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.
Mike Sylvester
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10 comments:
Mike,
I am all for getting rid of all property taxes even if that meant an increase in a combination of sales and local income taxes.
If you think about some of the major issues today that are affecting tax payers like the FW schools, Harrison Square and others - many of those who are strongly opposed are worried about their property taxes. A retiree on a fixed budget would oppose most projects like this if it were to potentially increase their property taxes. I think we could be much more efficient if we shifted the tax burden from property ownership to sales and local income taxes.
DaveC
Mike,
I am all for getting rid of all property taxes even if that meant an increase in a combination of sales and local income taxes.
If you think about some of the major issues today that are affecting tax payers like the FW schools, Harrison Square and others - many of those who are strongly opposed are worried about their property taxes. A retiree on a fixed budget would oppose most projects like this if it were to potentially increase their property taxes. I think we could be much more efficient if we shifted the tax burden from property ownership to sales and local income taxes.
DaveC
I've got a suggestion. Let's just cut the amount of money the state spends each year in half. I'll guarundamntee ya 1/2 the spending now goes to waste.
At the federal level there's an organization (GAO) that monitors government programs for fraud and waste.
Yet when a government agency tells Congress they are wasting money the Congress consistently ignores them. Souder called the GAO a "liberal" organization when they reported that the anti-marijuana adds were a complete waste of money and probably led to more marijuana use. His argument was so ridiculous even Tucker Carlson called him on it.
Maybe one day somebody (from either party) will run a campaign where they promise to actually listen to the GAO...
The statement, "I have never liked property taxes" is pointless. No one likes taxes.
Also, I'm surprised you are for raising income taxes to support the loss of our property tax. New taxes supporting an abolished tax doesn't do anything. A tax is a tax.
Minimizing our spending and government programs would be a better way to supplement the loss.
Change Fort Wayne:
What?
I do not like property taxes, I prefer income and consumption taxes. There is more then one way to tax and I do not think property taxes are the best way to tax the citizens...
Mike Sylvester
Right now there are numerous (30?) agencies that can raise your property taxes.
An income tax would only be adjustable at the state and county level.
Replacing property taxes w/ income and other consumption taxes would be more efficient and harder to increase...
There's more than 30 agencies that can levy increases, Jeff...
The Sunday JG did a piece on them a few months ago....I'll have to dig that article out and post about them soon...you'd be surprised as to *who* has the power to make your PT rise.
I like the consumption tax gig...has some real possibilities.
As to the income tax thing...Philly, PA has a "city wage tax"....it's about THREE times the state tax...and whoever (either) LIVES in Philly, OR works in Philly has to cough it up.
Not the best way to go there...just the only way.
;)
B.G.
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