I have never liked property taxes. Many years ago The Republican Party also opposed property taxes; however, The Big Government Republican Party of today seems to embrace levying property taxes and increasing government spending as fast as they can get away with.
I do not like property taxes because they mean that you can never own property; instead, you rent it from the government for an annual fee. I value my freedom and I think I should be able to own property without paying an annual fee to the government.
A reader of this blog asked me how much we would have to raise income taxes to eliminate property taxes...
I did not spend a lot of time researching this; however, I have made some estimates. In my estimates I am assuming we want to abolish all property taxes, including personal property taxes levied on businesses.
If we were to only increase sales tax we would have to increase our sales tax from 6% to 13.5%.
If we were to only increase income taxes we would have to increase Indiana personal income taxes from 3.4% to 7.7% AND we would have to increase Indiana corporate income taxes from 8.5% to 19.1%.
I do believe that we need to eliminate all property taxes. I think we need to kick the State out of a lot of areas and allow each locality to collect its own taxes by means of local income taxes and sales taxes.