‘Shark Tank’ Star Barbara Corcoran Rips L.A.’s New Mansion Tax

Los Angeles’ controversial new “mansion tax” is about to kick in, forcing sellers to pay more cash than ever earlier than if their property sells for at the least $5 million … and Barbara Corcoran thinks it is a dangerous concept.

We obtained the “Shark Tank” star and actual property mogul Wednesday in NYC day and requested her about measure ULA, which fits into impact Saturday, and he or she instructed our photog it is “not good for the nation.”

The brand new legislation, which handed on the poll again in November, slaps a 4% tax on properties promoting for $5 million and up, and locations a 5.5% tax on properties promoting above $10 mil.

Barbara’s prediction is the housing market will sluggish to a crawl … with wealthy individuals selecting to purchase properties in cities and states with pleasant tax legal guidelines on the books, significantly down south.

The best way Barbara sees it … individuals, wealthy or not, hate paying further taxes for purchasing or promoting a home. She says it makes them really feel like the federal government’s making the most of them.

Keep in mind, the promoting level to voters who supported the tax was the cash raised would fund reasonably priced housing development to alleviate L.A.’s unprecedented homeless disaster. Some predictions say the “mansion tax” will herald $1 billion yearly.

Barbara really agrees with the sentiment of the tax — she says the rich have an obligation to assist individuals much less lucky — however she thinks this tax is the flawed strategy to do it, as a result of finally it’ll scale back L.A.’s tax base.