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> even if you are broke as a rat, you still have a place to stay safe. This is generally solved by limitations on bankruptcy that prohibit you from being kicke
by PeterisP 4y ago
> even if you are broke as a rat, you still have a place to stay safe.
This is generally solved by limitations on bankruptcy that prohibit you from being kicked out of your sole home due to debts, tax or otherwise, except if that house was bought on a mortgage.
However, there are certain advantages to taxing specifically wealth (as opposed to income or consumption), and a huge proportion of wealth is in real estate, for very many (I'd say most, but I don't have the exact stats) people the majority of their wealth is real estate, and it does make sense for people owning a much more expensive property to pay more taxes.
- TheChaplain 4y agoAs I mentioned in my initial post, yes if you have multiple properties then I totally agree that taxation should occur. And of course if you sell the property, no matter what there should be taxed earnings. For limitation rules, I think they a part of the problem. If you for whatever reason are on a financial decline, property tax adds to the kick in the face until you reach the very bottom. Then if you manage to begin crawl back out of the abyss, that boot will start planting itself repeatedly your face again, stopping you on your way back to normal.
- danaris 4y ago> except if that house was bought on a mortgage ....So, y'know, not helpful for 99% of all homes in America.
- PeterisP 4y agoIIRC something like 40% of homes in America have mortgages fully paid off.