Regarding the "millionaire" who owns a WF home deemed by the assessor to be worth that much, whose million are we talking about? In too many cases, it certainly isn't the owner's million. It's someone else's million were talking about. So the owner is paying a tax on someone else's money. Funny thing is, if the owner sells the home, parks the cash in the bank, and lives in a tent in the woods, he no longer has to pay a tax at all, even though he's a cash-rich millionaire, all of it very fluid.
One cannot pay part of a home to satisfy the tax bill. It's all or nothing. There is a huge difference between a home and a bank account.
Should the federal IRS drop the income tax and switch to a property tax?
Should the state tax bank accounts and 401K accounts (not the interest, the principal)? They are assets, too. Oh, sure, the 401K is supposed to be tax deferred, but when it it's tapped finally, why not? The IRS does it. Oh, I get it! An income asset can't be taxed here, but a non-fluid home asset can be, even though the home produces no money for writing the check. I guess there's some logic there, somewhere, maybe, uhmmmm......
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