• In The News:
    Share This:

    How Bad will the Tax Reform Screw Californians? KTLA Morning News Video

    Tax Reform for Californians KTLA video with Financial Planner LA David Rae

    What does the GOP Tax Reform Mean for Californians?  Many will pay much much more!


    By David Rae Certified Financial Planner™, Accredited Investment Fiduciary™

    Update 11/16/2017  –

    The Senate and  House have  passed a $1.5 trillion tax bill that seems purposely brutal for poor people. 2/3 of these cuts go to Corporations, much of the rest goes to the Ultra High Net Worth. The two houses will need to work to reconcile and send the final bill to Donald Trump who looking for a win would sign.

    Mortgage Tax Reform for Californians:

    As it stands now the GOP tax plan will lower the mortgage deduction to just $500,000.  If you’ve shopped for a home lately you know that doesn’t buy much of a house in Southern California let alone Los Angeles, West Hollywood or Beverly Hills.  This won’t apply to mortgages that were in force before November 2nd.

    Property Tax Changes for Californians:

    The deduction for Property Taxes will be capped at $10,000. That translates into a tax base for a house valued at roughly $800,000.  Way less than my house is worth, and just above the median home price in the City of Los Angeles.  Real Estate is expensive here.  Prop 13 will soften the blow for long term homeowners who may have a lower tax base.  This will be really rough on younger buyers or newer homeowners who purchased at current real estate prices.

    No State Income Tax Deduction Bad for Californians:

    State income taxes can be as high as 13.3% here in California.  Losing this deduction will cost Californian MILLIONS.


    How much of this will pass? Only time will tell. But as it stands now the GOP Tax Reforms is BAD for Californians.

    Update: Senate Has released their version of Tax Reform- not any better for California – but some difference in Numbers.

    Make sure to join our newsletter to stay on top of Tax Reform for Californians and how it may effect you personally.


    Live for Today Plan for Tomorrow.

    Tax Reform for Californians KTLA video with Financial Planner LA David Rae
    Tax Reform for Californians KTLA video with Financial Planner LA David Rae




    DAVID RAE, CFP®, AIF® is a Los Angeles retirement planning specialist with DRM Wealth Management.  He has been helping friends of the LGBT community reach their financial goals for over a decade. Nightline has called him a “Tax Wizard in an Expensive Suit”  He is a regular contributor to the Advocate Magazine, Investopedia and Huffington Post as well as the author of the Financial Planner Los Angeles Blog.  Follow him on Facebook or via his website www.davidraefp.com



    Want more tax advice – You also enjoy:

    What If We All Paid No Taxes Like Donald Trump Nightline Video

    Connect With David Rae, Financial Planner LA

    David Rae, CFP® AIF®

    President / Founder DRM Wealth Management LLC

    1(323) 905-4380


    "How Bad will the Tax Reform Screw Californians? KTLA Morning News Video"

    © Copyright 2018


    Leave a Reply

    Your email address will not be published. Required fields are marked *

    © 2018 Financial Planner Los Angeles


    This site has been published for residents of California (Insurance License # OE10562), Arizona, Ohio, Florida, and Colorado. All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security investment or instrument or to participate in any particular trading strategy. Securities and investment advisory services offered through DRM Wealth Management LLC a Registered Investment Adviser. The videos, articles and other content maintained on this site as well as the opinions voiced in this material are resources for educational and general informational purposes only and are not intended to provide specific advice or recommendations for any individual. No information on this site constitutes financial advice and should not take the place of consulting with a certified financial planner and tax, legal or other financial advisor. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing.