[sdnlafkjh34rw]

High property taxes are one of the most liberal policies of Texas. It's a progressive tax that is largely shouldered by rich landowners and the revenue form a large part of budget for public school systems.

I'm not sure why people in California love our regressive Prop 13 tax rebates that largely benefit the wealthy and are a cause of huge budget deficits. Prop 13 is the most Republican policy we have in our state.

[galangalalgol]

Except property taxes for landlords are lower. Multi-family residences have a much lower property tax rate. A neighbor left the extra front door on his home as he remodeled just to keep that massiv discount.

Edit: This is just another example of supposedly progressive rules that create a nice safe wall between upper middles and don't have to works.

[scarface74]

If high property taxes are liberal - why wouldn’t high taxes on other forms of wealth be beneficial?

[sdnlafkjh34rw]

When did I say high taxes on on other forms of wealth wouldn't be beneficial? I totally support taxes on wealth to build social programs.

[scarface74]

Does that include taxing employee equity based on how it is valued based on each round of funding?

Would you also be okay with taxing someone based on how much they had in savings and mutual funds?

[jogjayr]

> Does that include taxing employee equity based on how it is valued based on each round of funding?

This already happens, except as a tax on income rather than wealth. Exercising options in a private company that has increased in value will result in a tax bill. And you can't sell shares to pay that bill (usually) because the company is private.

[scarface74]

That’s exactly my point. Property tax is a tax on wealth. You are not taxed on options until you exercise them. You also can’t sell part of your house to pay taxes on it. You also aren’t taxed on the increase in your stock portfolio until you sell it.

[ivalm]

I think equity, even relatively illiquid equity, should be wealth taxed (at least on amount >$50m). I am sure there will be novel financial tools to provide liquidity to pay this tax if this was the case. At the same time it might discourage bubbles in valuations (eg weworks).

[scarface74]

Why carve out equity that should have a wealth tax associated with it differently based on the type? I would think that intellectually consistency would demand that either we tax all equity based on unrealized gains the same whether it is stock, equity in a business or real estate property.

[ivalm]

I am not carving out equity. I think everything should be wealth taxed. I also think there should be a large deductible.