MAGA declares war on the property tax
9 days ago
- #housing-policy
- #MAGA
- #property-tax
- MAGA politicians like Marjorie Taylor Greene, Ron DeSantis, and Vivek Ramaswamy are advocating for the elimination of property taxes.
- Property taxes are unpopular among Americans because they are seen as a tax on savings and are highly salient, often paid in large annual sums.
- California's Proposition 13, passed in 1978, capped property taxes at 1% of assessed value at purchase, leading to budget shortfalls and reliance on volatile income and capital gains taxes.
- Proposition 13 has also exacerbated NIMBYism and led to 'fee culture' where municipalities charge fees for new developments to raise revenue.
- Land Value Taxation (LVT) is proposed as a better alternative, taxing only the land value and encouraging development while potentially offering tax breaks to homeowners.
- The push to abolish property taxes reflects a broader political trend towards grievance and privilege rather than policies promoting widespread prosperity.