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What if the property tax is higher than the income tax? They get money back?
What about those who have to sell at a loss and are now stuck with a debt instead of profit for their retirement? Heck, some of them might be forced to go bankrupt because you can't have a mortgage for a house you don't own anymore!
I literally covered these situations in the example, which leads me to believe you are just slinging mud and not seeking to understand.
If you own $500M in property and have a $10M tax bill but only have $100K in income, you can figure it out, even if it means downsizing and hoarding less real estate.
We have to stop feeling sorry for the top 0.1% of society and start taking care of the 99.9%.
I'm talking about my 90 years old grandma who bought her house in the 70s and now lives on whatever's left of my late grandfather's pension, my parents who will have a mortgage to pay and never had a pension fund at work, they're not fucking millionaires! You guys always seem to forget about regular folks that will lose their house while the rich will find ways to dodge whatever tax you would love to see implemented because they have the means to do it
I, too, have retired parents.
You should have a look at their income tax. You apparently have no clue what it looks like.
Spoiler: they are still paying tax, well into retirement.
In a typical example they might have a $60K per year retirement income (social security plus pension), paying $20K income tax, owning a $500K house (if they downsized after the kids moved out). A 2% property tax on that would be $10K and leave them with $10K income tax + $10K property tax = $20K total tax, just as they have now.
You don't get what I'm saying. Your tax reform happens, house are now flooding the market. Their house would lose so much value that what they had saved for their retirement (i.e. the money they put in their mortgage) will now have disappeared and if they ever needed to sell before paying off more of their mortgage they might have to go bankrupt instead because they wouldn't be able to sell for what they owe on the house.
And you wouldn't need to own a big expensive house for that to be the situation you would be put in.
Heck, you're just recreating 2008 but now it's the government/municipality that's responsible instead! A house is worth less than what's owed on it? Might as well stop paying and go bankrupt instead of paying off your mortgage!
Ok, you are just opposed to houses becoming more affordable too quickly.
That won't happen. Some math geeks working for the government would have to work out the details, but these type of changes are always engineered to not disrupt markets.
So what would realistically happen is that property tax rates rise by a certain percentage per year until the target is met. Property prices will grow at less than inflation, but won't stagnate.
What happened in 2008 was an uncontrolled subprime crisis that imploded, not the controlled introduction of a tax reform.
Yeah the "make it progressive"solution just means a reversal whenever the party in power changes.
Yes, he's slinging mud. Can't possibly be that there are holes in your perfect plan or that you explained it poorly
Should've thought about that before they decided to hoard real estate!
Hoard? Owning one house as a couple is hoarding them?