Comment by Aeolun
2 hours ago
I’m not sure that is true. More wealth is only useful if you can do something with it. If I buy my home for 300k and buy taxes on 300k, then that’s the level my income is calibrated for. If the value of my home rises to 900k with a similar increase in taxes, my tax burden increased by 3, but I still have the same amount of money and no way to get it out other than selling the house.
If you need thst money back at some point it makes much more sense to tax the sale or purchase of the property because nobody living there is affected until that sale actually happens.
> If you need thst money back at some point it makes much more sense to tax the sale or purchase of the property because nobody living there is affected until that sale actually happens.
And make the house unsellable? That's the absolute opposite of what society should want, which is land repeatedly being repurposed for the best and highest use.
The answer is that land should be publicly owned and people should pay land rents. If you can't pay the land rents, there should be a publicly subsidized (temporary, until end of natural life at most) reverse mortgage that allows the owner of the house to pay the land rents with their house equity.