Scott Rasmussen's Number of the Day for March 28, 2018
The Number of the Day columns published on Ballotpedia reflect the views of the author.
March 28, 2018: Following the passage of the Republican tax cut plan, luxury home prices in New York City have fallen an average of 10%.[1] Olshan Realty reports that it’s the biggest decline observed in the six years of available data.
The firm’s president, Donna Olshan, believes that the prices may fall even further before sales are completed. “Most things at $4 million and above are selling 15 to 20 percent below the original ask.”
While the tax plan passed in December cuts taxes for most Americans, it eliminates the state and local tax deductions for upper-income Americans. As a result, owners of luxury homes in high-tax states now pay significantly higher taxes on their property. Higher taxes make the property less valuable.
Before the new tax law was passed, 88% of the benefits from state and local tax deductions went to upper-income Americans. The law passed in December retained the full benefits of those deductions for middle- and lower-income Americans.
The Olshan study defines luxury homes as those priced at $4 million or more.
Each weekday, Scott Rasmussen’s Number of the Day explores interesting and newsworthy topics at the intersection of culture, politics, and technology.
- March 27, 2018 – 58 percent of American adults believe gun ownership increases safety
- March 26, 2018 – 3 of America’s 10 fastest-growing metropolitan areas are in Texas
- March 23, 2018 – 28 Republican seats in Congress at high risk in November
- March 22, 2018 – 3.2 billion dollars earned by independent creators on YouTube
- March 21, 2018 – 18 percent of American adults have listened to an audiobook
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Columns published on Ballotpedia reflect the views of the author.
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