Members of the Hollywood elite are among those who have contrived to avoid the new “mansion tax” passed last year by Los Angeles voters — including some of the biggest names in Democratic Party fundraising circles.
Measure ULA went into effect on April 1, and ostensibly exists to raise money for low-income housing. But many of the rich and famous — who otherwise can be relied upon to flog left-wing causes — avoided the tax.
Before Measure ULA took effect in April, some wealthy residents scrambled to avoid paying the new “mansion tax” that would fund affordable housing and homelessness prevention. Even celebrities known for their liberal ideals and humanitarian crusades happened to sell, for whatever reason, right before the tax went into effect.
Even before voters passed the measure, bringing a 4% transfer tax on all property sales above $5 million and 5.5% on sales above $10 million in the city of L.A., attorneys and real estate agents began devising ways to shirk it. In the waning days of March, luxury homeowners made increasingly desperate attempts to sell their long-held properties before the deadline.
Of Emanuel, who sold his home for $14.5 million after originally asking $25.9 million, the Times notes: “By selling before April, he saved roughly $800,000 he would have owed under ULA.”
As Breitbart News recently noted, the tax has largely been a flop thus far, “bringing sales of luxury homes to a halt while raising little money for affordable housing.”
The post Left-wing Hollywood Elite Sell Cheap to Avoid L.A.’s ‘Mansion Tax’ appeared first on Breitbart.