alt Hacker NewsA good portion of revenue is from property taxes. A property tax is a wealth tax. I always find the discussion interesting around wealth taxes on billionaires equity when the average worker has typically always paid a wealth tax on their largest asset.
Replies
mrkiouak • today at 4:46 PM
A property tax is not a wealth tax, in any common meaning of 'wealth tax'. It's a property tax. The majority of people with real wealth own assets outside of property that they derive income from. Notably, the vast majority of people own property they do not derive income from, e.g. their homes.j
A tax on a home not deriving income does not fit any normal person's definition of a wealth tax.
➕ show 1 reply
Property taxes are not wealth taxes. Two houses side-by-side with the same value, should have the same property tax assessed. One is owned outright. The other is mortgaged to the hilt and its 'owner' has very little wealth from it.