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It's an interesting concept that generally applies to very few places in the world with extremely high property values. The owners pay property taxes already, so it's not like they aren't paying "their share", but by not being resident, and continuously increasing the cost of living everywhere in NYC (they also buy $1M and $2M places...I know people right now thinking of selling a second home and buying an apt. in NY so that their freshly minted college grad has a place to live). What's missing is the income taxes that support the broader government. The locals overwhelmingly support this tax, because they can't afford to live in the places these people visit for fun. If it's going to be a playground for them....make them pay for it.
The devil is in the details, and implementing such a plan is incredibly complicated and corrupt. There are going to be a lot of appraisers driving nicer cars soon, and a lot of $4.9M apartments.
My comment was more of the facetious kind. Mamdani has been painted as an outright communist who was going to bring about nationalisation of the means of production and destroy the American economy. What we seem to be getting in instead is a pithy little surcharge on high-end secondary real estate that is going to raise, wait for it, $500 million. At a guess, that is spread among so many taxpayers it is effectively peanuts.
It's an interesting concept that generally applies to very few places in the world with extremely high property values. The owners pay property taxes already, so it's not like they aren't paying "their share", but by not being resident, and continuously increasing the cost of living everywhere in NYC (they also buy $1M and $2M places...I know people right now thinking of selling a second home and buying an apt. in NY so that their freshly minted college grad has a place to live). What's missing is the income taxes that support the broader government. The locals overwhelmingly support this tax, because they can't afford to live in the places these people visit for fun. If it's going to be a playground for them....make them pay for it.
The devil is in the details, and implementing such a plan is incredibly complicated and corrupt. There are going to be a lot of appraisers driving nicer cars soon, and a lot of $4.9M apartments.
The US needs to automate the tax system after simplifying the tax code. Eliminate all of the deductions and exclusions that can't be automated. Instead of being "self-assessed", taxes should be withheld at a transaction level, and returns should be used as a means of refund. Here's your tax bill for the year....based on these items of income and deduction (which we automatically received - like TurboTax used to). If you agree...thanks and have a nice day. No return. No accountant. Taxes paid. If it's wrong, tell us and file. You have a year to file for a refund.
Here, at least, and I think in the US taxes on capital gains are taken out based on some voodoo calculation on the increased value of the stock or fund. So there is no transaction - just that the value has gone up and we don't want to wait for you to cash out to get our share. Maybe I'm wrong, I'm a financial idiot.
Taxes have 2 components: Base and rate. Discussing one without the other is pointless, yet doing so in the US is impossible. NOBODY can assess the impact of a change in the tax code now the way that it's done. Nobody.
That's a problem.
I have worked in taxation since the 80s, and my "network" has been buzzing since the DOGE discussion of eliminating half of the IRS started. We need too many people administering our system, but you don't fire all of your sales people as a way to save money. IRS agents have a net positive cash flow. The US is undercollecting on owed taxes by about $700 Billion per year. That number will go up.... while Trump talks about $5M "gold-cards" as a means to reducing the debt? It's absolute, unadulterated insanity.
The US needs to automate the tax system after simplifying the tax code. Eliminate all of the deductions and exclusions that can't be automated. Instead of being "self-assessed", taxes should be withheld at a transaction level, and returns should be used as a means of refund. Here's your tax bill for the year....based on these items of income and deduction (which we automatically received - like TurboTax used to). If you agree...thanks and have a nice day. No return. No accountant. Taxes paid. If it's wrong, tell us and file. You have a year to file for a refund.
We need an efficient, automated, functional government, paid for with taxes. Those who earn more should pay more (thankfully).
Elon Musk and Donald Trump have money because of the system, not in spite of it. Their attempts to destroy it now is greed and arrogance.
Yes to all of this. Unfortunately, we have an entire industry tied up in having complicated taxes. When people make money off a problem, it's hard to make the problem go away.
Good idea, could it happen?
At the same time, keep corporate taxes low, and raise the friggin capital gains tax for gains above say $50,000 a year.
You pay sales tax at a transaction level, and the result is corporate only filings and in rare instances personal adjustments. Why not have a similar process for income taxes?
EDITORS NOTE: US sales taxes are a cluster-cuss that should not be duplicated, and instead standardized and simplified also.
So... if you agree with simplicity and automation....keep it simple. Capital gains for those with under $500k in income are taxed at the lower of 28% or the marginal rate. Anyone over $500k pays regular marginal taxes. Here's the calc we did for you....here's the refund we calculated.... if you don't agree, stop by the office or schedule a web-meeting on our automated calendar.
Have a nice day.
For 98% of Americans.... life just got better. For the 2% hiding income or not filing or whatever... things also got better, just a bit more expensive.
Taxes have 2 components: Base and rate. Discussing one without the other is pointless, yet doing so in the US is impossible. NOBODY can assess the impact of a change in the tax code now the way that it's done. Nobody.
That's a problem.
I have worked in taxation since the 80s, and my "network" has been buzzing since the DOGE discussion of eliminating half of the IRS started. We need too many people administering our system, but you don't fire all of your sales people as a way to save money. IRS agents have a net positive cash flow. The US is undercollecting on owed taxes by about $700 Billion per year. That number will go up.... while Trump talks about $5M "gold-cards" as a means to reducing the debt? It's absolute, unadulterated insanity.
The US needs to automate the tax system after simplifying the tax code. Eliminate all of the deductions and exclusions that can't be automated. Instead of being "self-assessed", taxes should be withheld at a transaction level, and returns should be used as a means of refund. Here's your tax bill for the year....based on these items of income and deduction (which we automatically received - like TurboTax used to). If you agree...thanks and have a nice day. No return. No accountant. Taxes paid. If it's wrong, tell us and file. You have a year to file for a refund.
We need an efficient, automated, functional government, paid for with taxes. Those who earn more should pay more (thankfully).
Elon Musk and Donald Trump have money because of the system, not in spite of it. Their attempts to destroy it now is greed and arrogance.
Good idea, could it happen?
At the same time, keep corporate taxes low, and raise the friggin capital gains tax for gains above say $50,000 a year.
Absolutely. Re-invest, not use to purchase more stock.
Taxes have 2 components: Base and rate. Discussing one without the other is pointless, yet doing so in the US is impossible. NOBODY can assess the impact of a change in the tax code now the way that it's done. Nobody.
That's a problem.
I have worked in taxation since the 80s, and my "network" has been buzzing since the DOGE discussion of eliminating half of the IRS started. We need too many people administering our system, but you don't fire all of your sales people as a way to save money. IRS agents have a net positive cash flow. The US is undercollecting on owed taxes by about $700 Billion per year. That number will go up.... while Trump talks about $5M "gold-cards" as a means to reducing the debt? It's absolute, unadulterated insanity.
The US needs to automate the tax system after simplifying the tax code. Eliminate all of the deductions and exclusions that can't be automated. Instead of being "self-assessed", taxes should be withheld at a transaction level, and returns should be used as a means of refund. Here's your tax bill for the year....based on these items of income and deduction (which we automatically received - like TurboTax used to). If you agree...thanks and have a nice day. No return. No accountant. Taxes paid. If it's wrong, tell us and file. You have a year to file for a refund.
We need an efficient, automated, functional government, paid for with taxes. Those who earn more should pay more (thankfully).
Elon Musk and Donald Trump have money because of the system, not in spite of it. Their attempts to destroy it now is greed and arrogance.
Our tax rates should definitely be re-evaluated, and the wealthy should pay a higher effective rate than everyone else. But no one ever paid 91%. At the time, there were a LOT more deductions you could take. But the basic (correct) premise was - If you don't use your money to keep things happening in the economy, we'll take it and make things happen in the economy.
Money is just a tool. If you leave it in the bank it doesn't do any good. If you use it, it creates things, feeds people, fixes problems.
Absolutely. Re-invest, not use to purchase more stock.
Our tax rates should definitely be re-evaluated, and the wealthy should pay a higher effective rate than everyone else. But no one ever paid 91%. At the time, there were a LOT more deductions you could take. But the basic (correct) premise was - If you don't use your money to keep things happening in the economy, we'll take it and make things happen in the economy.
Money is just a tool. If you leave it in the bank it doesn't do any good. If you use it, it creates things, feeds people, fixes problems.
