Wednesday, March 28, 2007

Bush fans in Kerala?

President G.W. Bush and his tax-breaks for the rich policies have their fans in the very Leftist state of Kerala in far-away India.

Purchasers of residential real estate used to pay a tax of 3.1% of the value of the property to register the sale. Under new rules effective from April 1, purchasers of stand-alone houses on their own plots of land will continue to pay the 3.1% tax. Purchasers of apartments or flats, however, will pay at a 15.5% rate.

With the land values skyrocketing in the cities, the type of housing the middle class can realistically hope to own there is apartments.