>>recall that central LA currently lacks the large stock of high-rise apartments that you see in cities like New York and Chicago.
The author entirely overlooks that NYC and Chicago are not in earthquake-prone areas and LA is right next to a major geologic fault system. Yes, skyscrapers can be safely built to withstand earthquakes, but it tends to be at least expensive, which is counter to solving affordability issues.
>>I favor a steeply progressive consumption tax.
This is generally pointing in the right direction, but a progressive transaction tax on every transaction, including finance and investments would be far better. Easier to track, harder to evade, far less intrusive into peoples' lives required by income tax. and the rate and difference between rates would be so low that structuring deals to 'optimize' taxation brackets would be pointless.
Just the volume of Equities + TRACE fixed income/structured + munis + real estate is over $200Trillion. A mere 3% tax on those would put the $6T US budget in large surplus. Add $1.7 Quadrillion of ovrerall payments and a 0.3% tax on transactions (yes, $3 per $1000) would also put the US budget in surplus. Make it progressive by setting tax rate tables based on transaction size, e.g., transaction <$10=0.01, <$100=0.1%, <$10k=0.2%, <$100k=0.3%, <$1MM=0.4%, =>$1MM=0.5% (plus big penalties for 'structuring' transactions to lower brackets).
Not impressed with the article
The author entirely overlooks that NYC and Chicago are not in earthquake-prone areas and LA is right next to a major geologic fault system. Yes, skyscrapers can be safely built to withstand earthquakes, but it tends to be at least expensive, which is counter to solving affordability issues.
>>I favor a steeply progressive consumption tax.
This is generally pointing in the right direction, but a progressive transaction tax on every transaction, including finance and investments would be far better. Easier to track, harder to evade, far less intrusive into peoples' lives required by income tax. and the rate and difference between rates would be so low that structuring deals to 'optimize' taxation brackets would be pointless.
Just the volume of Equities + TRACE fixed income/structured + munis + real estate is over $200Trillion. A mere 3% tax on those would put the $6T US budget in large surplus. Add $1.7 Quadrillion of ovrerall payments and a 0.3% tax on transactions (yes, $3 per $1000) would also put the US budget in surplus. Make it progressive by setting tax rate tables based on transaction size, e.g., transaction <$10=0.01, <$100=0.1%, <$10k=0.2%, <$100k=0.3%, <$1MM=0.4%, =>$1MM=0.5% (plus big penalties for 'structuring' transactions to lower brackets).
Not impressed with the article