Dumak
(397 posts)
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Thu Nov-27-08 10:04 AM
Response to Reply #50 |
121. The rich people I know hoard properties as an investment |
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This has the effect of raising real estate prices to such an extent that a medium-income person can scarcely afford one home to live in. What is needed is a federal residential property tax on homes that are not the owner's primary residence, and it needs to be high enough to make property investments a poor choice. Better yet, make it a tax on everyone, but provide an exemption for the first 500-1000 sq feet. Allow everyone to own one modest residence without being taxed.
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