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Aren't property taxes progressive? That's one of the fundamental arguments behind Georgism.
by bhupy 8y ago
Aren'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.