Good. There's plenty of precedent for us peons - property taxes are a wealth tax. Generational wealth at the scale we see today is fundamentally incompatible with democratic principles. Billionaires are a policy failure.
Property taxes automatically goes up to cover the missing federal dollars, that is why property taxes are skyrocketing. Republicans cut federal income taxes and made it easier for CEOs to earn unlimited tax free money.
Property taxes have to pay for everything local that back in the 1950s was all taxpayer funded federally because we had a 90% federal income tax bracket and post-1929 financial regulations. Stock buybacks were illegal and CEOs could not pay themselves in stock and bubble the stock price to enrich themselves. When rich people shift money out of pockets of people who pay taxes to their own pockets where they pay no taxes, they defund the entire tax base and property taxes skyrocket. GDP is still at record highs and companies are posting record profits, but CEOs can run these companies so they and their insiders take all the money.
All the protections have been gutted by the republican party. We are back to the late 20s entering a new great depression. Removing the policies that ended the great depression is how you create a new great depression.
> Property taxes automatically goes up to cover the missing federal dollars, that is why property taxes are skyrocketing.
All property taxes in the United States are at the state and local levels, not federal. I don't know what you're referring to.
> The republicans did not stop wars, foreign spending, or wasteful spending, they stopped domestic spending on things regular people needed.
Yes.
> Republicans cut federal income taxes and made it easier for CEOs to earn unlimited tax free money.
Also yes.
> Property taxes have to pay for everything local that back in the 1950s was all taxpayer funded federally because we had a 90% federal income tax bracket and post-1929 financial regulations.
You're losing me again here.
But where has that actually occurred?
The federal government wasn't spending money on schools and other services when the tax brackets were that high. That money was going to the military. Social security and Medicare/Medicaid came later, after income taxes had been reduced.
If we want to reform the federal tax system to make it more fair, there is one particularly low-hanging fruit that any politician with a brain avoids like the plague: end the separate treatment of capital gains from income. Bezos sells billions of stock each year and pays a little under 20% on all of it. The rich don't need to engage in tax evasion schemes, the system is already incredibly friendly to income from capital over income from labor.