Avid Amoeba@lemmy.ca to News@lemmy.world · 14 hours agoMamdani Threatens 9.5% Property Tax Increase if Wealth Tax Is Not Passedwww.nytimes.comexternal-linkmessage-square108fedilinkarrow-up1456arrow-down11file-text
arrow-up1455arrow-down1external-linkMamdani Threatens 9.5% Property Tax Increase if Wealth Tax Is Not Passedwww.nytimes.comAvid Amoeba@lemmy.ca to News@lemmy.world · 14 hours agomessage-square108fedilinkfile-text
minus-squareEnsign_Crab@lemmy.worldlinkfedilinkEnglisharrow-up2·2 hours agoDo you suppose a wealth tax wouldn’t also be passed on to renters? Should we just not tax the rich at all since they’ll just pass the cost on to their tenants?
minus-squarePyr@lemmy.calinkfedilinkarrow-up1·31 minutes agoThere is one way a wealth tax probably wouldn’t be passed down to renters. If everything over a certain point is taxed at 100%. Including stocks and all that stuff that rich people typically store their money. That way it doesn’t matter if they increase the rent they still won’t get more money out of it so there’s no point in increasing it. They may be incentivized to sell properties in that case to bring property values down and therefore rent.
Do you suppose a wealth tax wouldn’t also be passed on to renters? Should we just not tax the rich at all since they’ll just pass the cost on to their tenants?
There is one way a wealth tax probably wouldn’t be passed down to renters.
If everything over a certain point is taxed at 100%.
Including stocks and all that stuff that rich people typically store their money.
That way it doesn’t matter if they increase the rent they still won’t get more money out of it so there’s no point in increasing it.
They may be incentivized to sell properties in that case to bring property values down and therefore rent.