I agree the proposed wealth tax is a bad idea, but raising property taxes is probably not viable. They are incredibly unfavorable to voters. No one who owns a home wants to pay rent, that's why you buy in the first place.
Personally, this is why I am fine with higher income or sales taxes.
Sales Taxes are the worst ones. Burden on seller, burden on buyer, regressive. Income is more fair but easy to mask-out for the wealthy. Property is meh, Wealth tax is the best one. Assuming all were well designed.
Some items taxable, some are not. Keep track. Some have different rates depending on who's buying, keep track. Buyers in different locations pay different rates, keep track. The rules change frequently, keep track. Collect money for the govt, keep track. Remit quarterly or face penalty.
There complexity and overhead on sales taxes; more than on an income, retained earnings or wealth taxes.
Also, sales taxes take more percent of wealth away from the lower wealth bracket than from the upper wealth bracket.
MrZander · · focus · HN ↗
Personally, this is why I am fine with higher income or sales taxes.
edoceo · · focus · HN ↗
fhn · · focus · HN ↗
edoceo · · focus · HN ↗
There complexity and overhead on sales taxes; more than on an income, retained earnings or wealth taxes.
Also, sales taxes take more percent of wealth away from the lower wealth bracket than from the upper wealth bracket.
charlieyu1 · · focus · HN ↗
And I’m very surprised nobody mentioned cooperative tax in this post. Taxing cooperative profits is the simplest and fairest solution.