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this post was submitted on 21 Oct 2023
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It's the same across the world.
The problem is that real estate has become an asset, a form of capital.
The only way out of this mess is to shift taxation away from labor and onto capital.
Higher property taxes (1-2%), that can be subtracted from income tax for working people are the answer.
Let's say Joe the Plumber and Elon the Muskrat both have an income of $100K and pay an income tax of $25K.
Joe owns one property worth $1M that he lives in and pays 2% tax on it, $20K. Which gets subtracted from the $25K income tax, meaning he effectively pays $5K income tax + $20K property tax = $25K combined property and income tax. Pretty sweet deal.
Elon owns 20 properties valued $500M collectively, which means $10M in property taxes. He officially resides in the most expensive $100M property and gets a $50K credit for that. The $50K is larger than the $25K, so he pays zero income tax.
Total tax is $10M.
This (or something like it) is the system the whole world must move towards if we want to simultaneously (a) lower taxes on working people (b) increase taxes on property and (C) not let working people lose economic power relative to the capitalists over the longterm.
The middle class has to outsmart the owning class if we want our children to remain middle class.
It's such a simple proposal, but I think this might actually be the solution.
I'd assume it's a Federally levied property tax, the rebate applied to Federal income. Could be on the basis of the county assessed value of your property though.