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My situation would be probably worse under a property tax only regime. The problem with property tax is that is levied whether you have income or not, and not
by hwstar 11y ago
My situation would be probably worse under a property tax only regime.
The problem with property tax is that is levied whether you have income or not, and not everyone is directly liable for it.
Right now, I'm living off of post-tax savings and investments, so my income taxes are really low (as in almost zero). My property tax however is a significant fraction of the taxes I do pay as I have a main residence and an income property.
The current tax code is set up in such a way that if you have no income from wages, and only non-wage income, you
can pay no taxes on capital gains up to about $70K per year
See http://www.gocurrycracker.com/never-pay-taxes-again/ http://www.gocurrycracker.com/never-pay-taxes-again/
- JoeAltmaier 11y agoThe problem you mention about property tax, is actually the original purpose behind property tax. So-called 'absentee landlords' were leaving land fallow for generations, impoverishing the nation. Property tax was instituted to make sure land was constantly in use, or the landlord lost it (and somebody more productive got it).
- hwstar 11y agoSo the pesky US constitution got in the way of a "fallow land tax"? It seems to me if land is being left fallow, then that's something which ought to be discouraged. If land is in service, then the property taxes should be nominal.