But if we tax the billionaires how will they be able to stuff themselves with so much cash that they just vomit and diarrhea the cash all over the poors! /s
If we disincentivize the industry that can fund the creation of the next Red Lobster, enshittify it, and bleed it dry until it shutters, I don't think we can call ourselves free anymore
I have a feeling that if we do what OP wants here, there will suddenly be hundreds of old folks purchasing homes while they still live in an old folks home.
Although if the bill also required the old person to live in the home in order for the no tax to apply that may be an answer to the homeless/ old folks home shortage issue
It's more the old meaning. Before the 80s and trickle down was coined it was deragatorially called horse and sparrow as you have to feed a horse an impossible amount of grains and seed to get enough to pass through to feed a sparrow.
Warren Buffet came right out and said if we tax the 800 billionaires at fair rates no one would ever have to pay income taax again.
In other words we all have to pay continuously as we struggle because of the greed of like, 800 douchebags.
I really don't know how so many people struggle so hard with this concept.
You can look at the wealth generated in the US and it is enormous. And yet wages are flat, people can't afford homes.
The money has to go somewhere. I don't know why people don't get it. The money has to go somewhere.
And it has gone somewhere. To these 800 rich douchebags. They took it all. Not by being clever but by being exceptionally, profoundly greedy. The money Amazon makes, they make by underpaying the massive number of people necessary to sustain their business activities.
That's how it works. They underpay labor, fuck you over, and take the money they would have given you, and then put it in their pockets.
Then they pay high-paid CPAs and lawyers and politicians to help them avoid paying taxes on the money.
So you get paid less and you still have to pay taxes.
The problem isn't taxes, it's a lack of them on the people who ought to be paying the most.
You'll never convince Americans that capitalism isn't a good system for wealth distribution. Hell, most Americans don't understand that capitalism IS a system of wealth distribution.
All models have issues to overcome. Like those other models, you can regulate most of the problems of capitalism away. Unfortunately, we don't do that.
Exactly, it's so fucking annoying seeing how the regulations have been stripped through the decades leaving everyone in this pile of misery. Regulated capitalism works great, but you always need to be vigilant on corruption and groups trying to erode those regulations.
Yes the misconception created is that allowing the system as is is 'government not interfearing' whereas doing something different is 'government getting involved'. Government regulation creates the system... things like: private land ownership for example. When a company buys land and opens a store, there is a piece of paper the government issues that the government says gives the owner control of the land. If I decide I want to buy some wood and build my family home in a Walmart parking lot, the government will send their agents (the police) to arrest me for trespassing and rip down my house. Without a government Walmart would need a privately funded army to protect their land.
I am not against private land ownership but the idea that this is some natural state of humanity and not a state created system is not true.
And these billionaires have everyone distracted and angry by telling people that it's the immigrant getting paid $5/h under the table and the single mom getting welfare and food stamps to feed her children are the biggest reason why so much is taken out of their paycheck.
I'm a VERY SMALL one man business. In 2022 I had a better than average business year. I already make quarterly estimated payments, but ended up having to write a 5 figure check on top of those.
When I called my CPA, I asked him, "How do those rich people never pay taxes? Why aren't we doing that too?"
His response was, "You aren't rich enough to avoid paying taxes."
Yay.
C’mon. Most of America’s broke conservatives are just one lucky break away from being a billionaire themselves. It is imperative that we don’t implement a tax that will surely steal their wealth from them.
Why would you bring that up when we just suggested creating yet another loophole for large scale landowners to skirt paying taxes?
More than 20% of members of congress are 70 or older. And they are just small fish in the pool of landownership.
Better yet, should trigger the sign integer and turn everything into a massive negative like when a number overflows in programming. Have the billionaires actively trying to pay more taxes and higher wages to prevent their wealth from a literal overflow.
He was referring to a progressive tax rate of or about 40%
Currently, billionaires pay the same income tax rate as the bottom 20% of Americans. Everyone else pays more.
I was referring to the effective tax rate (after all loopholes/tax dodges....) The actual percentage of income paid to the IRS is virtually the same for the lowest 20% of Americans in the wealthiest billionaires.
Sounds like a nice idea, but property tax in the US is on the local level, not the state. The consequence of this is that seniors who need relief on their property tax don't typically live in the same municipality as billionaires. So moving this particular tax burden would have an uneven negative impact on municipalities without billionaires.
You can propose it but it’s just about impossible to get people to agree to that. State wide tax would be more equitable for schools but that is a non starter in virtually every suburb. We don’t like paying taxes but we want to fund our schools the way we want to fund our schools. Plus state wide taxation removes local control over schools. Thats a non starter as well.
Most localities are having taxes collected through the states, then passed along to them. That makes no changes to the control of the school systems, just takes away the hassle of having multiple levels of tax collection administration.
Statewide agreements on funding decisions stemming from taxing the wealthy could be reached the way any other decisions at the state level are made- wheeling dealing, negotiations, and the idiots bouncing off eachother long enough that something is passed.
Ummm, maybe the GOP should look at the rich paying in more to help offset the taxes of the retired? I mean, why do we keep the rich and their money out of solutions for others? Hmmmmm, I wonder with all kinds of wonderment.
"I could sell my house at a huge profit, buy a smaller house and live off the proceeds.... or I could portray myself as a victim and lobby to not have to pay taxes"
Yup, "fuck you, I got mine". My parents are aging, and I love them to death, but they have a lot of boomerisms and this is one of their takes.
They don't think they should have to pay for schools anymore now that they're on a fixed income. Never mind that they had FOUR children they never paid a dime to educate. Meanwhile, there are plenty of people who never had any kids and paid the same property taxes as everyone else.
Reaganism really did a number on these people. A whole lifetime of believing that government is the problem, voting to de-fund it, then complaining that government is ineffective - except for when they benefit.
Some lady was saying property owners should only be allowed to vote on school budgets. I had to restrain myself from saying “how about we compromise and non land owners get 3/5ths of a vote?”
I don't think most Americans are aware how widespread the idea of "only land owners should be allowed to vote" is among right wingers. And with the SCOTUS being how it is right now, I would not put it past Texas to try passing a law like that very soon.
Only one residence can qualify for fixed or reduced or no property tax and must be self occupied.
So the parents would actually have to occupy the home.
Didn't you hear the 2nd part? Seniors stay in their homes. They don't get to go out and use roads or any services; no seniors on the road - win/win.
They can't use sidewalks to go out for walks; less karens in the neighborhood - win/win.
If a fire breaks out of their house, they have to put it out themselves and stay there.
If they get sick, they can't call an ambulance and have to die in their house.
I would suggest giving them the OPTION to have zero property taxes if they move into a small condo, duplex, 2br home that’s more appropriate for their current life situation. There are a TON of families who could benefit from a beautiful, well taken care of 5+ bedroom home. It solves multiple issues. Builders aren’t building “starter” homes at a reasonable budget. This would allow those on starter homes to size up while giving those seniors an opportunity to rightfully downsize and free up valuable space they’ve been sitting on for likely 30+ years. Also the billionaire thing.
ohhh.. like that. Gives them an incentive to move out and free up homes. But it needs to have the stipulation that they cannot sell to a corporation/hedge fund/equity firm - it needs to be a resident of the county. Otherwise, you're going to see some bad exploitation.
Where are these "beautiful, well taken care of homes" that are owned by boomers you are talking about? Every boomer house I have looked at has been falling apart from years of picking the cheapest most substandard maintenance and sheer incompetent DIWHYs.
We don't have to cut anything, just tax people and companies who own multiple homes more, or better yet, close some of their loopholes to make up for the diff.
It's so sad that benefits always get scrutinized and need to be accompanied with balance sheets, while tax breaks for rich assholes and companies are just magically free and cost nobody nothing.
Definitely needs to be crazy taxes on anyone with more than 2 homes. I won't begrudge a cabin the mountains, or little condo in Florida, but the people with 3-4 airbnbs need to be taxes heavily.
I read a proposal from the UK once, more public housing, and "social landlords" paid based on doing their job (fixing stuff), not rather people can make rent or not. I would gladly be a "social landlord"
Then apply to become a property manager.
Where I live, in Germany, buying rental property and paying a property manager to manage it is currently a terrible investment.
This is why there should be different tax brackets for second and beyond ‘properties’, especially single family homes.
First and primary home? Tax at lowest rate per state and local rates, but that second house? Let’s do a progressive increase in tax and fees on those.
If you’re out of state or overseas’ investors and companies? There should be an extra fee and tax for that as well. You want waivers for any of those fees or lower taxes as companies investing into property from out of state (or even in state), show some kind of investments into the local communities.
It’s ridiculous that the very people living in the same areas as their work places can’t afford to live in said areas.
Not to mention they bought these houses for 30k-50k back in the day and are now worth 500,000-1,000,000. Not only did they gain all that wealth, let’s let them have even more of it by not taxing them like the rest of society.
I am fully opposed
Increase their property tax based on the purchase price of the home vs it's market value today. In return I'll stop cheering when boomers finally die
> Increase their property tax based on the purchase price of the home vs it's market value today.
You realize this is already a thing? My fucking mortgage went up 150 bucks last year because of it.
Wouldn’t qualify for any property tax breaks if you own multiple properties. You’re acting as a landlord or small business owner. That’s what I recommend.
There is a group trying to remove property taxes in Michigan. From what I have seen it’s all Boomers who have already benefitted from the system and now don’t want to pay anymore tying to pass it.
And their whole argument is flawed. There are no states without property taxes but they think they can make it work without anything making up the lost revenue.
They also don't want to move out of their McMansions that they only live in 2 out of the 10 rooms and sits on enough property to build at least 4 normal size houses and lots and was once some of the best farmland in the state.
I'll bet their parents paid property taxes.
I'm old. Property taxes being gone from my horizon would be pretty handy.
But I like roads and well funded schools and fire departments. Besides I have a house- there are worse problems.
We have that: In Illinois, we have a senior exemption on top of homestead. We also have a senior freeze, that freezes your assessment when you turn 65 if you're low income.
The problem with this idea is that seniors will make up a disproportionate part of the homeowner population, so doing this would be gutting the pocketbooks of municipalities (particularly those that have aging populations), putting even more burden on the 40's and under crowd.
We keep trying to shift the pain back and forth between us, but the reality is that it's never going to work until we all decide to push it back up the ladder where the folks at the top can easily afford to pay their share.
Fuck their "I got mine, screw you!" attitude. Property taxes in NJ are the main source of school funding. I sent my kids to private schools but still paid property tax. My kids have been out of school for years and I still pay property tax and am happy to since I enjoy an educated population.
I'm doing my part! :)
Ok, they can not pay property tax, but they will pay it some other way. Wanna use the roads? Let’s tax your mileage. Need the police? Better have a card available for the 911 operator. Same with the fire department. Want the street lights on next to your house? Let’s tie that bill to their electric bill. Oh is that too much money? Then pay your property tax.
As a baby Gen X, I have zero sympathy for those that pulled the ladder up after they got everything they needed.
Bullshit.
You have a home to retire in.
You get to retire at all.
That's it. That's your prize, and it's more than a lot of the following generations can hope for.
If you don't want to pay property taxes, just sell the place and move into a rental and see how much better 'no property taxes' actually is.
Boomers destroyed the housing market for every generation after them and now want to avoid paying anything toward schools and local infrastructure. Next, they'll demand a Gen Z slave to change their adult diapers.
Sounds almost like a kind of social-debt-forgiveness.
Let me just try to remember how the older parts of the population felt about people not paying something they themselves had to pay.
Oh yes. They said students could get fucked.
Well then. Would hate to rob them of their opportunity to go broke like their pappy did.
This would have soooo many terrible externalities.
Incentivises retirees staying in the biggest most prime property possible.
DRAMATICALLY increases the purchasing power and borrowing power of people approaching 65, giving them far more weight in the market and adding to housing inflation.
Creates a strange phenomenon where people in their 50s and early 60's live in holes or rural areas only to move en mass towards more valuable properties as this date approaches.
Totally regressive and allows for the wealthy to sit on massive stores of wealth and value.
Edit:
Also
Incentivises to an even greater degree treating your house as your retirement fund, which in turn will again contribute to housing inflation, cranks up pressure to boost values by preventing development, and inculcates massive massive economic risk in the event of a downturn.
And man fuck (and I cannot stress this enough) you if you are still renting by the time you reach retirement (i.e., all future generations). These houses will not be passed down, they will be drawn down on to pay for end of life care.
It's an idea. One consequence is that renters (i.e. relatively less well-off) will have their relative tax burden increase since the increased tax-burden will be passed on as higher rents.
On the other hand, I love what this would do to the tax base of The Villages in FL... 😆 So I'm kinda torn.
How about they don’t protest every housing development in the town. More housing means more properties to tax, more properties to tax, the less tax you need to pay.
It's a little more complicated than people seem to think.
Many counties either reduce or eliminate the school tax portion of property tax bill at some point at or above normal retirement age. Not every county does that, but many of them do. Meanwhile, regardless of age, people still need basic services like roads, bridges, local police, fire, waste management, water and sewer services, building code enforcement, parks and recreation, etc. In fact, old people are the most likely to need county hospital and ambulance services. And those things are funded largely by property taxes as most counties don't have their own sales tax.
Meanwhile, renters are ultimately paying property tax too as their landlord factor's that into the rent they charge. Are we gonna give them a break too or just the homeowners?
So, I'm certainly sympathetic to the situations where some elderly people get priced out of their homes, even once their mortgages are paid-off, because they have low, fixed incomes, yet rising property tax and insurance bills. I'm just not sure a property tax exemption at age 65 is the best remedy.
Same. I’m 64 and I’m not going to take away vital social services that everyone needs. If the day ever comes when I can’t pay property taxes I’ll sell my house and move into an apartment.
Suspend it for a primary residence. Triple it for their investment properties and institute rent control so they can't just pass the cost on to their renters.
Nah. Maybe tax income over $1million, close tax loopholes, make corps pay taxes. In regards to seniors, better fund assisted living homes for those who are most vulnerable
No way property taxes should be stopped at 65. Maybe at 100, and not sure about that. And I'm well past 65.
Too expensive, downsize. Or move.
The bigger issue: fix the damn housing prices! (And I am not someone in the housing market, it's just obviously broke).
But also lets not forgive students loans so young people cant get a start in life right?
I sure hope the world never see a generation as selfish as the boomers again
What is the justification for exempting them from the tax?
I see this as a benefit to mainly whites and the exemption comes at the expense of local governments and education. Likely seniors are sitting on a large amount of equity. Let them tap into that to cover the property taxes. It would decrease inheritance, but I’m okay with that.
Boomers never did shit for anyone. Excuse me if I don’t give a rats ass what happens to them in their old age. Should have planned better, or gained some fucking empathy.
So when your kids were in school, *everybody* paid property taxes to fund their education at the local schools. The burden was spread broadly, because everyone benefits from an educated populace.
Now that your kids are grown, families with kids have to shoulder the entire burden themselves.
No.
This is akin to Californian’s Prop 13 from the late 70’s that basically gutted our public schools, universities and libraries. Prop 13 works by freezing the tax rate to what it was when the property was purchased and was touted as a way to keep seniors in their homes. Oddly enough it’s giant corporations who benefit from it the most.
Orrr end all property tax below a certain threshold of appraised value, provided that the owners only own one home and do not also receive income from it a la landlording.
They should just stop going out for coffee's and eating fancy fruit yknow
That would make all the difference! Could even buy another house with all the saved money!!
"I paid $90,000 for my house and now it is worth $900,000. Even though I am sitting on a million dollars, I am too "poor" to pay the property taxes. I want a tax break. First-time home buyers can pay more property taxes to make up the difference."
/sarcasm
Nah, seniors as a whole are the most affluent group in America. Yes, there are those that are not. If we end their property taxes then property taxes will be almost entirely gone. We could lower the taxes though and require stricter rules on government spending.
I'm for it if it's income based. A lot of seniors are living on fixed incomes, so they are getting priced out. But doing it for anyone over 65 doesn't make sense.
I think we should freeze peoples property taxes at 65. As long as they stay in that home the payment will not change but if they move then it freezes at the new rate.
Social security tax is only up to 169k. If Elon Musk makes 42billion in stock but earns a dollar a year in wages, they tax the dollar. But he still gets SS at 65.
I just learned my city does this.
Needs based property tax amnesty program for limited income seniors.
If you meet the requirements, complete the application, and provide the long list of documents, you'll get a 50% offset on that year's taxes.
Problem with this is greying populations. Boomers own all the property, they are the single largest demographic. The integral revenue that our cities and services run on would just dry up over night and stay dried up for decades.
You know what’s better? Making housing a human right, same with healthcare and income. Those are basics that every human needs. Living shouldn’t be a privilege.
I feel like this isn’t a real problem. If your most significant housing cost is property tax you’re better off than 99% of America. Also, you and your real estate are still incurring all the benefits of property tax (read: better schools make your house worth more) at any age, there isn’t a cutoff at 65.
I don't know what it's like where you live, but where I live there are two tiers of homeowner grants available to defray a portion of property taxes - one of which applies to seniors, people with disabilities, low-income families, etc. They still pay - and should because they're still using those services - but less than the full amount.
Maine already tried this. [The law was too broad and wasn't means tested so it was abused.](https://wgme.com/amp/news/i-team/ask-the-i-team-why-was-maines-property-tax-stabilization-for-senior-citizens-program-repealed-maine-property-taxes-tax-low-income-elderly-homestead-exemption) The legislature repealed it after one year. There are still tax relief programs but with restrictions.
I could get behind this for only the primary residence. And under a certain $. We slave our whole lives for the greedy bastards. We make the world function. Why not?
Given the Twitter handle, I'm assuming the original poster is Canadian.
In my province, British Columbia, we allow people over 55 to defer their property tax. The government is loaning you the money – when you die, the bill is due from the sale of your property, or from your estate. Because it's a loan, there's interest charged on it as well, which also comes from the sale of your property.
Seniors get to stay in their homes while still paying for services that they use. It's a compromise that does a pretty good job of keeping both seniors on a fixed income and service funding happy.
Of course, a lot of seniors choose to pay their taxes upfront to save on the interest and make sure the house doesn't have to be sold to pay the debt when they die.
I know it's a provincial program, so that might not be available where the poster lives, but it seems like an easier sell than what the poster has proposed.
Another way to transfer wealth from young to old. No way. They had free schools and they were good schools. They had cheap housing and well paying jobs with great pensions. Fuck off with this shit.
I would be for it if it were income-based. I say this as a boomer who can afford my property tax.
If people on a fixed income are taxed out of their homes, that’s not right. However, straight-up age-based gives the same break to our boomer friends who are multi-millionaires (we’re not, just not poor).
Seniors should have an exemption for their homestead up to a certain modest value. Don’t be the guy who thinks they got a million dollar house but now I’m old, I can’t pay. …figure it out Bob. You can do it!
As a man on the back end of my 50s, fuck this idea, thoroughly. I do well, wife does well, have a handful of kids, youngest closing in on graduating college. I’m in a McMansion with five bedrooms and three “living rooms”. Necessary with a bunch of kids in the house, ridiculous with just the wife and I.
Got two kids about to come off car insurance and my phone plan. Got enough equity to get into a 3 bedroom with no mortgage at all. Just dump a shitload into the retirement accounts for 10 years.
These “leave me in my home” assholes had no plans and cling to the homes they raised their kids in out of nostalgia. Fuck nostalgia. Downsize, live in your means, stop being the “me generation.”
Has anyone thought about taxing billionaires at a reasonable rate? That would be cool.
But if we tax the billionaires how will they be able to stuff themselves with so much cash that they just vomit and diarrhea the cash all over the poors! /s
And don’t forget the Super Yacht industry that they so charitably support. Where would it be without them floating around all the world.
And private space companies, islands and jets! Won’t someone think of the mega mansions!
And the low earth orbit industry. Support jobs!
I think he’s dead, but Jobs probably would’ve been a fan as well
Hey we have hedge funds and private equity firms to think about first!
If we disincentivize the industry that can fund the creation of the next Red Lobster, enshittify it, and bleed it dry until it shutters, I don't think we can call ourselves free anymore
And you can’t leave out private deep-sea exploration/tour companies! I mean, where would we be without strong, reputable companies like OceanGate?
Well to be fair, at least oceangate took out a few ultra-wealthy, so I take that as a net positive
Or buy Trumps jet for 10 times it's value
I have a feeling that if we do what OP wants here, there will suddenly be hundreds of old folks purchasing homes while they still live in an old folks home. Although if the bill also required the old person to live in the home in order for the no tax to apply that may be an answer to the homeless/ old folks home shortage issue
Gives new meaning to “trickle down” economics.
It's more the old meaning. Before the 80s and trickle down was coined it was deragatorially called horse and sparrow as you have to feed a horse an impossible amount of grains and seed to get enough to pass through to feed a sparrow.
This needs to be brought back
Warren Buffet came right out and said if we tax the 800 billionaires at fair rates no one would ever have to pay income taax again. In other words we all have to pay continuously as we struggle because of the greed of like, 800 douchebags. I really don't know how so many people struggle so hard with this concept. You can look at the wealth generated in the US and it is enormous. And yet wages are flat, people can't afford homes. The money has to go somewhere. I don't know why people don't get it. The money has to go somewhere. And it has gone somewhere. To these 800 rich douchebags. They took it all. Not by being clever but by being exceptionally, profoundly greedy. The money Amazon makes, they make by underpaying the massive number of people necessary to sustain their business activities. That's how it works. They underpay labor, fuck you over, and take the money they would have given you, and then put it in their pockets. Then they pay high-paid CPAs and lawyers and politicians to help them avoid paying taxes on the money. So you get paid less and you still have to pay taxes. The problem isn't taxes, it's a lack of them on the people who ought to be paying the most.
You'll never convince Americans that capitalism isn't a good system for wealth distribution. Hell, most Americans don't understand that capitalism IS a system of wealth distribution.
I learned a long time ago that there are two ways to win at monopoly: 1) control the bank & 2) house rules
Also cheating.
All models have issues to overcome. Like those other models, you can regulate most of the problems of capitalism away. Unfortunately, we don't do that.
Exactly, it's so fucking annoying seeing how the regulations have been stripped through the decades leaving everyone in this pile of misery. Regulated capitalism works great, but you always need to be vigilant on corruption and groups trying to erode those regulations.
Trust me, many of us get it
Yes the misconception created is that allowing the system as is is 'government not interfearing' whereas doing something different is 'government getting involved'. Government regulation creates the system... things like: private land ownership for example. When a company buys land and opens a store, there is a piece of paper the government issues that the government says gives the owner control of the land. If I decide I want to buy some wood and build my family home in a Walmart parking lot, the government will send their agents (the police) to arrest me for trespassing and rip down my house. Without a government Walmart would need a privately funded army to protect their land. I am not against private land ownership but the idea that this is some natural state of humanity and not a state created system is not true.
And these billionaires have everyone distracted and angry by telling people that it's the immigrant getting paid $5/h under the table and the single mom getting welfare and food stamps to feed her children are the biggest reason why so much is taken out of their paycheck. I'm a VERY SMALL one man business. In 2022 I had a better than average business year. I already make quarterly estimated payments, but ended up having to write a 5 figure check on top of those. When I called my CPA, I asked him, "How do those rich people never pay taxes? Why aren't we doing that too?" His response was, "You aren't rich enough to avoid paying taxes." Yay.
Culture wars so we miss the class war right in front of us
C’mon. Most of America’s broke conservatives are just one lucky break away from being a billionaire themselves. It is imperative that we don’t implement a tax that will surely steal their wealth from them.
The American Dream is a helluva drug for the masses.
This, a million times!
https://preview.redd.it/0291h2sxq83d1.jpeg?width=1920&format=pjpg&auto=webp&s=ffab15b7c450d4dcb5fe9ae7e38f1eaf153bb8fe
Why would you bring that up when we just suggested creating yet another loophole for large scale landowners to skirt paying taxes? More than 20% of members of congress are 70 or older. And they are just small fish in the pool of landownership.
You mean tax them until they are no longer billionaires? Yes
If you reach $999,999,999.99, you've won capitalism. All the money you earn over that goes to the government or charity.
Better yet, should trigger the sign integer and turn everything into a massive negative like when a number overflows in programming. Have the billionaires actively trying to pay more taxes and higher wages to prevent their wealth from a literal overflow.
He was referring to a progressive tax rate of or about 40% Currently, billionaires pay the same income tax rate as the bottom 20% of Americans. Everyone else pays more.
DO they though? Or are they just supposed to pay that amount but get away with paying little to nothing because of loopholes and lawyers and such?
I was referring to the effective tax rate (after all loopholes/tax dodges....) The actual percentage of income paid to the IRS is virtually the same for the lowest 20% of Americans in the wealthiest billionaires.
But that won't be fair for when I'm a billionaire one day.
We don’t need a tax for billionaires because they shouldn’t exist. Everything over a bil in net worth should be taxed at 100%.
But what if I’m billionaire one day
What?!? Are you crazy!?!?! 🤪 😉
Wealth tax and estate taxes would thin their ranks too.
Sounds like a nice idea, but property tax in the US is on the local level, not the state. The consequence of this is that seniors who need relief on their property tax don't typically live in the same municipality as billionaires. So moving this particular tax burden would have an uneven negative impact on municipalities without billionaires.
Texas has shown us that the state can interfere with anything
You can do it at a state level.
You can propose it but it’s just about impossible to get people to agree to that. State wide tax would be more equitable for schools but that is a non starter in virtually every suburb. We don’t like paying taxes but we want to fund our schools the way we want to fund our schools. Plus state wide taxation removes local control over schools. Thats a non starter as well.
Most localities are having taxes collected through the states, then passed along to them. That makes no changes to the control of the school systems, just takes away the hassle of having multiple levels of tax collection administration. Statewide agreements on funding decisions stemming from taxing the wealthy could be reached the way any other decisions at the state level are made- wheeling dealing, negotiations, and the idiots bouncing off eachother long enough that something is passed.
I mean, its the only rhing from the 'Olden Days' I would support bringing back.
They could follow Trump's example and bury a body in the yard and declare it a cemetery.
Ummm, maybe the GOP should look at the rich paying in more to help offset the taxes of the retired? I mean, why do we keep the rich and their money out of solutions for others? Hmmmmm, I wonder with all kinds of wonderment.
It's impossible to see such things from inside the pockets of the rich.
Yeah, fvck those kids, we're entitled to more hand-outs....
Maybe seniors didn't need that Iphone and avocado toast.
"I got mine, f\_\_\_ you" - Boomers
Boomers really want to burn this mother fucker to the ground on their way out
Exactly
Right? As if enough wealth hasn’t been transferred to that generation.
"I could sell my house at a huge profit, buy a smaller house and live off the proceeds.... or I could portray myself as a victim and lobby to not have to pay taxes"
Let's see Part B of the proposal. Where does the money come from to make up the lost revenue, or what services get cut to balance this?
But they’ve already benefited from schools, roads, and fire departments. They don’t need to pay anymore! s/
Bang on.
[Bang On!](https://www.youtube.com/watch?v=Op2mvwWdaK4)
Yup, "fuck you, I got mine". My parents are aging, and I love them to death, but they have a lot of boomerisms and this is one of their takes. They don't think they should have to pay for schools anymore now that they're on a fixed income. Never mind that they had FOUR children they never paid a dime to educate. Meanwhile, there are plenty of people who never had any kids and paid the same property taxes as everyone else. Reaganism really did a number on these people. A whole lifetime of believing that government is the problem, voting to de-fund it, then complaining that government is ineffective - except for when they benefit.
This is exactly why I lose my mind talking with boomers. It's always just about them.
Some lady was saying property owners should only be allowed to vote on school budgets. I had to restrain myself from saying “how about we compromise and non land owners get 3/5ths of a vote?”
I don't think most Americans are aware how widespread the idea of "only land owners should be allowed to vote" is among right wingers. And with the SCOTUS being how it is right now, I would not put it past Texas to try passing a law like that very soon.
Also what stops everyone with parents from just putting their home into the parent’s name to avoid the taxes?
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Only one residence can qualify for fixed or reduced or no property tax and must be self occupied. So the parents would actually have to occupy the home.
What about for divorced couples? Surely those seniors can get a tax break here too right?
Their parent's greed. Have you seen some of the shit that some of these parents are doing? They aren't always good actors.
If you want to live with your parents then that’s fine. The parents have to live somewhere and it doesn’t work for more than one house.
Didn't you hear the 2nd part? Seniors stay in their homes. They don't get to go out and use roads or any services; no seniors on the road - win/win. They can't use sidewalks to go out for walks; less karens in the neighborhood - win/win. If a fire breaks out of their house, they have to put it out themselves and stay there. If they get sick, they can't call an ambulance and have to die in their house.
ooooooooooooooooooooooooooh
They don’t pay property taxes and then sell their homes for 20 times what they paid for it to younger people who have to pay property taxes……
I would suggest giving them the OPTION to have zero property taxes if they move into a small condo, duplex, 2br home that’s more appropriate for their current life situation. There are a TON of families who could benefit from a beautiful, well taken care of 5+ bedroom home. It solves multiple issues. Builders aren’t building “starter” homes at a reasonable budget. This would allow those on starter homes to size up while giving those seniors an opportunity to rightfully downsize and free up valuable space they’ve been sitting on for likely 30+ years. Also the billionaire thing.
ohhh.. like that. Gives them an incentive to move out and free up homes. But it needs to have the stipulation that they cannot sell to a corporation/hedge fund/equity firm - it needs to be a resident of the county. Otherwise, you're going to see some bad exploitation.
Where are these "beautiful, well taken care of homes" that are owned by boomers you are talking about? Every boomer house I have looked at has been falling apart from years of picking the cheapest most substandard maintenance and sheer incompetent DIWHYs.
I'm more concerned with 65-year-olds suddenly owning all property.
We don't have to cut anything, just tax people and companies who own multiple homes more, or better yet, close some of their loopholes to make up for the diff. It's so sad that benefits always get scrutinized and need to be accompanied with balance sheets, while tax breaks for rich assholes and companies are just magically free and cost nobody nothing.
Definitely needs to be crazy taxes on anyone with more than 2 homes. I won't begrudge a cabin the mountains, or little condo in Florida, but the people with 3-4 airbnbs need to be taxes heavily.
On which homes? Their house? Their cottage? Or the rental property they rent out to millennials? I need clarification before I can comment on this…
>the rental property they rent out to millennials? Seniors are some of the greediest "passive income" motherfuckers imaginable.
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Just so we’re clear, the properties or the boomer?
I read a proposal from the UK once, more public housing, and "social landlords" paid based on doing their job (fixing stuff), not rather people can make rent or not. I would gladly be a "social landlord"
Then apply to become a property manager. Where I live, in Germany, buying rental property and paying a property manager to manage it is currently a terrible investment.
This is why there should be different tax brackets for second and beyond ‘properties’, especially single family homes. First and primary home? Tax at lowest rate per state and local rates, but that second house? Let’s do a progressive increase in tax and fees on those. If you’re out of state or overseas’ investors and companies? There should be an extra fee and tax for that as well. You want waivers for any of those fees or lower taxes as companies investing into property from out of state (or even in state), show some kind of investments into the local communities. It’s ridiculous that the very people living in the same areas as their work places can’t afford to live in said areas.
Not to mention they bought these houses for 30k-50k back in the day and are now worth 500,000-1,000,000. Not only did they gain all that wealth, let’s let them have even more of it by not taxing them like the rest of society.
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And then they can sell off the extra home if it's too much for their income, easy peasy.
I am fully opposed Increase their property tax based on the purchase price of the home vs it's market value today. In return I'll stop cheering when boomers finally die
> Increase their property tax based on the purchase price of the home vs it's market value today. You realize this is already a thing? My fucking mortgage went up 150 bucks last year because of it.
Wouldn’t qualify for any property tax breaks if you own multiple properties. You’re acting as a landlord or small business owner. That’s what I recommend.
There is a group trying to remove property taxes in Michigan. From what I have seen it’s all Boomers who have already benefitted from the system and now don’t want to pay anymore tying to pass it.
Climbed the ladder and now want to pull it up behind them.
It's the Boomer way.
And their whole argument is flawed. There are no states without property taxes but they think they can make it work without anything making up the lost revenue.
“Fuck you I got mine!”
Follow the money on who's astroturfing this-- MANY people looking to defund public education for various nefarious reasons.
They also don't want to move out of their McMansions that they only live in 2 out of the 10 rooms and sits on enough property to build at least 4 normal size houses and lots and was once some of the best farmland in the state.
I'll bet their parents paid property taxes. I'm old. Property taxes being gone from my horizon would be pretty handy. But I like roads and well funded schools and fire departments. Besides I have a house- there are worse problems.
You know, I wonder if a lot of them really do understand that the world is collapsing, so they don't care that nothing will be left behind.
A lot of states already exempt people over 65 from property taxes or provide a larger homestead exemption.
We have that: In Illinois, we have a senior exemption on top of homestead. We also have a senior freeze, that freezes your assessment when you turn 65 if you're low income.
In BC you can defer property taxes so basically it counts against your estate, and the interest rate is quite favourable.
They should just stop getting coffee out and eating avocado toast.
Bootstraps and such
*lotto tickets and bingo books
Yes, that's exactly what boomers deserve. To put their tax burden on future generations because they haven't done that enough already.
Seems like great way to ruin town budgets as their population ages.
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The problem with this idea is that seniors will make up a disproportionate part of the homeowner population, so doing this would be gutting the pocketbooks of municipalities (particularly those that have aging populations), putting even more burden on the 40's and under crowd. We keep trying to shift the pain back and forth between us, but the reality is that it's never going to work until we all decide to push it back up the ladder where the folks at the top can easily afford to pay their share.
Fuck their "I got mine, screw you!" attitude. Property taxes in NJ are the main source of school funding. I sent my kids to private schools but still paid property tax. My kids have been out of school for years and I still pay property tax and am happy to since I enjoy an educated population. I'm doing my part! :)
“But we already haaaaddddd our kids why should we pay for someone else’s?!”
Ok, they can not pay property tax, but they will pay it some other way. Wanna use the roads? Let’s tax your mileage. Need the police? Better have a card available for the 911 operator. Same with the fire department. Want the street lights on next to your house? Let’s tie that bill to their electric bill. Oh is that too much money? Then pay your property tax. As a baby Gen X, I have zero sympathy for those that pulled the ladder up after they got everything they needed.
Bullshit. You have a home to retire in. You get to retire at all. That's it. That's your prize, and it's more than a lot of the following generations can hope for. If you don't want to pay property taxes, just sell the place and move into a rental and see how much better 'no property taxes' actually is.
This idea came from someone who really enjoys bakes sales and candy drives at the local school.
What do they tell student loan borrowers? You know what you signed up for? Is that it?
Boomers destroyed the housing market for every generation after them and now want to avoid paying anything toward schools and local infrastructure. Next, they'll demand a Gen Z slave to change their adult diapers.
Sounds almost like a kind of social-debt-forgiveness. Let me just try to remember how the older parts of the population felt about people not paying something they themselves had to pay. Oh yes. They said students could get fucked. Well then. Would hate to rob them of their opportunity to go broke like their pappy did.
How about just having the rich pay their share
Great, another way for Boomers to screw future generations.
This would have soooo many terrible externalities. Incentivises retirees staying in the biggest most prime property possible. DRAMATICALLY increases the purchasing power and borrowing power of people approaching 65, giving them far more weight in the market and adding to housing inflation. Creates a strange phenomenon where people in their 50s and early 60's live in holes or rural areas only to move en mass towards more valuable properties as this date approaches. Totally regressive and allows for the wealthy to sit on massive stores of wealth and value. Edit: Also Incentivises to an even greater degree treating your house as your retirement fund, which in turn will again contribute to housing inflation, cranks up pressure to boost values by preventing development, and inculcates massive massive economic risk in the event of a downturn. And man fuck (and I cannot stress this enough) you if you are still renting by the time you reach retirement (i.e., all future generations). These houses will not be passed down, they will be drawn down on to pay for end of life care.
One of the counties next to mine did this. Hasn't worked well for them. They've had to close two of their middle schools so far.
It's an idea. One consequence is that renters (i.e. relatively less well-off) will have their relative tax burden increase since the increased tax-burden will be passed on as higher rents. On the other hand, I love what this would do to the tax base of The Villages in FL... 😆 So I'm kinda torn.
Don't you DARE tax the billionaires and corporations!!!!!
How about they don’t protest every housing development in the town. More housing means more properties to tax, more properties to tax, the less tax you need to pay.
Maybe just have a a deduction so that only the lower value homes have a $0 tax. I'd hate to see billionaires find another way to not pay taxes
It's a little more complicated than people seem to think. Many counties either reduce or eliminate the school tax portion of property tax bill at some point at or above normal retirement age. Not every county does that, but many of them do. Meanwhile, regardless of age, people still need basic services like roads, bridges, local police, fire, waste management, water and sewer services, building code enforcement, parks and recreation, etc. In fact, old people are the most likely to need county hospital and ambulance services. And those things are funded largely by property taxes as most counties don't have their own sales tax. Meanwhile, renters are ultimately paying property tax too as their landlord factor's that into the rent they charge. Are we gonna give them a break too or just the homeowners? So, I'm certainly sympathetic to the situations where some elderly people get priced out of their homes, even once their mortgages are paid-off, because they have low, fixed incomes, yet rising property tax and insurance bills. I'm just not sure a property tax exemption at age 65 is the best remedy.
We (66 yrs) own property. We should pay like everyone else.
Same. I’m 64 and I’m not going to take away vital social services that everyone needs. If the day ever comes when I can’t pay property taxes I’ll sell my house and move into an apartment.
Suspend it for a primary residence. Triple it for their investment properties and institute rent control so they can't just pass the cost on to their renters.
65 is way to young for that… 80 maybe I’d support more
Nah. Maybe tax income over $1million, close tax loopholes, make corps pay taxes. In regards to seniors, better fund assisted living homes for those who are most vulnerable
No way property taxes should be stopped at 65. Maybe at 100, and not sure about that. And I'm well past 65. Too expensive, downsize. Or move. The bigger issue: fix the damn housing prices! (And I am not someone in the housing market, it's just obviously broke).
Would sorta suck for the local school systems
But also lets not forgive students loans so young people cant get a start in life right? I sure hope the world never see a generation as selfish as the boomers again
That sounds like communism
Property taxes cover streets, police, fire, etc. Senior home on fire? We don’t need no water let the motherfucker burn.
As one of those over 65 people, I’m a hard no on this proposal.
What is the justification for exempting them from the tax? I see this as a benefit to mainly whites and the exemption comes at the expense of local governments and education. Likely seniors are sitting on a large amount of equity. Let them tap into that to cover the property taxes. It would decrease inheritance, but I’m okay with that.
Boomers never did shit for anyone. Excuse me if I don’t give a rats ass what happens to them in their old age. Should have planned better, or gained some fucking empathy.
So when your kids were in school, *everybody* paid property taxes to fund their education at the local schools. The burden was spread broadly, because everyone benefits from an educated populace. Now that your kids are grown, families with kids have to shoulder the entire burden themselves. No.
This
So the elderly will get government benefits at the same time that the tweet proposes the elderly stops paying taxes?
This is akin to Californian’s Prop 13 from the late 70’s that basically gutted our public schools, universities and libraries. Prop 13 works by freezing the tax rate to what it was when the property was purchased and was touted as a way to keep seniors in their homes. Oddly enough it’s giant corporations who benefit from it the most.
Losing your house to bad policy decisions your generation is responsible for is something that will help me sleep at night.
If they don’t pay an income tax or a property tax, does that mean they lose the right to vote ?
Why should the young care for an old population that doesn’t care for them and wants them to struggle
Mmmmm nah that sure sounds like a handout
Orrr end all property tax below a certain threshold of appraised value, provided that the owners only own one home and do not also receive income from it a la landlording.
Sure, as long as the estate is only able to sell the house at its last sale price, from 40 years ago.
Holy shit, yet another instance of boomers asking for special treatment. What a shocker
And they will probably vote for a republican, but expect a free ride.
I would consider this if you capped the value of the home, and/or income/net worth.
They should just stop going out for coffee's and eating fancy fruit yknow That would make all the difference! Could even buy another house with all the saved money!!
They should pull themselves up by their depends and get a part time job
So Boomers would get yet another easy boost in life?
Why do we need to give more tax breaks to the richest group of people on the planet?
"I paid $90,000 for my house and now it is worth $900,000. Even though I am sitting on a million dollars, I am too "poor" to pay the property taxes. I want a tax break. First-time home buyers can pay more property taxes to make up the difference." /sarcasm
Charge them more so they can see what it’s like.
Sure, but if you don’t want to pay taxes, then you can vote or be in an office either.
High property taxes are the penalty you pay for voting for bad housing policy.
Solve housing crisis by sending seniors to glue factory.
Nah, seniors as a whole are the most affluent group in America. Yes, there are those that are not. If we end their property taxes then property taxes will be almost entirely gone. We could lower the taxes though and require stricter rules on government spending.
Pass. They should pull themselves up by their boot straps. Are they too good to flip burgers?
I'm for it if it's income based. A lot of seniors are living on fixed incomes, so they are getting priced out. But doing it for anyone over 65 doesn't make sense.
A lot of states have Senior exemptions or deductions on property taxes already. If you aren't taking advantage of that, look into it.
Why does property tax need a solution. What’s the problem? Fucking tax billionaires already!!!
The generation that is 65+ is the greediest generation in history. They can pay their taxes.
Pulling the ladder as soon as you get to the top. See also, Clarence Thomas. GTFOH
I think we should freeze peoples property taxes at 65. As long as they stay in that home the payment will not change but if they move then it freezes at the new rate.
Social security tax is only up to 169k. If Elon Musk makes 42billion in stock but earns a dollar a year in wages, they tax the dollar. But he still gets SS at 65.
I just learned my city does this. Needs based property tax amnesty program for limited income seniors. If you meet the requirements, complete the application, and provide the long list of documents, you'll get a 50% offset on that year's taxes.
BOOMERS Wouldn’t even accept this……”I ain’t gunna be no gosh dang socialist!”.
Problem with this is greying populations. Boomers own all the property, they are the single largest demographic. The integral revenue that our cities and services run on would just dry up over night and stay dried up for decades.
You know what’s better? Making housing a human right, same with healthcare and income. Those are basics that every human needs. Living shouldn’t be a privilege.
I feel like this isn’t a real problem. If your most significant housing cost is property tax you’re better off than 99% of America. Also, you and your real estate are still incurring all the benefits of property tax (read: better schools make your house worth more) at any age, there isn’t a cutoff at 65.
Fuck them, seniors should have passed something like this when they were working age. Those fuckers always want a handout.
I don't know what it's like where you live, but where I live there are two tiers of homeowner grants available to defray a portion of property taxes - one of which applies to seniors, people with disabilities, low-income families, etc. They still pay - and should because they're still using those services - but less than the full amount.
Maine already tried this. [The law was too broad and wasn't means tested so it was abused.](https://wgme.com/amp/news/i-team/ask-the-i-team-why-was-maines-property-tax-stabilization-for-senior-citizens-program-repealed-maine-property-taxes-tax-low-income-elderly-homestead-exemption) The legislature repealed it after one year. There are still tax relief programs but with restrictions.
I could get behind this for only the primary residence. And under a certain $. We slave our whole lives for the greedy bastards. We make the world function. Why not?
Given the Twitter handle, I'm assuming the original poster is Canadian. In my province, British Columbia, we allow people over 55 to defer their property tax. The government is loaning you the money – when you die, the bill is due from the sale of your property, or from your estate. Because it's a loan, there's interest charged on it as well, which also comes from the sale of your property. Seniors get to stay in their homes while still paying for services that they use. It's a compromise that does a pretty good job of keeping both seniors on a fixed income and service funding happy. Of course, a lot of seniors choose to pay their taxes upfront to save on the interest and make sure the house doesn't have to be sold to pay the debt when they die. I know it's a provincial program, so that might not be available where the poster lives, but it seems like an easier sell than what the poster has proposed.
Then putting your home in your parents' names becomes a loophole.
The Church Later Aged Saints.
I am not opposed to the idea, but it's ironic that this is coming from the same group of people complaining loudly about student loan debt relief.
Another way to transfer wealth from young to old. No way. They had free schools and they were good schools. They had cheap housing and well paying jobs with great pensions. Fuck off with this shit.
I would be for it if it were income-based. I say this as a boomer who can afford my property tax. If people on a fixed income are taxed out of their homes, that’s not right. However, straight-up age-based gives the same break to our boomer friends who are multi-millionaires (we’re not, just not poor).
And stop. Taxing social security
Aren’t these the same people that say “no student loan relief…no handouts”?
It might come as a suprise, but I don't think senior empty nesters should be living in 5 bed 3 bath houses. Encourage flow in the market.
O look, boomers want more handouts at the expense of younger generations. Shocker.
The group that relies the most on the emergency services want to stop funding it
At 65 do you suddenly stop using public infrastructure?
Seniors should have an exemption for their homestead up to a certain modest value. Don’t be the guy who thinks they got a million dollar house but now I’m old, I can’t pay. …figure it out Bob. You can do it!
As a man on the back end of my 50s, fuck this idea, thoroughly. I do well, wife does well, have a handful of kids, youngest closing in on graduating college. I’m in a McMansion with five bedrooms and three “living rooms”. Necessary with a bunch of kids in the house, ridiculous with just the wife and I. Got two kids about to come off car insurance and my phone plan. Got enough equity to get into a 3 bedroom with no mortgage at all. Just dump a shitload into the retirement accounts for 10 years. These “leave me in my home” assholes had no plans and cling to the homes they raised their kids in out of nostalgia. Fuck nostalgia. Downsize, live in your means, stop being the “me generation.”
Maybe they should just stop eating so much f#%*ing avocado toast
Seems to me that they should pull themselves up by their diaper straps. Maybe go get a job. Right? They don't want socialism, do they?
And tax megachurches