Will the GOP Tax Bill Help or Hurt Californians? Video KTLA News

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

Mortgage Tax Reform for Californians:

As it stands now the GOP tax plan will lower the mortgage deduction to just $500,000. If youve shopped for a home lately you know that doesnt buy much of a house in Southern California let alone Los Angeles , West Hollywood or Beverly Hills. This wont 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.

Live for Today Plan for Tomorrow.

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 Blo g. Follow him on Facebook or via his website www.davidraefp.com

How Bad is the Tax Reform for Californians? Video Originally Appeared on the Financial Planner LA Blog.

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