Rendered at 19:20:31 GMT+0000 (Coordinated Universal Time) with Cloudflare Workers.
dlcarrier 31 minutes ago [-]
I think a large property tax deduction makes much more sense than a large income tax deduction. (Although a universal deduction that lets you apply to any taxes makes the most sense.)
For someone who is retired or incapable of working, property taxes can far exceed the cost of food and utilities, and income tax deductions do them no good.
Of course, there's no guarantee that anyone will own their own property, but making it an option for retirement planning makes a self-sustaining retirement much more likely, especially so for those who have to retire unexpectedly, due to illness or injury.
jleyank 2 hours ago [-]
If they don’t have a property or wage tax, how are they going to pay for any state or local services? Their sales tax isn’t particularly high… Are they going to try and do it on the backs of tourists and non residents? Risky, as there’s lots of places to go that are warm on the ocean.
FireBeyond 36 seconds ago [-]
[delayed]
dlcarrier 53 minutes ago [-]
Nevada has low sales and property taxes but heavily supplements it with excise and gaming taxes aimed at tourists, so that strategy does work.
nozzlegear 41 minutes ago [-]
> If they don’t have a property or wage tax, how are they going to pay for any state or local services?
In Iowa, the strategy has just been to gut all state and local services as much as possible, and then run what's left at a deficit while blaming the other side.
lesuorac 1 hours ago [-]
I mean just don’t have that state service.
I’m sure the members of say the Palm Island Home Owners Association don’t want their tax dollars going outside of Palm Island.
I take it you haven’t been to Florida much during election season, Stop Socialism is a common billboard.
dabinat 3 hours ago [-]
Something tells me federal taxpayers (or more precisely, those in blue states) will end up footing the bill for this.
silverFork 2 hours ago [-]
Why would blue states pay property taxes in Florida? Even if Florida declares bankruptcy and no other state will foot the bill.
throw0101a 2 hours ago [-]
> Why would blue states pay property taxes in Florida?
The GP may be referring to something like the difference between the taxes that are collected federally and paying of various services ('balance of payments'):
> In FY 2024, the federal government collected around $5.07 trillion from states and their residents through taxes on individuals and businesses and redistributed about $4.87 trillion back to states and residents through programs like Social Security, Medicaid, Medicare, food stamps, and education grants.
Currently Florida 'paid in' more than it 'took out'.
SilentM68 2 hours ago [-]
By definition, blue states prefer taxation of its residents. This belief will be part of blue state policies whether Florida taxes or does not tax Canadians.
exabrial 1 hours ago [-]
Property taxes are the worst kind of taxes. Nobody should be fined just for owning something. Once it's taxed once, it should never be taxed again.
c7b 14 minutes ago [-]
The "island economy" can be an interesting thought exercise for getting a feel for economic concepts, from money and banking all the way real estate and taxes.
Imagine the first guy arriving on the island claiming the whole land to be his, and any successive arrivers have to rent space from him in perpetuity, at rates he can decide. Not great, but not immediately obvious what a minimally-invasive improvement would look like. Now add a tax that forces the first guy to pay for every acre of land he claims. This incentivizes him to give up some of the space he's not actually using. Even in the most "rational agents in a frictionless vacuum" type of free-market macroeconomic model this is going to lead to a more efficient outcome, even more so in a more Keynesian-style model.
Hammershaft 1 hours ago [-]
Property taxes are among the best taxes. They're highly efficient, they encourage development on underutilized land.
The Federal Reserve has also found they improve the affordability of buying homes, which leads to younger people getting into the housing market faster.
A land value tax is even better, because it doesn't financially discourage improving your property, and it strongly increases the incentive to sell or develop underutilized land.
cinntaile 1 hours ago [-]
Property taxes make the real estate market function better. If you don't need or use the property, you don't want to keep paying property taxes so you list your property for sale.
silverFork 2 hours ago [-]
It is not a bad idea to have Canadians completely diverge from US economy. Sell it and take your money back to Canada.
Nevertheless, Canadians own something like 500k properties of 7M-10M properties in Florida. The $12B of tax deficit carried by those properties alone would raise their taxes to $24k a year per year for $300k property; Good luck collecting. In 4 years they would lose $100k of property price to taxes so its a no brainer that they would sell and get out and they would never look back. Canadian Snowbirds will obviously choose places like Mexico to just rent; why buy.
They are going to transfer the ownership to Americans and then what? Then the deficit would even rise faster to $13B .
For someone who is retired or incapable of working, property taxes can far exceed the cost of food and utilities, and income tax deductions do them no good.
Of course, there's no guarantee that anyone will own their own property, but making it an option for retirement planning makes a self-sustaining retirement much more likely, especially so for those who have to retire unexpectedly, due to illness or injury.
In Iowa, the strategy has just been to gut all state and local services as much as possible, and then run what's left at a deficit while blaming the other side.
I’m sure the members of say the Palm Island Home Owners Association don’t want their tax dollars going outside of Palm Island.
I take it you haven’t been to Florida much during election season, Stop Socialism is a common billboard.
The GP may be referring to something like the difference between the taxes that are collected federally and paying of various services ('balance of payments'):
> In FY 2024, the federal government collected around $5.07 trillion from states and their residents through taxes on individuals and businesses and redistributed about $4.87 trillion back to states and residents through programs like Social Security, Medicaid, Medicare, food stamps, and education grants.
* https://usafacts.org/articles/which-states-contribute-the-mo...
Currently Florida 'paid in' more than it 'took out'.
Imagine the first guy arriving on the island claiming the whole land to be his, and any successive arrivers have to rent space from him in perpetuity, at rates he can decide. Not great, but not immediately obvious what a minimally-invasive improvement would look like. Now add a tax that forces the first guy to pay for every acre of land he claims. This incentivizes him to give up some of the space he's not actually using. Even in the most "rational agents in a frictionless vacuum" type of free-market macroeconomic model this is going to lead to a more efficient outcome, even more so in a more Keynesian-style model.
The Federal Reserve has also found they improve the affordability of buying homes, which leads to younger people getting into the housing market faster.
https://x.com/cremieuxrecueil/status/1955007478078255107
https://www.minneapolisfed.org/article/2024/how-higher-prope...
A land value tax is even better, because it doesn't financially discourage improving your property, and it strongly increases the incentive to sell or develop underutilized land.
Nevertheless, Canadians own something like 500k properties of 7M-10M properties in Florida. The $12B of tax deficit carried by those properties alone would raise their taxes to $24k a year per year for $300k property; Good luck collecting. In 4 years they would lose $100k of property price to taxes so its a no brainer that they would sell and get out and they would never look back. Canadian Snowbirds will obviously choose places like Mexico to just rent; why buy.
They are going to transfer the ownership to Americans and then what? Then the deficit would even rise faster to $13B .