101–110 of 141 posts
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Under that system you would be rewarded for not productively generating any cash flow from the assets you own.
If you are taxed 99 cents for every dollar you earn, you're still better off earning the dollar.
After all, just relaxing, smoking weed and playing on my Xbox is a really awesome way to spend my time.
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Property taxes fund local services and act as pressure for property to be put to productive use; they specifically exist so property isn’t used solely as a speculative investment. I’m not sure what a tax on general investment would do but discourage speculative investment in general.
“they specifically exist so property isn’t used solely as a speculative investment” Judging by the increasing amount of US housing stock owned by investment firms, this doesn’t appear to be working.
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Property taxes fund local services and act as pressure for property to be put to productive use; they specifically exist so property isn’t used solely as a speculative investment. I’m not sure what a tax on general investment would do but discourage speculative investment in general.
Why? If you don't make any money you wouldn't pay any taxes. If you make a fortune you pay some taxes.
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Previous discussion of this ProPublica story rightly pointed out that there was too much focus on billionaires (legally) not paying taxes while their assets are appreciating (but not yet sold), and not enough focus on the fact that often taxes aren't even eventually paid (a grey area mix of legal/illegal). From the original ProPublica article [0]: >It’s clear, though, from aggregate IRS data, tax research and what li…
Personally, I think if we're going to have a discussion on this, it ought to include some element of "why does the federal government keep getting more expensive at such an amazing rate?" It's astonishing to me that (in constant dollar terms), the tax receipts of the federal government have doubled since the height of the Cold War in the 1980s and are three times what they were during the Apollo program. They are est…
The defense budget alone is bigger than all but 19 other countries GDP!
And that's only like 1/10th of the total budget.
(I'm using rough estimates so please correct me if I'm off)
I'm a little baffled why there have been all these articles of this category recently. It's not news that you don't pay taxes on invested assets you hold and don't sell. That's how it works for everyone who invests their savings. This isn't a 'tax-avoidance' tactic - it's just what owning something is. Are we really advocating for a world where you are taxed just for appreciation? Maybe we are but at least be honest…
Earlier quoted context omitted.
Previous discussion of this ProPublica story rightly pointed out that there was too much focus on billionaires (legally) not paying taxes while their assets are appreciating (but not yet sold), and not enough focus on the fact that often taxes aren't even eventually paid (a grey area mix of legal/illegal). From the original ProPublica article [0]: >It’s clear, though, from aggregate IRS data, tax research and what li…
I think it's best to simplify when possible. Just get rid of the charitable tax deduction or cap it at a certain amount.
Removing the deduction doesn't even penalize the rich, it would just hurt charities
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I pay zero percent on my wealth, just like you. You should consider revising your comment as you were duped by poor journalism.
Do you not consider property tax a wealth tax?
If it was a wealth tax, you would be able to deduct your liabilities i.e. the mortgage.
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Under that system you would be rewarded for not productively generating any cash flow from the assets you own.
If you are taxed 99 cents for every dollar you earn, you're still better off earning the dollar.
Earlier quoted context omitted.
“they specifically exist so property isn’t used solely as a speculative investment” Judging by the increasing amount of US housing stock owned by investment firms, this doesn’t appear to be working.
Ya, but think if we had no property tax like China, it could be a lot worse.