Property taxes are wealth taxes right? And they work great since everyone pays a small % to what the property appraiser thinks the property is worth.
Property taxes are on unrealized gains. There are separate taxes on realized gains when the property is sold.
IMO the bigger problem is capital gains tax rate is much lower than normal income tax rate. Income is income and should be taxed at the same rate.
However as the article suggests - people make rational decisions for personal gain and lawmakers have a lot of wealth tied up in stocks. So they will never vote majority to touch that golden goose.
Property taxes are on unrealized gains. There are separate taxes on realized gains when the property is sold.
IMO the bigger problem is capital gains tax rate is much lower than normal income tax rate. Income is income and should be taxed at the same rate.
However as the article suggests - people make rational decisions for personal gain and lawmakers have a lot of wealth tied up in stocks. So they will never vote majority to touch that golden goose.