Tuesday, March 06, 2007

Rich pays less in taxes and for real estate

Rich pays less in taxes and for real estate.

According to a new Congressional study, families earning more than $1 million a year saw their federal tax rates drop more sharply than any group in the country as a result of President Bush’s tax cuts. The study, by the nonpartisan Congressional Budget Office, also shows that tax rates for middle-income earners edged up in 2004, the most recent year for which data was available, while rates for people at the very top continued to decline.

Let take a look on real estate in Santa Clara County. The cheapest property in Silicon Valley today is 456 square feet 1 bedroom/1 bathroom condo at 1988 PRINCE GEORGE DR, San Jose (MLS 665779), the most expensive house in Santa Clara County is 12160 square feet 5 Bedrooms/4+ Bathrooms detached house at 47 VIEW ST Los Altos (MLS 669210). The cheap condo has price $252,888, the expensive house priced as $27,000,000. In per square feet pricing the condo owner would pay $554 and home owner $2200, but do not forget almost one acre lot (43,560 square feet in an acre), so it gives us just $619 per square feet of property.

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