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Old 02-17-2007, 06:29 AM
 
88 posts, read 370,799 times
Reputation: 124

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I would eliminate property taxes altogether as we know it. Dump the Homstead exemption as we know it. Forget portability. Ask yourself, if the government can foreclose on your home at any time for not paying property taxes, do you really own your home or just rent it from the government? This is the issue that needs to be resolved.

The average homeowner stays in the house for 4-5 years before they move. (This is an important data point.)

Now, charge a flat sales tax on the purchase and sale of a home, say 8%, for those who can prove Homestead status at the time of purchase. That's it. Your done. The government gets a big chunk, about 4 times what it would in a year. The governmnet should then be responsible for managing and investing the money. Remember, it takes money to make money. Now place a cap on government spending so the excess is sitting in a interest bearing account.

This would result in the government actually getting more tax money while at the same time rewarding those settle down and discouraging flippers. The government would collect 8% of the sales price every time the house if sold. If it is bought and sold by the flipper, the government would receive 16% of the total value in one year. This is a 13% increase in tax revenues for the year. Now since the average homeowner lives in the home for 4-5 years, the taxes taken in by the government would be at least equal to the present tax system.

If a non-resident purchases a home, they should have to pay the 8% flat sales tax plus a 1.5-2% property tax a year. They would not be entittled to the one time sales take Homestead exemption. If they do claim homestead, the next year they could avoid the yearly taxes.

There done. The government has more money, and the people are not taxed to death each year on their home.

What does this do? It rewards those families who settle down and plant roots for more than 5 years. It allows families to have extra income which they will spend in the form of goods. It also places on the government fiscal responsibility to manage money.
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Old 02-17-2007, 09:44 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,992,549 times
Reputation: 991
I like that idea about a sales tax instead of property tax! In fact this has been proposed to do away with property taxes and instead place a sales tax on houses and also increase the sales tax when shopping to 10-13% or something. Make the sales tax on a house like 12% if you want to own more than 1 house then each additional house is 12% this will eliminate 90% of speculators and stop inflating house prices.
Oh the sales tax will be based on what your house sells for. If a flipper profits on it, so does the state!
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Old 02-17-2007, 10:47 PM
 
Location: Ponte Vedra Beach, FL
159 posts, read 597,911 times
Reputation: 57
Allright you guys, I hear what you are saying. With the Fair Tax you only pay sales tax ONCE, when an item is NEW. At RETAIL. Once the item is purchased, it is no longer NEW. It is USED. No tax applies. This includes houses. HELLO - are we reading the book now?

It elimates ALL taxes except for SALES TAX AT RETAIL. The farmer no longer pays tax on the seed (it is not retail) therefore he no longer passes this tax on to us, the consumers and so on down the line.

Yes, the IRS will no longer exist. What for? All there will be is ONE tax. A retail tax. Simple, beautiful. All the American companies that have been forced to go "offshore" to keep their financial heads above water will be coming back and bringing jobs back here! No more payroll taxes, no more corporate taxes, no longer any reason to take those jobs out of America!

Used books thru Amazon start at $6.99 (plus TAX). Cheaper than breakfast at Denny's...
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