“Mansion tax” to be introduced by Grosso in DC for homes worth over $1million

[Anonymous]

DC doesn’t have a revenue problem but it does have a spending problem. The District wastes a lot of money on crony contracts and questionable spending.

[Anonymous]

Anonymous wrote:

Anonymous wrote: A $1 million dollar home is expensive for DC. Even if you stretched to buy it and are house poor. You're still way rich compared to the 25% of DC residents are living below the poverty line.

Arent you already susbsidizing many of them with the taxes they dont pay?

People living under the poverty line still pay taxes. (An even greater proportion of their earnings than those who live in million-dollar houses.)

[Anonymous]

So this will get rid of poor

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: A $1 million dollar home is expensive for DC. Even if you stretched to buy it and are house poor. You're still way rich compared to the 25% of DC residents are living below the poverty line.

Arent you already susbsidizing many of them with the taxes they dont pay?

People living under the poverty line still pay taxes. (An even greater proportion of their earnings than those who live in million-dollar houses.)

Seriously, you actually think people under the poverty line pay a higher percentage of their income in taxes than the wealthy? How about some facts:
-- If you are under federal poverty level you pay about $0 in federal income taxes
-- You do pay FICA taxes of 7.5% of income but
-- That is offset (partially) by the earned income tax credit
-- In DC the poor pay little in state tax if anything.
-- The poor are more effected by sales tax, which in DC is about 6% of spending on taxable items.

So how does a total tax obligation that is clearly under 10% of income (and frankly for many close to zero after the EITC), become a higher percentage.????

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: A $1 million dollar home is expensive for DC. Even if you stretched to buy it and are house poor. You're still way rich compared to the 25% of DC residents are living below the poverty line.

Arent you already susbsidizing many of them with the taxes they dont pay?

People living under the poverty line still pay taxes. (An even greater proportion of their earnings than those who live in million-dollar houses.)

Seriously, you actually think people under the poverty line pay a higher percentage of their income in taxes than the wealthy? How about some facts:
-- If you are under federal poverty level you pay about $0 in federal income taxes
-- You do pay FICA taxes of 7.5% of income but
-- That is offset (partially) by the earned income tax credit
-- In DC the poor pay little in state tax if anything.
-- The poor are more effected by sales tax, which in DC is about 6% of spending on taxable items.

So how does a total tax obligation that is clearly under 10% of income (and frankly for many close to zero after the EITC), become a higher percentage.????

I'm curious about this as well. Also, factor in all the subsidies and benefits your get at that income level

[Anonymous]

It's a reasonable idea, and it could accomplish some good things.

The simple fact is, if you can afford a $1,000,000 home, you can also afford a $50,000 tax on it. This isn't going to be a make-or-break proposition for buyers of million+ dollar homes. It's even less than the standard real estate commission!!!

And it would yield millions of dollars every year that would improve the lives of the people who are being increasingly pushed out of the neighborhoods where they used to live.

Only cruel, racists would be against this kind of thing.

[Anonymous]

One of the articles I read says the tax is on amounts above $1M. As an owner of a house that is 1.1m, sounds reasonable to me!

[Anonymous]

Anonymous wrote:It's a reasonable idea, and it could accomplish some good things.

The simple fact is, if you can afford a $1,000,000 home, you can also afford a $50,000 tax on it. This isn't going to be a make-or-break proposition for buyers of million+ dollar homes. It's even less than the standard real estate commission!!!

And it would yield millions of dollars every year that would improve the lives of the people who are being increasingly pushed out of the neighborhoods where they used to live.

Only cruel, racists would be against this kind of thing.

We make $150K per year. How could we afford $50k in taxes? T

[Anonymous]

Anonymous wrote:It's a reasonable idea, and it could accomplish some good things.

The simple fact is, if you can afford a $1,000,000 home, you can also afford a $50,000 tax on it. This isn't going to be a make-or-break proposition for buyers of million+ dollar homes. It's even less than the standard real estate commission!!!

And it would yield millions of dollars every year that would improve the lives of the people who are being increasingly pushed out of the neighborhoods where they used to live.

Only cruel, racists would be against this kind of thing.

This is the dumbest comment I've read on DCUM in quite some time. A high bar, indeed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My house probably appraises for over a million now, although I paid about half that.

I'd support this. It's only an incremental tax and there's so much more we could be doing to make DC better.

Absolutely, and I own more than one home in DC appraised at over a million.

MoCo already has this. And yes, if your home is right at a million, it's incremental which isn't a big deal. If your home is $2 mn, well, you can afford to pay more taxes.

Well, its not like these people bought their houses for $2 million. They may have paid $500K 30 years ago.

Nah. Try 500k 10 yrs ago.

[Anonymous]

Anonymous wrote:It's a reasonable idea, and it could accomplish some good things.

The simple fact is, if you can afford a $1,000,000 home, you can also afford a $50,000 tax on it. This isn't going to be a make-or-break proposition for buyers of million+ dollar homes. It's even less than the standard real estate commission!!!

And it would yield millions of dollars every year that would improve the lives of the people who are being increasingly pushed out of the neighborhoods where they used to live.

Only cruel, racists would be against this kind of thing.

Only a cruel racist would so blatantly racialize this and propose stealing an additional $50k from whites and asians to hand over to AAs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's a reasonable idea, and it could accomplish some good things.

The simple fact is, if you can afford a $1,000,000 home, you can also afford a $50,000 tax on it. This isn't going to be a make-or-break proposition for buyers of million+ dollar homes. It's even less than the standard real estate commission!!!

And it would yield millions of dollars every year that would improve the lives of the people who are being increasingly pushed out of the neighborhoods where they used to live.

Only cruel, racists would be against this kind of thing.

We make $150K per year. How could we afford $50k in taxes? T

It won't affect you in the least, because you won't be purchasing a million dollar plus home with an income of $150k. So it doesn't even apply to you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's a reasonable idea, and it could accomplish some good things.

The simple fact is, if you can afford a $1,000,000 home, you can also afford a $50,000 tax on it. This isn't going to be a make-or-break proposition for buyers of million+ dollar homes. It's even less than the standard real estate commission!!!

And it would yield millions of dollars every year that would improve the lives of the people who are being increasingly pushed out of the neighborhoods where they used to live.

Only cruel, racists would be against this kind of thing.

We make $150K per year. How could we afford $50k in taxes? T

It won't affect you in the least, because you won't be purchasing a million dollar plus home with an income of $150k. So it doesn't even apply to you.

I make 120k a year and my house is now worth 1.2m. Loved in it 14 years.

[Anonymous]

Maybe we should simply remove people from their homes once the home appraised for over 1M and put them in camps.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's a reasonable idea, and it could accomplish some good things.

The simple fact is, if you can afford a $1,000,000 home, you can also afford a $50,000 tax on it. This isn't going to be a make-or-break proposition for buyers of million+ dollar homes. It's even less than the standard real estate commission!!!

And it would yield millions of dollars every year that would improve the lives of the people who are being increasingly pushed out of the neighborhoods where they used to live.

Only cruel, racists would be against this kind of thing.

We make $150K per year. How could we afford $50k in taxes? T

It won't affect you in the least, because you won't be purchasing a million dollar plus home with an income of $150k. So it doesn't even apply to you.

I make 120k a year and my house is now worth 1.2m. Loved in it 14 years.

It wasn't worth that when you bought it, obviously.

You won't be paying this tax. The person who buys it when you sell it will.