516
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 21 Oct 2023
516 points (97.1% liked)
News
35944 readers
942 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious biased sources will be removed at the mods’ discretion. Supporting links can be added in comments or posted separately but not to the post body. Sources may be checked for reliability using Wikipedia, MBFC, AdFontes, GroundNews, etc.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source. Clickbait titles may be removed.
Posts which titles don’t match the source may be removed. If the site changed their headline, we may ask you to update the post title. Clickbait titles use hyperbolic language and do not accurately describe the article content. When necessary, post titles may be edited, clearly marked with [brackets], but may never be used to editorialize or comment on the content.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials, videos, blogs, press releases, or celebrity gossip will be allowed. All posts will be judged on a case-by-case basis. Mods may use discretion to pre-approve videos or press releases from highly credible sources that provide unique, newsworthy content not available or possible in another format.
7. No duplicate posts.
If an article has already been posted, it will be removed. Different articles reporting on the same subject are permitted. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners or news aggregators.
All posts must link to original article sources. You may include archival links in the post description. News aggregators such as Yahoo, Google, Hacker News, etc. should be avoided in favor of the original source link. Newswire services such as AP, Reuters, or AFP, are frequently republished and may be shared from other credible sources.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 2 years ago
MODERATORS
I, too, have retired parents.
You should have a look at their income tax. You apparently have no clue what it looks like.
Spoiler: they are still paying tax, well into retirement.
In a typical example they might have a $60K per year retirement income (social security plus pension), paying $20K income tax, owning a $500K house (if they downsized after the kids moved out). A 2% property tax on that would be $10K and leave them with $10K income tax + $10K property tax = $20K total tax, just as they have now.
You don't get what I'm saying. Your tax reform happens, house are now flooding the market. Their house would lose so much value that what they had saved for their retirement (i.e. the money they put in their mortgage) will now have disappeared and if they ever needed to sell before paying off more of their mortgage they might have to go bankrupt instead because they wouldn't be able to sell for what they owe on the house.
And you wouldn't need to own a big expensive house for that to be the situation you would be put in.
Heck, you're just recreating 2008 but now it's the government/municipality that's responsible instead! A house is worth less than what's owed on it? Might as well stop paying and go bankrupt instead of paying off your mortgage!
Ok, you are just opposed to houses becoming more affordable too quickly.
That won't happen. Some math geeks working for the government would have to work out the details, but these type of changes are always engineered to not disrupt markets.
So what would realistically happen is that property tax rates rise by a certain percentage per year until the target is met. Property prices will grow at less than inflation, but won't stagnate.
What happened in 2008 was an uncontrolled subprime crisis that imploded, not the controlled introduction of a tax reform.
Yeah the "make it progressive"solution just means a reversal whenever the party in power changes.