5 ms·
> Hiding money in foreign real-estate deprives the local economy of tax coffers as these folks won't actually live there and won't contribute to the tax base in
by aianus 10y ago
> Hiding money in foreign real-estate deprives the local economy of tax coffers as these folks won't actually live there and won't contribute to the tax base in the form of federal, local and state taxes.
They have to pay property taxes at least. And since they're not living there they don't use any of the taxpayer funded services either. Sounds like a net gain for the local resident taxpayer.
- bogomipz 10y agoSomeone who actually lives in a place pumps money into the local economy in addition to paying property and local taxes. Someone using a real estate as a bank account only pays real estate taxes. Given the above and the fact that housing and land are extremely scarce commodities in a city, how exactly is someone using housing solely as a bank account a net gain for a resident tax payer? This is of course just quantifying the financial aspect. What about the social aspect? What happens to the fabric of a neighborhood when development caters to people who don't actually live there? How is that a net gain resident tax payer?