@AThousandYoung saidRepublicans have been talking about eliminating the estate tax for 30 years. Hasn't happened (through multiple huge tax cut bills), and is unlikely to happen.
CA has no estate tax and the Feds are doing their best to eliminate it as well.
Stocks can be used as collateral. They are not useless until liquidated.
@wildgrass saidPeople should not have to pay property taxes in their primary residence. You don’t even lose your primary residence if you go bankrupt. It’s understood that the primary residence is not a source of income but instead personal property needed to live.
Well I don't really buy the "billionaires don't have money to pay taxes because its invested" line.
Your property doesn't make money, but you have to pay non-actualized gains every single year on it. Just do the same with wealth. A wealth tax should be less of a burden than property tax because the wealth is making 10% year over year. With wealth taxes, the rich still ge ...[text shortened]... bribing politicians to keep their sweet heart arrangement with the government. They have the money.
@sh76 saidCA won’t get any of that though. Maybe we should implement an estate tax.
Republicans have been talking about eliminating the estate tax for 30 years. Hasn't happened (through multiple huge tax cut bills), and is unlikely to happen.
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@AThousandYoung saidHow do you propose localities get their revenues?
People should not have to pay property taxes in their primary residence. You don’t even lose your primary residence if you go bankrupt. It’s understood that the primary residence is not a source of income but instead personal property needed to live.
Edit: To elaborate, it's common sense that by and large, the people who need and use local services should pay for them. Property taxes fund schools, road repair, snow removal (okay, not in LA), firefighting, police, etc.
Having the people who consume those services pay for them is common sense.
@AThousandYoung saidGo for it!
CA won’t get any of that though. Maybe we should implement an estate tax.
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@sh76 saidThat’s not common sense that’s rich people playing politics so their money doesn’t go to anyone but themselves. That’s why public schools are so radically different depending on the area
How do you propose localities get their revenues?
Edit: To elaborate, it's common sense that by and large, the people who need and use local services should pay for them. Property taxes fund schools, road repair, snow removal (okay, not in LA), firefighting, police, etc.
Having the people who consume those services pay for them is common sense.
Double taxes on non-primary properties and spread the money around the city instead.
Rich neighborhoods should not get superior quality publicly funded schools, roads, police etc
It’s the same kind of “common sense” that people without kids shouldn’t pay taxes for those who do.
That’s not how publicly funded services are supposed to work.
@sh76 saidThey’re chipping away at it. For example Trump’s BBB increases the exemption.
Republicans have been talking about eliminating the estate tax for 30 years. Hasn't happened (through multiple huge tax cut bills), and is unlikely to happen.