Insidious Tax: The worst of the worst in taxes is the Real Estate tax. The only way to make it even partially fair is to set and leave the basis as the price paid for the property if it is a primary residence. This would be the max which would only go lower based on income. Instead, we pay more tax as the phantom real estate prices rise.…
Insidious Tax: The worst of the worst in taxes is the Real Estate tax. The only way to make it even partially fair is to set and leave the basis as the price paid for the property if it is a primary residence. This would be the max which would only go lower based on income. Instead, we pay more tax as the phantom real estate prices rise. Where I am, the lion's share of these taxes goes to 'public education' which is so terrible that we either have to pay non-deductible tuition at private schools or home school anyway.
A close second to this is taxes on food which some states don't do at all. Taxes on food should in the very least automatically reduce with inflation. I'm in one of the poorest states and we get hit with about 10% on food. As prices rise, so do the taxes. We pay more money for less food and the government collects even more still.
Insidious Tax: The worst of the worst in taxes is the Real Estate tax. The only way to make it even partially fair is to set and leave the basis as the price paid for the property if it is a primary residence. This would be the max which would only go lower based on income. Instead, we pay more tax as the phantom real estate prices rise. Where I am, the lion's share of these taxes goes to 'public education' which is so terrible that we either have to pay non-deductible tuition at private schools or home school anyway.
A close second to this is taxes on food which some states don't do at all. Taxes on food should in the very least automatically reduce with inflation. I'm in one of the poorest states and we get hit with about 10% on food. As prices rise, so do the taxes. We pay more money for less food and the government collects even more still.