President’s Tax Proposals
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Many recent buyers of condominiums in Southern California have already experienced a sizeable decrease in property values. The Reagan tax proposal, which would eliminate deductions for property, among other taxes, will further erode the value of these homes.
Other proposed changes, including the higher zero-bracket amount and the partial taxation of employer-paid health benefits, will add to the problem.
Some of us, who qualified for mortgages by counting on all currently available tax deductions, may well be forced to sell our homes at a loss and return to apartment living.
Rental rates for apartments in Southern California have soared dramatically in recent years; the current vacancy factor is almost nil.
One hesitates even to imagine the disastrous scenario that will be created in our state, should the Reagan plan be passed as proposed.
ANNE McCAFFREY
Tustin
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