Is it a good thing to have rich people move into your city?

@wildgrass said

If Bezos delays taxes, he owes no taxes if he does not access the money. Are you saying he should pay tax on unrealized gain?

This is exactly how property taxes work. Value goes up, and the yearly bill to government goes up. Maybe I don't realize those gains for 30 years, but I still pay taxes every dang year on it. And yet you like property taxes, even if ...[text shortened]... don't think property should be punished (your words) by government, while other investments are not.

One is a property tax, one is a tax on income, which we call income tax. Seems you are putting all of it into one problem for consideration by the government? No, it is two separate agencies, if you will. Different reasoning, different uses, etc.

Unrealized gain? Yes, I am saying Eliz warren wants to tax it. The Air Jordan in your attic would be taxed each year. Your head is in the sand.

@averagejoe1 said
One is a property tax, one is a tax on income, which we call income tax. Seems you are putting all of it into one problem for consideration by the government? No, it is two separate agencies, if you will. Different reasoning, different uses, etc.

Unrealized gain? Yes, I am saying Eliz warren wants to tax it. The Air Jordan in your attic would be taxed each year. Your head is in the sand.

Unrealized gains on property are already taxed Joe. It wasn't liz warrens idea.

@wildgrass said
Unrealized gains on property are already taxed Joe. It wasn't liz warrens idea.

Bad choice of words. But I guess we have to make up a word for the value of the Air Jordan shoes being taxed, since there is no value received? Confusing, huh? which is my point. BIG can of worms.

@averagejoe1 said
Bad choice of words. But I guess we have to make up a word for the value of the Air Jordan shoes being taxed, since there is no value received? Confusing, huh? which is my point. BIG can of worms.

We've been over it and nauseum on the thread Joe. Valuations on a home is not realized until it's sold. It's an investment, but you pay taxes.every year on the expected sale price. How is that reasonable for folks in gentrified neighborhoods who see their taxes go up 10-20% every year?

I don't care about your worms Joe. Taxing other investments like property ( because they kind of are) would relieve tax strain on homeowners.

@wildgrass said
We've been over it and nauseum on the thread Joe. Valuations on a home is not realized until it's sold. It's an investment, but you pay taxes.every year on the expected sale price. How is that reasonable for folks in gentrified neighborhoods who see their taxes go up 10-20% every year?

I don't care about your worms Joe. Taxing other investments like property ( because they kind of are) would relieve tax strain on homeowners.

I don't understand what you say here. On the one hand you say 'valuations on a home is not realized until its sold." Then you say the home is an investment, "but you PAY TAXES EVERY YEAR ON THE EXPECTED SALES FRICE".
A confusing paragraph. The first sentence is simply incorrect.
Let us stipulate that a wealth tax is similar to property tax, where you owe the tax each year, based on the market value (not the expected sales price) of your home. The wealth tax applies to all property, of course,
So what are you saying ? Why confuse this simple fact.

@averagejoe1 said
I don't understand what you say here. On the one hand you say 'valuations on a home is not realized until its sold." Then you say the home is an investment, "but you PAY TAXES EVERY YEAR ON THE EXPECTED SALES FRICE".
A confusing paragraph. The first sentence is simply incorrect.
Let us stipulate that a wealth tax is similar to property tax, where you owe the tax ...[text shortened]... tax applies to all property, of course,
So what are you saying ? Why confuse this simple fact.

Yes a wealth tax would apply to investments other than your real estate.

@wildgrass said
Yes a wealth tax would apply to investments other than your real estate.

That has been stipulated since we started the thread. What are you getting at, anyway? Maybe we agree and don't know it. We could be suffering from Marauder Syndrome.