Economy Strong Majority of Americans Support AOC's 70% Top Tax Rate

[sickc0d3r]

Increasing taxes on passive income and land value will absolutely drive up rent and require more government involvement to help offset those costs.
Consumption taxes I could get behind to an extent.

A lvt (a tax on the unimproved value of land) generally drives down the price of land, and unlike property tax, encourages improvement. Both of those things increase supply to the renter, which is competition and helps to stabilize costs. Passive income is already taxed, I'm talking about additionally making up some ground lost on income tax with that (which also increases the progressiveness of the system).

Granted, land owners will always seek to pass on additional costs they incur, but again we're talking about theoretically replacing another tax (income). So even if there were some overall increase in rent it's offset by the larger paycheck of the worker. And in the end owners can still only charge what the market will bear, which is no different than they do now. The renter isn't necessarily going to be any better or worse off, but surely the increased competition for their dollar at least means a better variety of choices.


Anyway, I wasn't arguing that it would be a net gain for any group, I was proposing a way to stamp out some of the class warfare rhetoric by removing the need for tax brackets and who's getting taxed what based on their salary. Besides, who likes doing taxes every year?

I'm of the opinion that one shouldn't have to pay a property tax forever after the initial purchase. I'd don't believe it's right to charges taxes annually on vehicles either. Especially the rates they apply to mini vans and SUVs. The fact that it's $250+ a year to license a ten year old $1800 minivan is ridiculous. Only after 12 years does it drop to around $35, the rate of a car or light truck. While those vehicle taxes don't really effect me what does is new vehicle purchases. When I trade up every year or two I have equity in the vehicle I'm trading that I've already paid taxes on so the trade difference is a few thousand. So I've traded and paid $4000-6000 difference and get taxed on $65k+ despite having paid taxes on the same a year or two earlier and however purchases my old vehicle will be taxed on the full amount despite me having paid that tax as well. It's like double jeopady but with taxes.

Land value tax sounds superior to property tax because it encourages instead of discourages improvement, and your overall percentage of tax paid decreases as the value of your property increases. I've no personal experience with lvt, mind you, but I've read that many places have used it to phase out most of the property taxes, with a lot of success. And I agree about vehicle taxes, it's an annual ass raping, you should just pay the tax once.

 

[Breakitdown]

The majority of Americans are low-rent cretins. Economic policy ought not hinge upon the sensibilities of the proletariat. We can safely dismiss and throw this poll in the trash can.

 

[MicroBrew]

In a Democracy, if I have a bicycle and everyone else wants it, they can vote to have my bicycle.

Thank God we live in a Republic where a person's property, earnings, etc... are protected from the masses.

Except...
The corporations and rich get elected politicians to pass laws that benefit them.