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Since wealth inequality is incredibly big and continuously increasing, big land/home taxes will lead to shifting home/land ownership to the 0.1% and cause 99.9%
by Yizahi 8y ago
Since wealth inequality is incredibly big and continuously increasing, big land/home taxes will lead to shifting home/land ownership to the 0.1% and cause 99.9% to rent it. Prices will increase sky high partially because owners can raise them (semi-monopoly of ultra rich owners) and partially to recoup ownership taxes. The whole thing will start failing even faster than now.
- JumpCrisscross 8y ago> big land/home taxes will lead to shifting home/land ownership to the 0.1% Piketty's work [1] found real estate (and its favorable tax treatment) to be the largest driver of wealth inequality in America. Land taxes would be progressive. (Particularly if the first X dollars of one's primary residence were excluded.) [1] https://en.wikipedia.org/wiki/Thomas_Piketty https://en.wikipedia.org/wiki/Thomas_Piketty
- deleted 8y ago[deleted]
- sitkack 8y agoWith a slightly different split, this is already true.
- nugget 8y agoThere are plenty of practical policy solutions you can employ to shift more market power to lower and middle income folks; e.g. proposition 13 in California but limited to one residential property per person.