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> Homeowners get taxed every year on the value of their property By the local municipality, not the federal or state government.
by andsoitis 11mo ago
> Homeowners get taxed every year on the value of their property
By the local municipality, not the federal or state government.
- hrimfaxi 11mo agoIs that a big distinction? Is there anything limiting the states from preempting municipalities and levying at the state level?
- giaour 11mo agoHuh, I could have sworn the goalposts were over here in the "tax it" debate, not the "ensure it is taxed by a specific entity" debate.
- andsoitis 11mo agoThere’s a certain amount of independence between municipalities, counties, states, and the federal government. Except in a minority of cases (e.g. NYC), it is states and the federal government that taxes income and capital gains, and they are already not taxing citizens on the y realized value of their home. So if one is upset about that, you have to take it up with local elections or introduce a measure with your state to prevent municipalities from levying this specific tax.
- galaxyLogic 11mo agoYes the idea of property taxes is NOT to tax based on increase in wealth, just the current amount of wealth. And it serves a good purpose in municipalities who have to make sure infrastructure such as roads power and sewage systems are paid somehow. More expensive houses typically require more of those.
- giaour 11mo agoI don't know what point you're trying to make. Are you saying that wealth should be taxed but only at the county/municipal level? Or are you saying wealth can't be taxed because of federalism?
- bruce511 11mo agoThat's a different tax. Which speaks to my original point that the term "capital gains tax" is a thing, and seems to be misunderstood. Tax on property is a completely different tax which works in a different way, and has a different name. A new tax on possession of robots could completely be a thing, but it just wouldn't be called a "capitol gains" tax.