Letter to the Editor: Black Voice News

Letter to the Editor: Black Voice News

Feb. 21, 2021

Re: What You Should Know About Proposition 19″ Black Voice News, Published February 11, 2021

 

Great insight into Proposition 19. I think a major concern for Black parents and grandparents should be the part of the proposition that deals with the parent-child transfer.

In my humble opinion, it inhibits generational wealth building if children cannot inherit rental property from their parents or grandparents without that rental property being completely reassessed. Not only the tax implications apply, but unless the children occupy the home as their primary residence, the benefit they would gain by keeping it as an income-producing rental property is diminished by the much higher taxes they will have to pay on it.

That alone may cause children to sell property left to them by their parents and grandparents whereas that could have been an income stream for them and their own children in perpetuity.  That should concern all families of color.

We recently saw how this issue could play out when a Proposition 13-protected rental property belonging to a family member was accidentally reassessed upon their passing; there was a mix-up with processing of the parent-child exemption. The errant tax bill the children received was FOUR TIMES HIGHER under the reassessment than it should have been.

Fortunately, the problem was quickly corrected, but had that family member passed away after February 15, 2021—under the terms of Proposition 19—the children would be facing that four times higher tax bill on the rental property because they lived out of town and could not move into it. The higher tax bill would have greatly impacted their net revenue stream every year they kept the home.

I don’t think that aspect of Proposition 19 was sufficiently appreciated prior to the election.  Had more families of color had this conversation with their children, they all might have considered Proposition 19 differently and made plans to protect their generational wealth opportunity.

D.T. Poole, Riverside

About The Author

Dr Main Sidebar

ACROBATIC MATHEMATICAL THINKING (6)

A powerful Creative and Critical Thinking exercise is to first learn shapes of the Pyramid, Square, Trapezius, Trapezoid, Rectangle, Triangle, Circle, Octagon, Ellipse, Lunette; study which are Cosmic and/or and human-made; and determine what are indications for using...

MATHEMATICS OF AFRICAN TRADITION FOR BLACK YOUTH (5)

Patterns, Shapes, and Forms are fundamental tools to help one see and give meaning to Real, Surreal, and Unreal Things. These contribute to understanding and the explaining of Principles (unchanging realities), Events (changing realities), Settings, Situations, and...

***AFRICAN UBUNTU IS SPIRITUAL “ME/WE” (1)

“ME/WE” is an: "All for One, One for all" concept of African Zulus, called Ubuntu. The Nguni Bantu define it as connection of all “Humanity”—meaning its “Sameness” creation is the Cosmic Force. They translate it as: “I am because we are”; or “Humanity towards others”...

Share This