Quote:
Originally Posted by Mathgod
Just my 2c...
Instead of raising income taxes on the middle class, I think we should take a hard look at a nation wide property tax. It should be accompanied with a rebate system, so that those who are only paying tax on one home would get roughly the same amount back from the rebate, whereas those who own multiple homes would pay substantially more in property tax than they get back. We could also look at something like a multi-year exemption from the tax for first-time home buyers on modest incomes.
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I think that could be done and a broad based middle class tax increase. Compared to Europe we have higher salary’s for Doctors and teachers and lower taxation. It just doesn’t work.
I also don’t think a 2nd property tax moves the needle on housing price. It’s a supply issue right now. But I do agree with taxing luxuries. I’m a supply restricted market price is dictated by mortgage policy and qualifying incomes.
I think taxing under developed and under utilized land to discourage holding would help raise revenue and increase construction rates.