Even with all the non-ultra rich (500 mil and up) boomers combined, the ultra rich have way more money and are not paying thier fair share.
Kill the ultra rich, save the poor.
More than that, the “wealth” Boomers possess is largely tied up in their homes (inflated assets benefiting from artificially low property taxes) and their 401ks (just riding the wave of inflated equities post-COVID). It’s not like they’re stealing your salaries or your health care benefits or larding you up with college debt, as all of these are functions of corporate finance profiteering not personal retirement accounts.
What we’re really seeing is an inflationary wave created by corporate excess consumption that Boomers are able to ride a little easier than their Millennial and GenA peers.
Kill the ultra rich, save the poor.
We have such enormous surpluses, but we insist on squandering them to… build another data center nobody wants? Finance another round of bombing runs on Tehran and Caracas? Shove a few thousand more migrants into concentration camps?
That said, we’ve got a lot of Boomers with brainworms who are convinced this is good public policy. We’ve also got a bunch of Joe Rogan Millennials and Alphas who feel the same way. I don’t know how to change that. Certainly not while billionaires own and operate the national media.
California laws freeze property taxes for residents over the age of 55. The end result is that new homebuyers can pay multiples of what their senior neighbors cough up, because the housing value has been locked in to the pre-'00s price booms. They’re not the only state with these very elderly-friendly property tax rules.
Ok, I didn’t have that law, but my main problem with that law is that it is limited to people over 55.
Problem is property tax valuation ends up mixing up people just using their house as a place to live, and folks using it as a financial instrument. So people can get hosed on the property tax despite having no actionable wealth derived from their residence.
Problem is property tax valuation ends up mixing up people just using their house as a place to live, and folks using it as a financial instrument.
Most tax districts have a “homestead exemption” which is limited to one home per homeowner. You can game this (spouses and children having property declared in their names, for instance). But - broadly speaking - the law does accommodate this exception.
The bigger problem is that our financial sector is so bloated with unspent cash and so hungry for ROI that our tax system isn’t a serious deterrent to landlordism and financialization of real estate.
Even with all the non-ultra rich (500 mil and up) boomers combined, the ultra rich have way more money and are not paying thier fair share. Kill the ultra rich, save the poor.
More than that, the “wealth” Boomers possess is largely tied up in their homes (inflated assets benefiting from artificially low property taxes) and their 401ks (just riding the wave of inflated equities post-COVID). It’s not like they’re stealing your salaries or your health care benefits or larding you up with college debt, as all of these are functions of corporate finance profiteering not personal retirement accounts.
What we’re really seeing is an inflationary wave created by corporate excess consumption that Boomers are able to ride a little easier than their Millennial and GenA peers.
We have such enormous surpluses, but we insist on squandering them to… build another data center nobody wants? Finance another round of bombing runs on Tehran and Caracas? Shove a few thousand more migrants into concentration camps?
That said, we’ve got a lot of Boomers with brainworms who are convinced this is good public policy. We’ve also got a bunch of Joe Rogan Millennials and Alphas who feel the same way. I don’t know how to change that. Certainly not while billionaires own and operate the national media.
No disagreement here.
I disagree with this one…
California laws freeze property taxes for residents over the age of 55. The end result is that new homebuyers can pay multiples of what their senior neighbors cough up, because the housing value has been locked in to the pre-'00s price booms. They’re not the only state with these very elderly-friendly property tax rules.
Ok, I didn’t have that law, but my main problem with that law is that it is limited to people over 55.
Problem is property tax valuation ends up mixing up people just using their house as a place to live, and folks using it as a financial instrument. So people can get hosed on the property tax despite having no actionable wealth derived from their residence.
Most tax districts have a “homestead exemption” which is limited to one home per homeowner. You can game this (spouses and children having property declared in their names, for instance). But - broadly speaking - the law does accommodate this exception.
The bigger problem is that our financial sector is so bloated with unspent cash and so hungry for ROI that our tax system isn’t a serious deterrent to landlordism and financialization of real estate.