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But isn't a large aim of property tax to keep people moving and prevent the situation where you've got retired couples hogging all the family homes because they've got no incentive to downsize?
hugo7-
It's an aim, it isn't really what I have in mind. I want people with lots of wealth to contribute lots. Property tax is one of the more straightforward forms of wealth to tax because you can't move it, hide it etc.
There is still an incentive to downsize if you want your offspring to inherit with a smaller tax bill.
The other thing about an annual property tax is it could probably replace stamp duty which then makes buying and selling cheaper and perhaps more movement?
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they've got no incentive to downsize
I think there are shit loads of incentives to downsize; the blocker is downsizing to what and where? There isn't the supply of efficient, reliable, modern small homes they need.
jellybaby
Howard
I'd let people defer it until they sell, although maybe with an interest charge