Also, CA has lower effective property tax rates but the highest income tax rates. Seattle has no income tax but property taxes aren't cappedpic.twitter.com/Uy0Qm1HatD
Partner at @initialized. Previously @techcrunch. When life hands me lemons, I make tarte au citron.
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Also, CA has lower effective property tax rates but the highest income tax rates. Seattle has no income tax but property taxes aren't cappedpic.twitter.com/Uy0Qm1HatD
I should be clear that this isn't an argument for no income tax or reducing the progressivity of CA tax base, but just saying that income
tax (& its volatility) won't make up for a deeply distortionary land use, property tax system in CA.
Why should individuals be forced to deal with income volatility, rather than the state with far more income diversity and expertise?
Why force someone who just lost a job pay large property taxes? State can deal with income tax volatility at far lower transaction costs
Why not pay difference at sale but maintain stable rates while you own?
Not to be snarky, but isn't that already implemented through capital-gains tax? Should real estate capital gains be taxed at higher rates?
Maybe! Shelter is a human necessity. Other countries like Germany target maintaining stable housing prices.
It'd make it more difficult for people to sell, move and buy another house. Even fewer houses would go on sale in SF or PA.
Already an issue in CA. People can't move bc their assessment changes or they have to sell one to buy another & there's no inventory. But
if it's not something you can make 10-15% YOY in an upcycle, it also disincentivizes people from coming in & speculating.
If high house prices were due to speculators, rents wouldn't also skyrocket. Problem is restricted supply, fiddling with tax rates no help
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