Posted BY: | NwoReport
Death from taxes. That’s what could happen to Los Angeles if the wealthy flee or stay away from the city due to a “mansion tax.” Many will look to greener pastures — dollar green.
“Shark Tank” star Barbara Corcoran agrees. TMZ caught up with the real estate mogul in New York City. “People hate to pay taxes on entrances or exits to their homes,” she told the entertainment news outlet. “They feel like they’re hit upon, taken advantage of.”
Last November, voters passed Measure ULA, which levies a 4-percent tax on homes selling for $5 million or more. It also imposes a 5.5 percent tax on properties that sell for over $10 million, according to the New York Times. The tax goes into effect today — April Fool’s Day.
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