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> where the wealthy could buy their way out of taxation This is literally the opposite. If you buy (a property), you'll have the taxes based on what you bought
by jjav 6y ago
> where the wealthy could buy their way out of taxation
This is literally the opposite. If you buy (a property), you'll have the taxes based on what you bought. You can't buy your way to a lower tax rate.
- epistasis 6y agoEvery year their taxes get smaller and smaller, as the tax is, by law, sub inflationary. The older the wealth, the lower the taxes.
- imtringued 6y agoYou're right. Early adopters bought their way out of taxation, house appreciation made them wealthy. It's not that you start out wealthy, you get wealthy in the process and once you are wealthy you don't get taxed more. That's the effect he was describing.
- jjav 6y ago> Early adopters bought their way out of taxation I wouldn't phrase it that way because it's not what they did, even if decades down the road it turned out that way (it could well have gone the other way like it did for homeowners in Detroit years ago). What they did was buy a home they could afford, based on monthly mortgage + taxes payments, which is the entirely reasonable and responsible thing to do. Having the property tax balloon out of control and out of any conceivable affordable range due to actions of other people in the area, is hardly fair.