3 ms·
Milton Friedman once commented that property tax is particularly unpopular because it's the only tax for which people still have to write a check[0]. That said
by lkbm 5y ago
Milton Friedman once commented that property tax is particularly unpopular because it's the only tax for which people still have to write a check[0].
That said, we could make income tax more visible without requiring tax professionals. (e.g., end withholding and send me a monthly tax bill; show the money go into my bank account and then back out, whether automatically or forcing me to write a check.)
[0] https://youtu.be/yS7Jb58hcsc?t=120 https://youtu.be/yS7Jb58hcsc?t=120
- ghaff 5y agoIn general, people with significant non-W2 income (e.g. dividends, capital gains, etc.) already have to file estimated quarterly taxes in many cases.
- JJMcJ 5y agoProperty tax is the only tax I know of, at least in the US, that's on static wealth rather than economic activity. Your stock goes from 500 shares at $20 to 500 shares at $2000, no tax on that $999,000 gain until you sell. Your house goes from $12,000 to $3,500,000, absent something like Prop 13 in California, your tax bill goes way up even though you have derived no income from the gain in value. This can be a hardship for people whose incomes have not kept pace with the house value.