose a Congressional seat at the next reset next year for the first time ever in the history of the state.

California’s population has grown slower than the rest of the country for the first time over the last decade.

This is just the beginning.

We are already the state with the greatest disparity in wealth (over twice the % of welfare recipients compared to overall population % of the country) and this will only get worse as the remaining middle class continues to move out.

[resident]

I'm not getting whatever your point is. Do you mean that screwing people who are buying homes with more than $750,000 mortgagees meaning almost everyone is a bad thing? Trying to fix wealth disparity through taxation is a losing proposition. That's been proven over and over and over and over.

[Phinancier]

Dear Concerned, you can check this out for a deeper look at why we are losing the middle class and a congress seat here in California

https://thehill.com/opinion/finance/477754-the-blue-state-exodus-gains-momentum

Chiu doesn't care since this all works in his favor.

[[email protected]]

Dear Hillsider, How do you financially support yourself and family?
Is it:
Social security
Reverse mortgage
Government Pension
Private Business Pension ie Dupont, etc.
Landlord
Inheritance
Last but not least Prop 13. Do you own multiple Properties......
I thought so.
Shame you Greedy Bass
Go Niners.

[[email protected]]

So let us know.
Or are you afraid of the truth?

[Barking Dog]

So being retired, getting Social Security(contributed into it for 46yrs), a pension plan(contributed to for 40yrs) and owning a home for 49+ yrs that is Prop 13, plus some personal savings, makes me(and others) a "Greedy Bass"??? Wow...

Buzz off Holly. Sounds like you should have done more for yourself to be comfortable later in life instead of hoping others will take care of you.

[[email protected]]

Believe me BD. I am very happy with my life, my family-Not so much. (Whose is?)
Nevertheless, I am Financially sound enough to contribute to multiple Charities, afford my cable bill too.
Prop 13 was never to last this long.
It is the Number One reason Newsome has to capitulate to special interests. Mexicans, Insurance Companies, Trump, and Facebook. Who would have ever thought that Facebook would be the representative of Lies'?
Money is the Root of all Evil..Especially for a DB who created a Web Site to get friends. Loser.
NO MONEY. NO MONEY. NO MONEY. Prop Thirteen is the only thing standing in the way of California

[Peter Garrison]

The love of money is the root of all evil.
Money is fine.

[hillsider]

Hollymolyroller, you left off one choice that is my answer. A job.

[[email protected]]

Details!