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About half of Americans are too poor to pay federal income tax.
by TaylorAlexander 8y ago
About half of Americans are too poor to pay federal income tax.
- lotsofpulp 8y agoEvery year, property taxes, vehicle registration fees, business taxes, professional licensing fees, and myriad other government fees keep going up. It's all taxes as far as an individual is concerned.
- rayiner 8y agoExcept most of the pension bombs are in the state and local governments, which rely primarily on regressive taxation (sales taxes, property taxes, fees, etc.).
- bhupy 8y agoAren't property taxes progressive? That's one of the fundamental arguments behind Georgism.
- rayiner 8y agoAt the time, only the wealthy owned land. Today in the US, 2/3 of people own their homes. Meanwhile, rich people have less of their assets tied up in real property. Someone worth $100,000 probably has most of that in their house. Someone worth $10,000,000 likely will have only a fraction of that in their house, and the rest in financial assets not subject to property taxes.
- pcwalton 8y agoIt's an open debate among economists as to whether property taxes are progressive or regressive. Here's a nice article I found summarizing the debate: https://www.ntanet.org/NTJ/69/2/ntj-v69n02p413-434-local-property-taxes-regressive-progressive.pdf https://www.ntanet.org/NTJ/69/2/ntj-v69n02p413-434-local-pro...
- rayiner 8y agoThat is an interesting reference, thank you.