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2010 Sep 1, 7:06am
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2010 Sep 1, 7:06am
It's all a mess.
http://www.cooperativeindividualism.org/batt_on-tax-policy.html
the tldr is the last paragraph:
"By shifting to the collection of economic rent, manifest mainly in the form of land value taxation, governments will better succeed not only in overcoming the prevailing resentment against current taxation policies but provide better financial support for those services which are the rightful province of public obligation."
The stupid thing is people think they get to keep income tax cuts. The last decade demonstrated that tax cuts soon disappear in rising land values and housing costs.
Tax rents first, tax rents aggressively. Tax all rents where they exist.
I just finished my 2009 taxes and was thinking about our tax policies as well. Here is an inventory of tax effect from the various tax code.
Area of Tax code / Amount of tax saved.
401K employee portion: 11,200
Employer portion untaxed: 11,200
Pretax child care, transporation, flex health 3,890
ROTH IRA, 529 ??
Mortgage/property interest deduction: 12,780
Untaxed health insurance premium: 3,528
Energy tax credit: 1,000
Qualified Dividends: 2,340
Realized Capital gain treatment: 1,417
Depreciation adj. (timing) 5,614
Bush tax rates 2003: ~3,300
Total saved >55K
Federal/State actual ~48K
Pre-tax is by far the most significant. much more so then any deduction, credit or tax rates.
thoughts
#housing