• Ergologia@lemmy.world
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    1 year ago

    Property tax on stocks held outside a tax advantaged account.

    You think that’s crazy, I pay property tax on my home. I have to come up with money to pay it, whether or not my home made me any money that year.

    • sixCats@lemmy.dbzer0.com
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      1 year ago

      I think that’s crazy

      I also think that’s crazy. In the UK we pay stamp duty, a one time tax when you buy property. It’s much more if it isn’t your primary residence

      • JoBo@feddit.uk
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        1 year ago

        You pay council tax. It is a different way of collecting the same tax.

        • sixCats@lemmy.dbzer0.com
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          1 year ago

          Council tax doesn’t pay for any of the things that property taxes do. The USA also has separate taxes for bin collection etc

          • JoBo@feddit.uk
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            1 year ago

            You’re paying for local services and the amount you pay is based on the value of your home. HTH

            • sixCats@lemmy.dbzer0.com
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              1 year ago

              Yea but notably property taxes pay for schools in the USA, council tax pays for roads, lights, bins etc

              In the UK you don’t get to go to a better school just because your house costs more money

    • quindraco@lemm.ee
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      1 year ago

      If you’re American, those are state and/or municipal taxes. The Federal government can’t tax property without an Amendment.

    • cerothem@lemmy.ca
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      1 year ago

      You pay property tax because of the services that are provided to you by the municipality. Garbage collection, streets, parks, schools, libraries, public services, social programs, public events, etc.

      While I understand the idea your going for here the intent of those taxes aren’t the same and the businesses that they are interested in would pay some form of tax (probably?).

      I think something like a gross wealth tax, 10% of all wealth a year over over something like the poverty line * 100 in total assets