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Introduction of a gradual increase in property taxes, as well as a gradual decease in income taxes, even lower than zero if appropriate, would be the naïve, str
by rz2k 10y ago
Introduction of a gradual increase in property taxes, as well as a gradual decease in income taxes, even lower than zero if appropriate, would be the naïve, straightforward economic policy recommendation if the problem has been accurately described. Some details yo resolve would be the numerous people who were using their primary residence as their main investment for retirement, and deciding how to handle people who were improving properties in order to make a living.
- paulsutter 10y agoWhy gradual? (not disagreeing, just asking)
- linkregister 10y agoImpact on retirees, impact on existing resident property owners, and lack of control over what income tax Ottawa sets are a few reasons.
- hx87 10y agoAs for the latter, can't BC just allow tax payed to Ottawa to be counted as a credit towards provincial/municipal income taxes?
- delecti 10y agoIs there any reason that property taxes couldn't be increased solely on homes without residents? It would at least encourage putting foreign owned homes on the rental market.
- caffodian 10y agoResidency tracking is hard. Actually, the city of Vancouver got permission from the provincial government to implement a vacant homes tax, but it's based on the home being unoccupied for a whole year. It probably won't work.
- acveilleux 10y agoIt's hard to define "no resident" and to effectively verify. People would just hire someone or ask a relative to sign a lease and officially be "the resident" without actually having anyone live in the unit.