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And once you cash out, you'll have to pay taxes on the profit you make. A land value tax would make live harder for the people living in their homes, as their C
by Sebb767 3y ago
And once you cash out, you'll have to pay taxes on the profit you make. A land value tax would make live harder for the people living in their homes, as their CoL increased without them having any new income, while landlords would just increase rent accordingly (and could easily do so, as everyone would increase rent).
- abdullahkhalids 3y agoThe solution to all such complaints about property taxes is to have very little tax for people's primary residence, and apply high taxes for all other properties they own. This also has the effect that being a landlord is disincentivized, and property prices have a downward pressure which allows more people to become home owners.
- nerdkid93 3y ago> have very little tax for people's primary residence Homeowners already get crazy tax breaks that our society bears the cost of. This would just be an even bigger shift to funding government services on the backs of renters rather than homeowners, as any increase in taxes that "landlords" are assessed is passed on to renters.