alt Hacker NewsProperty 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.
Replies
logankeenan • today at 5:37 PM
Can you elaborate more on why you don’t think a property tax is not a wealth tax? My understanding is that a wealth tax is a tax on the value of an asset. The asset could be a variety things that have net worth
Also, not all states apply property taxes the same. In my state, my house is assessed often by the government and then my taxes rise based on the value of my house.
➕ show 1 reply
I wonder if we should pass a law where borrowing against an asset is a taxable event.
At least it closes the loop hole where you borrow against your stock and never pay taxes on it because you never sold it.