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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Taxing income is stupid if you don’t touch wealth.

What they should be doing is this: Reduce income taxes on the middle and UMC. Top income bracket should still be ~50% but that shouldn’t start until well over $1M/year.

Make up for this by getting rid of the long term capital gains rate, and make it impossible to borrow against your assets to avoid triggering a taxable event (at least tax the hell out of this).

People who are sitting on capital, not working an honest 9-5 for their money, should pay for it.

Tax then hell out of second, third, and fourth homes as well. Property taxes should be in excess of 3% for anyone owning multiple houses.[/quote]

Why should my taxes be HIGHER for a 2nd home?  If anything, I'm not using the resources 100% of the time in the area, so I'm already paying "extra".  But you don't get to charge people more for how many homes they own (most don't own more than 2)

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You don’t get to charge people more for how many they own, yeah that’s my point. We should do that. It would fix a lot of the problems in our society if more people stuck to owning a single house and you didn’t have all these institutions treating housing like an investment. People who underutilize housing should pay much extra for the privilege of doing so. If you’re wealthy enough to own multiple properties while most young people can’t even own one, you should be able to afford higher property taxes. [/quote]

nope, nope nope!

We don't live in a socialist/communist society.  I own two homes.  I already pay full taxes on both, despite only being able to take advantage of one at a time.  I only used one for schools, so I'm contributing fully but never using the other's school system (I don't mind).  For us it's not an "investment" it's a desire to have one place in the city and one in a more relaxed/rural area.  Also, there would be easy ways to get around it.  We would just have 2 different LLCs and put a home in each one.  Then we would only "own" one place legally.

Also, neither of my homes would be something someone could purchase if they were struggling to own a home.  Not at all.  [/quote]

You probably don't pay full taxes on both. You're only paying income taxes one place. And you're not paying the full amount in either place, since you're splitting your time and purchases between locations.[/quote]

State does not have income tax, both homes are in same state (within 1 hour), so I pay full property taxes in both, I spend at both to maintain both properties (I maintain even if I am not physically present as that is the smart way to do it).  But yes I do split my "local purchases" between the two. However, I spend more in both places than the average person spends in an entire year, so I'm fully contributing.

That'swhat you are failing to see, that it's the higher income people who actually spend $$$.  We contribute far more than most.  Full property taxes, yet don't use those services much as we are split between the two and don't have kids in school anymore, so that is what 60% of taxes are used for.

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