I think it’s the moral issue of having to cash out your own property to afford to live in something you built and already own
Property tax funds important things like schools, emergenct services, etc.
if he was destitute otherwise would already have sold it. You are arguing in favor of a tax break for some rich prick probably worth north of 3 million not paying the taxes that pay for your kid to get a decent education because basically feels.
Its no more immoral than you giving up your income.
1.6M cash hoard
Cash is liquid, the theoretical home in question is not.
It trivially is in any hot market
There is no way you can convince me that gentrification is actually good for kids. Property tax funding education does nothing but punish poor families.
Property taxes funding education, in a state like Texas where school districts are seized by the state and systematically dismantled by private equity interests operating in state-appointed positions, is a fucking joke.
This isn’t strictly an issue of taxation. Its an issue of (un)representative governance forcing people into a privatized model by leveraging the pain caused through dysfunctional public services. “Oh oh! Crimes up! We need more cops! Oh oh! Schools are failing! So we need more… checks notes football stadiums and administrative offices.”
It’s deliberate mismanagement intended to destroy confidence in public institutions.
For those who want more info on this, here’s the wiki: en.wikipedia.org/wiki/Starve_the_beast
I argue that we should replace property taxes with income taxes because property taxes lead the disparities in outcomes between different jurisdictions
The wealthy often have near zero or net negative income. It’s one reason why income taxes are optional for them but property taxes ultimately aren’t.
RememberTheApollo_@lemmy.world 1 year ago
Seconded. This is inaccessible net worth. It is useless to someone who cannot take advantage of it. Sale would incur capital gains, which would be significant, and finding another property to live in would be just as unaffordable.
glockenspiel@programming.dev 1 year ago
No. Capital gains taxes are not taken from your residence.
…does anyone in this thread actually own a residence or at least conduct a basic level of research before forming strong opinions?
Cryophilia@lemmy.world 1 year ago
Capital gains absolutely apply to primary home sales. You’re just allowed to exclude the first $250k of gains, or $500k if married filing joint.
www.irs.gov/taxtopics/tc701