Taxes don’t have to be to punish the wealthy from purchasing homes, it just has to be enough to make it so they can’t profit from it.
If they can’t profit from buying homes, they won’t do it.
If they can buy 10 houses and pay $2000 / year in property taxes per house to hold on to it, but the houses go up in value by $20k per year, they profit.
If instead they pay $2k for the first, $4k for the second, $8k for the third, etc. there is no incentive for them to buy more than 3-4 homes since they will pay more in taxes than they are gaining in value.
That would be nice. I fear it will never happen tho. The concept of tax the rich sounds good on paper but some how we have to convince rich people to do it.
Taxes don’t have to be to punish the wealthy from purchasing homes, it just has to be enough to make it so they can’t profit from it.
If they can’t profit from buying homes, they won’t do it.
If they can buy 10 houses and pay $2000 / year in property taxes per house to hold on to it, but the houses go up in value by $20k per year, they profit.
If instead they pay $2k for the first, $4k for the second, $8k for the third, etc. there is no incentive for them to buy more than 3-4 homes since they will pay more in taxes than they are gaining in value.
That would be nice. I fear it will never happen tho. The concept of tax the rich sounds good on paper but some how we have to convince rich people to do it.
Our law makers ARE the rich.