alt Hacker NewsWhat? Property taxes are definitionally a wealth tax. It's also probably the most efficient/best one. It's also part of the common meaning of the wealth tax because its the one that most people experience.
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Sparkle-san • today at 5:11 PM
The tax is the same regardless of the equity or "wealth". I can be underwater on my mortgage with a negative net-worth and still owe the same property taxes on someone with a comparable house and $2 million in the bank.
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Yeah agreed; what they even saying?
People determined not wealthy enough to get a mortgage do not pay property taxes on a house they are not wealthy enough to own.
Those wealthy enough to own a house pay property taxes; ergo wealth tax.
Over the years different explanations were written down as legal justifications "why it's different than this other very similar scenario" but people of the past were just making something up to not look hypocritical; someone with the means is taxed more for the privilege is how it goes. Poor people don't pay taxes.