4 ms·

Aiming it at the people who have made lots of money is the worst of all worlds.

• zepto 6y ago
  Prop 13 benefits everyone who owns property. It is not aimed at people who have made lots of money.
  • caturopath 6y ago
    Only in the sense that food stamps benefit everyone with kids and medicaid benefits everyone with a body. Is that what you mean, you're valuing prop 13 as a potentially-out-of-the-money option / a safetynet? The people who are actually receiving the value of the benefit for prop 13 are those who have made lots of money on their house -- the more money they've made, the more benefit they get.
    • zepto 6y ago
      My point is that just from the outset, property taxes are a tax that transfers wealth from those who own property to those who do not. All property taxes are always a transfer from property owners to everyone else. Prop 13 or no Prop 13 this is true. So then when we’re talking about Prop 13, we are talking about a putative transfer only between property owners - long-standing vs recent. When I say that it’s also not a transfer, what I mean is that anyone who holds property will end up with the same relative gain over time. This of course assumes that prices continue to rise. If they don’t then these schemes to tax people on unrealized gains fail too.