I like some of Henry George’s ideas about property tax. I believe a national property tax could be helpful under certain conditions. It’s generally considered to be a more regressive tax than income tax, and on It’s own, would disproportionately burden lower-income families.
A few ways around this might include:
Adding a deduction for a fraction of the local, average property value on one primary residence. This would essentially mean no new taxes for the lower class.
Allowing landlords to claim the deduction for tenants (Ugh, I know, but hear me out). This essentially imposes a penalty on empty housing, making hoarding a liability rather than an asset.
Adding the deduction for privately owned businesses that are worth a fraction of the national average. That is, no new taxes on very small businesses, “mom and pop shops.”
Adding a separate deduction for publicly owned businesses to the extent they are employee-owned with a weight factor for the standard deviation of the distribution. That is, if the CEO owns 99% and the other employees share the remaining 1, yes, that’s technically employee-owned and should get a very, very, tiny deduction. If everybody gets an equal share, maximum deduction/minimized (nonzero) tax.
Creating a sovereign wealth fund into which this property tax goes directly and exclusively, overseen by an independent board. Board positions are one-time, 16-year terms, nominated by the head of government, and appointed or refused by a legislative majority within 120 days or else the appointment is automatic. Terms are staggered/overlapping among members so, one new member is appointed every 8 years. Removal procedure is by the standard legislative process used to remove the head of government. The board is tasked with investing and distributing funds.
Using the board to distribute funds. One third goes into traditional welfare programs like Healthcare, unemployment, pensions, etc. One third goes into a basic income for the lower quartile of income, and one third goes into an income tax deduction for the lower 2 income quintiles. Hopefully this forms a conveyor belt for most recipients straight into the middle class, without abandoning those who just aren’t going to make it, for whatever reason.
I could go on for a few hundred more words, but you get the idea.
In conclusion, I like Henry George’s work, and I would like to see a modernized, progressive implementation. Property should not enjoy superior rights and privileges than people, especially not parking lots.
Speculation in the market in a nutshell.
I like some of Henry George’s ideas about property tax. I believe a national property tax could be helpful under certain conditions. It’s generally considered to be a more regressive tax than income tax, and on It’s own, would disproportionately burden lower-income families.
A few ways around this might include:
Adding a deduction for a fraction of the local, average property value on one primary residence. This would essentially mean no new taxes for the lower class.
Allowing landlords to claim the deduction for tenants (Ugh, I know, but hear me out). This essentially imposes a penalty on empty housing, making hoarding a liability rather than an asset.
Adding the deduction for privately owned businesses that are worth a fraction of the national average. That is, no new taxes on very small businesses, “mom and pop shops.”
Adding a separate deduction for publicly owned businesses to the extent they are employee-owned with a weight factor for the standard deviation of the distribution. That is, if the CEO owns 99% and the other employees share the remaining 1, yes, that’s technically employee-owned and should get a very, very, tiny deduction. If everybody gets an equal share, maximum deduction/minimized (nonzero) tax.
Creating a sovereign wealth fund into which this property tax goes directly and exclusively, overseen by an independent board. Board positions are one-time, 16-year terms, nominated by the head of government, and appointed or refused by a legislative majority within 120 days or else the appointment is automatic. Terms are staggered/overlapping among members so, one new member is appointed every 8 years. Removal procedure is by the standard legislative process used to remove the head of government. The board is tasked with investing and distributing funds.
Using the board to distribute funds. One third goes into traditional welfare programs like Healthcare, unemployment, pensions, etc. One third goes into a basic income for the lower quartile of income, and one third goes into an income tax deduction for the lower 2 income quintiles. Hopefully this forms a conveyor belt for most recipients straight into the middle class, without abandoning those who just aren’t going to make it, for whatever reason.
I could go on for a few hundred more words, but you get the idea.
In conclusion, I like Henry George’s work, and I would like to see a modernized, progressive implementation. Property should not enjoy superior rights and privileges than people, especially not parking lots.