> the property tax ... has the standard problems of a wealth tax: specifically, you can have more wealth–say, the value of your home, your business, or your retirement account went up–without having immediate income to pay a higher level of taxes. Thus, older voters who tend to have higher accumulated wealth, partly in the form of home equity, but also lower current income, are a politically powerful and sympathetic group in the push to reduce or eliminate property taxes.
We should expect this phenomenon to grow stronger as more high-earners hit retirement age, right? I'd guess we have another 20-30 years at least before this incentive starts to "level out", and that's only if we somehow see wealth distribution become less extremely correlated with age.
We should expect this phenomenon to grow stronger as more high-earners hit retirement age, right? I'd guess we have another 20-30 years at least before this incentive starts to "level out", and that's only if we somehow see wealth distribution become less extremely correlated with age.