Makes me wonder what the numbers would be if we did tax brackets for capital property.
Like with incomes there’s might be a standard deviation curve but people are considered at least diet rich in this country if they can afford to own a second home for whatever purpose.
Going up to three properties I’m pretty sure makes viewing it based on percentile pointless.
Not directly related to income tax, but I'm a big believer in having property taxed on an exponential scale. Start off quite low for your first property, a vacation home is still reasonable, but by the time you're much past that it becomes completely unreasonable to keep buying properties. Add a hefty multiplier for empty units on top of that, and you'd go a long way to fixing the issue with property hoarding.
I believe a person/family should be allowed up to 3
live in
rent
bach.
Anything above that gets taxed in every way we can so you can and do make a profit, but its considered similar to other financial investments including risk.
Not sure how the loopholes would work if they own part with an ex, or kids, or single to relationship, but the general idea.
That doesn't really solve anything. As long as there is profit to be made, people will horrendously abuse it. That's not something we want when were in the middle of a homeless crisis yet we have more than enough empty housing for them.
Maybe once everyone's basic housing needs are met we can talk, but until then no.
Individuals owning a single rental property aren’t really the problem here. Many individuals and small groups own dozens of LLCs and REITs each with their own residential properties. Many corporations own multiple thousands of residences.
Freeing the residences from the clutches of the corporate interests would make such a huge impact that the real estate prices would normalize. At least temporarily.
My point wasn't that you can't have a rental home, it's that you shouldn't stop the increase in tax rate at 3. If you want to try to have a 4th or 5th you can, you're just going to be paying an exorbitant property tax rate to the point where viewing real estate as an investment is moronic.
I think you're misunderstanding my point. Frankly the terms "investment" and "housing" don't belong near each other in the first place. "Making it similar to other Investments" is still putting those two words way the fuck too close to each other.
Nobody cares if you're renting out Grandma's house to pay for her nursing home currently (even though that's an entirely separate problem that absolutely needs addressing). That's not what the majority of rentals are.
Phase in a significant increase in property taxes, with a commensurate owner-occupant credit against it for 1-4 unit homes.
You can own as many homes as you want. Occupants of your homes will have greater value to you as co-owners or buyers than as tenants. You can make money selling your homes under land contract (“rent to own”) or by private mortgage. Traditional rental agreements on single family homes will be less feasible.
You can own a duplex, triplex, or quadplex and keep the owner-occupant credit so long as you or another owner maintains at least one of the units as a residence.
Basically, I think the property tax code should be used to motivate both landlords and tenants toward ownership rather than rental.
What’s crazy is I pay around 45% income tax. And these people have their billions. How about anyone making less than 500k a year doesn’t get taxed, and those fuckers pay.
The billionaires could have their tax attorneys make them look like they have no net income. It’s a complicated game. If you tax their wealth, they’ll just shift the ownership to a trust or corporation that they technically don’t control. And that’s assuming you could even find most of their wealth!
Really I think the answer is we need to try them for crimes against humanity and forbid them from owning any assets.
Rich people don’t keep their money in cash. It’s in assets - land, houses, businesses… They pay someone to figure out what they can write off. They also will know to the dime what the maximum amount they can donate and write off, distribute the wealth among family, and have access to all kinds of exotic financial instruments.
Given to or characterized by unwholesome thoughts or feelings, especially of death or disease. "read the account of the murder with a morbid interest."
Of, relating to, or caused by disease; pathological or diseased. "morbid changes in tissues."
Psychologically unhealthy or unwholesome. "a morbid fear of heights."
Not sound and healthful; induced by a diseased or abnormal condition; diseased; sickly. "a morbid condition; a morbid constitution; a morbid state of the juices of a plant."
Of or pertaining to disease or diseased parts.
“morbid anatomy”
Other than the fifth definition here, these all seem reasonable to me.
Ah the yearly Oxfam cherry picked data. For this one, they say “since 2020” but really this is “since Mars 2020 when the stock market was crashing and hitting incredible lows”, which helps inflate their click-baity figures.
so what you’re saying is that when the stock market is crashing and hitting incredible lows, us plebs lose money and the rich lose significant less? make a profit?
that just points to a different and related problem that still supports oxfams conclusion
if everyone lost money at the same rate, we’d all be worse off… the problem is the wealth gap got larger; not that everyone lost money
Musk’s wealth went up in 2020. So did several other billionaires. The ultra wealthy don’t obey the same rules you and I do, and they’re still making billions when the world is shit.
You mean the two month stock market dip which has since not only recovered but the market following has heavily outperformed anything before 2020 and was fully abused by those in power who used their insider information on the COVID pandemic to trade just before the dip hit the markets? That stock market crash? I mean, I bet. Those 2 months are totally going to skew the numbers.
Yeah, I feel bad for those billionaires, too. You know what, I think they deserve a tax break.
In totally unrelated news, can you believe those left wing communists want paid maternity and paternity leave. That’s going to cost $12 billion annually… have they not seen the national debt?! It’s all just an excuse because no one wants to work anymore.
Americans have been conditioned for nearly a century now to be far too comfortable to do anything. The fascists have learned their lesson, and this time they are much better at keeping people from caring until it’s too late.
Universal healthcare now, paid for by the top 5 wealthiest people in the country. If they don’t want to pay it, they can spend until they are #6 or below.
Guillotines for anyone taking action against universal healthcare.
