alt Hacker NewsFolks like to hate on capital gains tax. I think it's perceived as a rich-person deal. But homeowners, do they get taxed each year on the increase in value of their house? Almost the same thing, but not hated on the same way.
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Yes, I pay property taxes every year that are based on the current assessed values of my home and car. Only special classes of assets are subject to property taxes. "Wealth tax" proposals are a generalization of the idea of real property taxes so as to stop penalizing specific asset classes like homes.
You live in a house. Secondary residences however are not tax deductible?
Yes? Their property tax goes up.
yes, we do. it's called a property tax, and it goes up based on market value regardless of whether you sold the property or not.
it is absolutely a tax on unrealized gains
and it's a huge problem to where people who bought the house long ago (or it was passed down to them) but whose income hasn't kept pace (like many people's) can't afford the increased property taxes anymore and have to move
Homeowners get taxed every year on the value of their property. Let's do that to stocks, too.