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You're purposely missing the point. The vast majority of homeowners are already paying a wealth tax and net growth of home ownership also says that the vast majority of home sales are being flipped to new home purchases. People are not losing their homes b/c of the wealth tax they're paying at any noticeable rate.
That's a local tax that funds local government services: police, fire dept, schools, public works, etc. But I agree, local taxes should not be based on the value of one's property, there should just be a capitation tax. Everyone shares the costs equally to fund local government services. I think the Fed Gov should tax the same way, every man, woman and child is each charged an equal cost to pay for government services.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
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Quote:
Originally Posted by Vlajos
I have always been a proponent of use taxes. Tollways are good policy. Punishing work and success is not good policy.
Income tax doesn't punish work and success. That's just a right wing talking point
On the other hand, toll roads do punish the working poor because they are regressive as hell. They make up a higher percentage of your income the less money you make
But we also pay property taxes on raw land with nothing on it soooooo……….
That's true. Where I live, the land is worth 3 to 4 times what any home built on it is worth, so owners of empty lots, depending on location, can be charged tax on an assessed value of $1 million or more. An empty lot.
Income tax doesn't punish work and success. That's just a right wing talking point
On the other hand, toll roads do punish the working poor because they are regressive as hell. They make up a higher percentage of your income the less money you make
No tolls aren't punishment. You pay to use something. Of course taxing income is punishing work. It's no right wing talking point, it's a fact. And I'm not opposed to income taxes, they are a necessary bad and should be flat be flat to be fair. There should be income limits for working poor.
Doesn't answer the question. Isn't wealth a form of property and property a manifestation of wealth? In both cases you pay over and over, perpetually. The provided services are the justification for the property tax but the need by the government is related to their spending level.
Quote:
Originally Posted by kanonka
People are losing their homes b/c of wealth tax.
Once you retire you have no choice other than "downgrade" your house; otherwise you'll be taxed out of it.
My current house tax is ~$700/mo. While I'm working, this is next to nothing. Once I retire, that will be 25% of my SS payment.
That's why I always was saying - ok, tax property while person is working. But once person retires, any and all property tax for him/her should be nullified.
Sandra Stine, 40, a school psychologist from Wantagh, expanded the first and second levels as part of a major renovation of her home, where she lives with her husband, three children and Stine's adult sister who is disabled. The home's square footage more than doubled from 1,600 to 3,400.
Total taxes for the 2019-20 tax year, before the value of the renovation was factored in, were $13,943, county records show.
But after the family redid the home in 2018, in part to accommodate Stine's sister, taxes jumped to $31,134 for 2020-21 — $22,444 for schools, and $8,690 for general county and town property taxes, as well as special district fees.
Quote:
After she got the tax bill last fall, Stine recalled thinking: "We just redid this home to take care of my disabled sister, my three kids. We have to move."
But "then I was like, no one is going to buy this home for 30 grand in taxes," she said.
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At Country Pointe in Plainview, a new development for residents aged 55 and above, many residents have annual tax bills of nearly $40,000, according to county assessment records.
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Gary Epstein, 68, moved into the development in June 2018 after owning a home in Old Bethpage with his wife, a retired middle school reading specialist, for 39 years.
The couple own a 2-bedroom, 1,656-square-foot apartment with an unfinished basement and outside patio.
Epstein’s taxes in the 2020-21 tax year totaled $36,724: $25,330 for schools and $11,394 for general taxes, according to online county records.
Why should anybody be forced to pay more taxes than those who pay zero?
Almost everyone who pays zero tax is using the same tax credits that taxpayers use. You get to claim a tax credit for $1,500 and so does the non-tax payer. You want them to not get the full benefit of the credit b/c they're too poor?
Quote:
Originally Posted by CLR210
The rich also pay the same wealth tax that we do, only on a larger scale because their houses are typically much bigger and worth a lot more. My modest Florida home's property taxes for last year was $5100 but Trumps Florida house cost him $512,000.
I look at it like this, if the rich utilized more of our resources i.e. roads, bridges, military, police, etc etc than we do, then I would agree they should pay more for it but most just don't. It's like me buying a loaf of bread for $3 but the rich guy behind me getting charged $30 for the same loaf of bread. We're punishing him by making him pay more for the same things we pay less on. I just don't find that fair at all. We shouldn't be punishing people for being successful, we should aspire to one day being where they are.
They pay more b/c their wealth is more. That's how it's supposed to work. His home is worth much more than yours, so he pays more tax on it than you do.
Now considering that, why should the wealth he's accumulating via owning artwork be treated differently than the wealth you're accumulating by owning property? If he owns a $100k painting why is he paying less of a wealth tax on it that if you owned a $100k house?
Quote:
Originally Posted by Vlajos
Because it's unfair to target a certain group. And virtually no other country does this. What do you think the "rich" will do when faced with additional unfair taxes that most other countries don't have?
If it's unfair to target a demographic, then it's equally unfair to exclude that same demographic from the taxes the rest of us are paying too.
Quote:
Originally Posted by beach43ofus
Why do the bottom 1/2 pay NOTHING in net federal income taxes? I say we start there first, and quit being obessed with taxing the rich.
Is it fair that 1/2 pay nothing?
If we have no taxation without representation, then why do we allow representation without taxation?
Why should we revisit that? What tax benefit are the poor getting that most tax payers aren't also claiming? Child tax credits? Interest on Student Loan credit? Dependent credits? Standard deduction? All those credits that lead to people paying 0 taxes b/c they're too poor are being used by people who do pay taxes to reduced their tax burden.
Quote:
Originally Posted by InformedConsent
That's a local tax that funds local government services: police, fire dept, schools, public works, etc. But I agree, local taxes should not be based on the value of one's property, there should just be a capitation tax. Everyone shares the costs equally to fund local government services. I think the Fed Gov should tax the same way, every man, woman and child is each charged an equal cost to pay for government services.
It doesn't matter if it's a local tax. It's still a wealth tax. And until some legislation gets passed for a flat tax, we're stuck w/ the system we have, a system where most wealth-holders are paying an annual tax on the value of their wealth.
‘‘(a) IN GENERAL.—For purposes of this subtitle, the term ‘net value of all taxable assets’ means, as of any date, the value of all property of the taxpayer (other than property excluded under subsection (b)), real or personal, tangible or intangible, wherever situated, reduced by any debts (including any debts secured by property excluded under subsection (b)) owed by the taxpayer. MCG21254 TLP S.L.C.
‘‘(b) EXCLUSION FOR CERTAIN ASSETS UNDER $50,000.—Property of the taxpayer shall not be taken
into account under subsection (a) if such property—
‘‘(1) has a value of $50,000 or less (determined without regard to any debt owed by the taxpayer with respect to such property),
‘‘(2) is tangible personal property, and
‘‘(3) is not property —
‘‘(A) which is used in a trade or business of the taxpayer,
‘‘(B) in connection with which a deduction
is allowable under section 212, or
‘‘(C) which is a collectible as defined in section 408(m), a boat, an aircraft, a mobile home, a trailer, a vehicle, or an antique or other asset that maintains or increases its value over time (within the meaning of section 5.02(2) of Revenue Procedure 2018-08).
After reading this a few times, I am not sure what would be taxed. Can't I just buy a house under my LLC and rent it to myself for $1?
I would say NO to the bold...
1. its what the government determines the "value" to be
2. the median home value today is about 300k...and they are talking about under 50k... oh the humanity of the money grubbing liberals
And when they run out of rich people.. they’ll come for yours.
Yup. Those people would never understand that though. The communists will never stop until everybody is equally rich/poor or dead.
Being rich is a comparable concept.
A person with $1 is rich compared to a person with $0.
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