3 ms·
It has many loopholes, such as assigning each of your 5 properties to your wife, daughter, aunt, shell company or a dog to avoid the 5x rate. Still much better
by snidane 5y ago
It has many loopholes, such as assigning each of your 5 properties to your wife, daughter, aunt, shell company or a dog to avoid the 5x rate.
Still much better than status quo.
In the end it approximates land value tax, is more politically feasible, so it is likely a step in the right direction.
- romwell 5y ago>It has many loopholes, such as assigning each of your 5 properties to your wife, daughter, aunt, shell company or a dog Shell company of a dog doesn't have a primary residence. As for the rest, either they'll have to live there (in which case, it's fair), or they'll go behind the bars for properly tax evasion. And it doesn't take much to find out that a property listed as primary residence for tax purposes is being rented out. Add some reporting incentives, and hey, that loophole takes care of itself.
- snidane 5y agoAfaik, a crazy amount of rentals is negotiated without a contract so that the landlord avoids regulation and taxes and the renter agrees because they get a discount. Nice idea, but has loopholes.