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"They’ve eliminated property taxes on residential buildings." What a great thing for the country.
by giarc 3y ago
"They’ve eliminated property taxes on residential buildings."
What a great thing for the country.
- donmcronald 3y ago> What a great thing for the country. Not necessarily. The risk with any kind of external subsidy is that it may not last forever. Imagine if that happened wherever you live. Once everyone's accustomed to $0 in property tax, what would happen if you suddenly had to put those taxes back in place? Would it stall the economy if the tax burden was high enough? IMHO, the best way to deal with windfall money like that is to put it into a wealth fund or use it to build infrastructure. That way you don't become dependent on it and, if the money stops flowing after a while, you at least have some long term infrastructure to show for it.
- berkes 3y agoAs per the article, the first thing they did was not the elimination of the tax, but paying off debts. Which is lasting. Arguably more so than a trust fund.