Reply #46: They tried it a few years back, putting luxury taxes on yachts [View All]

[Cleita]

jewelry, Rolls Royces and so on. Well the greedy bastards found a way to buy those things and register them in other countries. Sales dried up in many sectors here in the USA forcing some businesses into bankruptcy. The law was quickly repealed.

How about if they taxed property instead, like second homes and vacation homes? Many many uber riche multi-billionaires in my state own several properties, many very luxurious properties as well as out of state multi-billionaires who keep homes here in this state for business purposes. Yet, they pay the same 1% in taxes that the young family with a two bedroom, one bath starter home pays.

I'm all for keeping the 1% property tax for the middle class and working class people, but once they can afford extra homes, it's time to raise that property tax to 10%. In California this would be a huge source of tax revenue. It would also maybe put a lot of those vacation homes and condos that go empty most of the year back on the market so that people who actually needs them might have a chance of buying them.