Re:Paying Top Dollar for Condos, and Leaving Them Empty
by peter_l_downs on Tuesday February 12, 2013 @12:19AM
(#5205318)
This is a great answer because it points out something that a lot of people either intentionally overlook or neglect to consider: taxes have different effects on different groups of people. Try sitting in on a highschool economics class some time -- full of statements like "Inflation can't be bad, can it? We consumers can pay our debt back in an amount that's worth less in buying power than the amount we borrowed!"
Re:Paying Top Dollar for Condos, and Leaving Them Empty
by Spooky23 on Tuesday February 12, 2013 @01:08AM
(#5205444)
Another point that I forgot to mention is that states like New York are rapacious about the collection of income tax. Setting foot within the boundaries of New York State or New York City is a taxable event for the average absentee billionaires.
I live upstate, and pay about 2.5% of my home's value in taxes. Every time they give the cops another 5% raise, it has an immediate, measurable impact on my homes value. For older people, it makes it very difficult for them to live without assistance.
Income tax is a far more just system. Poor and elderly people pay almost nothing, and everyone else contributes regardless of whether they own property.