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What if? Most jurisdictions assess property taxes annually, and many of them regularly reassess the property value on which the tax is calculated, rather than w
by GavinMcG 5y ago
What if? Most jurisdictions assess property taxes annually, and many of them regularly reassess the property value on which the tax is calculated, rather than waiting until a sale to reassess.
One question is whether we want to encourage pure ownership/holding of assets (the current stock ownership situation) or whether we want to encourage productive use of an asset (the current land ownership situation).
- dougmwne 5y agoAnd additionally, a significant fraction of most people's net worth is in their housing. With a typical tax rate of 1%, most non-wealthy people are effectively already paying a large wealth tax on a huge fraction of their net worth. But if you are ultra rich and have most of your wealth in capital instead, you get away with practically no wealth tax at all. The system is rigged beyond belief.
- imgabe 5y agoLand can have buildings on it. It might have resources like water, oil, minerals, timber, that can be used. It's a shared resource and we pay society for exclusive use of it. What "productive use" are you going to get out of a share of Amazon stock? The company itself will do productive things, but taxing people to hold the stock is going to make them do what productive thing, exactly?