Comment by pinkmuffinere

> the property tax ... has the standard problems of a wealth tax: specifically, you can have more wealth–say, the value of your home, your business, or your retirement account went up–without having immediate income to pay a higher level of taxes. Thus, older voters who tend to have higher accumulated wealth, partly in the form of home equity, but also lower current income, are a politically powerful and sympathetic group in the push to reduce or eliminate property taxes.

We should expect this phenomenon to grow stronger as more high-earners hit retirement age, right? I'd guess we have another 20-30 years at least before this incentive starts to "level out", and that's only if we somehow see wealth distribution become less extremely correlated with age.