If my net worth carries over to the next year, am I taxed on it again?
What if my debt exceeds my income and net value of assets? Do I get something from the state?
At what point is “net worth” assessed?
yep. so probably the tax should be lower than a hurdle rate
Property Tax in my neighborhood in NJ is 10k-20k for houses purchased between 500k-800k.
or maybe heavily tax increases to net worth. stop the uber rich from getting uber uber rich. haven’t thought this through though
well…your house and car are, so why not
This is always the knee-jerk response I hear. I don’t think it’s that simple. Yes some will leave, and good riddance. If they aren’t willing to pull their weight then we don’t need them imo.
Yeah most people just stay put. Moving is not easy. And there are other factors than just taxes. There’s a reason California and Texas are still super populated despite having high income tax and property tax respectively.
IIRC, TX has no (state) income tax. And it’s extremely veteran-friendly.
yeah, but state income tax is nothing compared to property tax (if you don’t live in the po).
“Avoision.”