NYC wants to tax top 1% to fix subway...

[The Conservative]

Much as I have no problem taxing millionaires, NYC could raise mucho cash simply by reducing their subsidy to non-commercial real estate. Homes in NYC are taxed at a less than 20% the rate of surrounding areas, and that includes the condos owned by Russian and Chinese oligarchs that sit empty. If they were taxed at 2% rather than less than 1/2% the parking of cash in property would be less appealing. It could even be progressive to the price, hitting $20m penthouses with 4%.

What part of taxing your way out of an issue doesn't work do you not understand? Especially if you allow the government to control said money... you know for a fact it would not be spent properly.

[brewster]

Much as I have no problem taxing millionaires, NYC could raise mucho cash simply by reducing their subsidy to non-commercial real estate. Homes in NYC are taxed at a less than 20% the rate of surrounding areas, and that includes the condos owned by Russian and Chinese oligarchs that sit empty. If they were taxed at 2% rather than less than 1/2% the parking of cash in property would be less appealing. It could even be progressive to the price, hitting $20m penthouses with 4%.

What part of taxing your way out of an issue doesn't work do you not understand? Especially if you allow the government to control said money... you know for a fact it would not be spent properly.

Your ideology blinds you to the fact that certain systems need to be tax funded. Public transit is one of them. Is there waste? Without a doubt, but "starve the beast" rather than create accountability is not the way. Too often "starve the beast" starves the oversight and lets the waste run rampant. Ex: cutting the budget of the IRS does NOT save money!

[heydaralon]

I really hate the fact that sovereign wealth funds, post mao chinks, and Russian oligarchs, park their wealth in Western real estate. Ive read stuff about real estate markets in Manhattan, SF, and Vancouver getting heavily skewed by this behavior. There isnt a way to fully stop this, but I have no problem with placeholding foreigners getting taxed into oblivion. Im not an expert on this problem, but I hate the fact that people who dont live here can fuck up local markets. Get rid of that option imo. Its not our problem that your shitty govt has restrictions on local capital and investment. Find another stooge govt to park your cash Mr. Wang Tang Abolhassan.

[Speaker to Animals]

It should be taxed higher. Foreigners who purchase real estate in the US should pay a much, much higher property tax.

[heydaralon]

It should be taxed higher. Foreigners who purchase real estate in the US should pay a much, much higher property tax.

The funny thing is, liberals twist themselves into knots about US meddling in foreign countries. I am willing to debate there merits of our international business and military endeavors, but these same far left cosmopolitan types are up in arms about brexit, restricted immigration, and US protection of certain industries like steel. These policies are "1930s", regressive, or "Isolationist." Gimme a fucking break. There is nothing wrong with wanting the best for people who live in your own country. I don't think the US should enable or subsidize the extremely rich or the extremely poor of shithead countries, especially at the expense of our own citizens.

[brewster]

It should be taxed higher. Foreigners who purchase real estate in the US should pay a much, much higher property tax.

Good luck with unraveling 18 LLCs and holding companies to find who actually owns the apartment. I heard some boards are trying to keep LLCs out, but the money is just soooo gooood.

[Speaker to Animals]

It should be taxed higher. Foreigners who purchase real estate in the US should pay a much, much higher property tax.

Good luck with unraveling 18 LLCs and holding companies to find who actually owns the apartment. I heard some boards are trying to keep LLCs out, but the money is just soooo gooood.

Fucking hell. Is it impossible to stop these people from fucking with our real estate prices?

[Ex-California]

Much as I have no problem taxing millionaires, NYC could raise mucho cash simply by reducing their subsidy to non-commercial real estate. Homes in NYC are taxed at a less than 20% the rate of surrounding areas, and that includes the condos owned by Russian and Chinese oligarchs that sit empty. If they were taxed at 2% rather than less than 1/2% the parking of cash in property would be less appealing. It could even be progressive to the price, hitting $20m penthouses with 4%.

Instead of new taxes how about just a ban of non-citizens buying property?

[The Conservative]

Much as I have no problem taxing millionaires, NYC could raise mucho cash simply by reducing their subsidy to non-commercial real estate. Homes in NYC are taxed at a less than 20% the rate of surrounding areas, and that includes the condos owned by Russian and Chinese oligarchs that sit empty. If they were taxed at 2% rather than less than 1/2% the parking of cash in property would be less appealing. It could even be progressive to the price, hitting $20m penthouses with 4%.

What part of taxing your way out of an issue doesn't work do you not understand? Especially if you allow the government to control said money... you know for a fact it would not be spent properly.

Your ideology blinds you to the fact that certain systems need to be tax funded. Public transit is one of them. Is there waste? Without a doubt, but "starve the beast" rather than create accountability is not the way. Too often "starve the beast" starves the oversight and lets the waste run rampant. Ex: cutting the budget of the IRS does NOT save money!

Cutting out the IRS entirely would though, especially since the US Government already knows what you owe on its taxes and is one of the few modern day countries that doesn't send people their tax information already filled out, and say how much they will be getting back or they owe...the reason we don't get them done that way is because of companies like Turbo Tax, and H&R Block so we get penalized for improperly doing something they already know the answer to. I digress though.

The other issue here is simple, you obviously never worked in the Public Sector... theft and corruption are rampant in systems like this. Just look at Boston and The Big Dig, as well as the MBTA itself... decades in prep and install and it didn't do what it was promised... they found a golf course under ground in one case during the big dig...

So please tell me, why should I trust a government that has no proof of showing an ability to save money at all if given a blank check?

[brewster]

Cutting out the IRS entirely would though, especially since the US Government already knows what you owe on its taxes and is one of the few modern day countries that doesn't send people their tax information already filled out, and say how much they will be getting back or they owe...the reason we don't get them done that way is because of companies like Turbo Tax, and H&R Block so we get penalized for improperly doing something they already know the answer to. I digress though.

The other issue here is simple, you obviously never worked in the Public Sector... theft and corruption are rampant in systems like this. Just look at Boston and The Big Dig, as well as the MBTA itself... decades in prep and install and it didn't do what it was promised... they found a golf course under ground in one case during the big dig...

So please tell me, why should I trust a government that has no proof of showing an ability to save money at all if given a blank check?

I may have never worked in the Public Sector but you obviously have never owned a business. Yes, for workers tax should be simple, but for anyone with deductions and expenses it's far more complex. It's absurd and paranoid to think tax prep companies hold sway over tax policy the way insurance companies control health care, but it's possible they block the govt implementing it's own simple online form. But you'd hate that, since anything the govt does is bad.