Let’s look at wealth.
For a working man, or woman, most of their wealth is represented by their homes. Homes are the single biggest component of their wealth.
A rich person’s wealth is distributed across various investment vehicles, not just their house. Equities. Bonds. Art, jewelry, and cash. None of that is subject to property tax.
A member of the working class may own equities, bonds, art, and jewelry, and cash. But all of that is likely a much smaller proportion of their wealth portfolio.
Houses are subject to property tax. All that other stuff is not.
So, a member of the working class pays a higher percentage of his income in property tax than those whose wealth is distributed across various investment instruments.
Great point Rich! Never quite thought about it that way.
The lottery is a regressive tax and modest income people gladly and willingly pay that tax…
But no one will take your house away if you don’t play.
Not to go full Georgism, but a land value tax might be just the ticket to getting the developer class to pay their fair share. Not using the land? Taxed. CAD helps drive up land values in a scheme to make the city look good for stable property tax rates? Well tax the land use instead. I’m not an economist but LVT seems more progressive