No. of Recommendations: 2
I just don't view it as being the same. Property taxes generally go towards funding local community issues- schools, roads, local initiatives etc. It is not so much a tax on unrealised gains as it is a fee for general upkeep of the community.
And Federal Taxes presumably go to areas that need to be funded as well - general upkeep of the country (Roads, Military, etc...)
Taxing market equities (which fluctuate way more than housing prices) is just a general income tax.
Actually its the exact opposite of taxing income. The income the investments generate is already taxed, this is taxing the asset itself (much like the property is an asset). There is a strong argument that the tax base relies too heavily on income based taxes and not enough on other forms such as consumption taxes and asset taxes. Reducing income taxes could be a nice boost to productivity and global competitiveness and bring back jobs that have been outsourced to lower cost areas.
tecmo
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