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Couldn't you take loans against the value? I'm sort of assuming the wealth tax is a fraction of a percent, and that the burden would mostly be borne by high net
by xyzzy123 4y ago
Couldn't you take loans against the value? I'm sort of assuming the wealth tax is a fraction of a percent, and that the burden would mostly be borne by high net worth individuals who could easily financialise their way out of small inconveniences.
- bombcar 4y agoAny tax on value is an eventual confiscation of the entire value given enough time, unless you have enough appreciation to outpace it (which likely is inflation). There’s no way to borrow against a property to pay a 2% tax for mor than fifty years, for example. You need an outside source of funds, or appreciation.
- onedognight 4y ago> There’s no way to borrow against a property to pay a 2% tax for mor than fifty years Right. That’s the idea. Create value or sell the property to someone who will.