Now, each year when your house gets worth more, you will be happy to get a tax bill?
For starters, I already do. Property taxes aren't new.
But wait, there are a lot of people who buy them as investments instead of other investing, why should they be given tax shelter?
Again, where I live, your primary residence is already given some tax relief. People who have multiple houses as investments pay larger property taxes on the ones they don't live in.
In which case, when that old great aunt dies and leaves you a nice big house, you dont mind ponying up the 'tax' to be allowed to keep it?
Why exactly should I be entitled to get it anyway?
It wasn't MY wealth, so if I should be counting myself lucky to get any of it. In any case, as far as my wealth is concerned its income. Why exactly shouldn't I be taxed on it?
And if she didn't leave me enough money to cover the taxes too, and I have to sell it or rent it ouot to cover the taxes... why exactly is that a huge travesty?
What part of the american dream was "live in a house your great aunt gave you tax free"?
Hugh Pickens is completely wrong, Ellison DOES pay tax on that superyacht, and there is no avoiding it - as he has to
pay back the loan! to do that he must use tax paid money!
Unless he borrows more money against his share equity to finance the interest payments on a revolving line of credit.
Then he eventually sells the boat at loss, and pays the difference with "tax paid money" except that he gets a tax deduction of the loss on the superyaht so the "tax paid money" amounts to no tax paid.
They also provide the growth that the US is addicted to - attack them, and see how the economy looks in ten years!
A yes, the mythical job creators... attack them and the economy will tank... oh wait... it also tanked THANKS to them. Guess we can't win.