jeremy said:

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Tom Fox said:

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jeremy said:

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Tom Fox said:

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ExPeterKeating said:

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I will support any politician who gets behind this. The property taxes on my house are CRAZY!

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How much is crazy? Lots of people say this but I've yet to see it reach even a fraction of high income taxes.

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The difference would be that when you retire, you would not owe income tax. But as the current system stands, you better plan on paying out the nose for property taxes until you die.

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Ok. Let's do some math, shall we? Say you have $7-10 million is liquid investments in the market earning 7% when you retire. You also owe a home valued at $1.25 million when you retire and you would be paying pay right at between $12k to $15K annually in property taxes.

Texas passes a state income tax or consumption tax that replaces property taxes. In the above scenario which will that retiree pay more for? Property taxes or the replacement? How does the above gentlemen stop paying income taxes? What idiot doesn't have income in retirement? How the F are they even retired then? Just holed up in their house waiting to die?

And that doesn't even take into account the extra he would pay over the next 15 years BEFORE he retires.

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I'm confused. So in this world we're we get rid of property taxes and now Texas has a state income tax, retirement payments are taxed as well?

Also, I'm not talking about your scenario at all.

I'm talking about state pensioned retiree who makes $3200 a month and has to pay $15k a year on taxes because the appraisers said their 1960s home is worth 1.25 million.

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That is just as much an outlier as me who will probably have $500k+ in investment income in retirement.

If you remove property taxes it will result in one of the following: state income tax, state consumption tax, or the gutting of public school funding.


One or two will be the option chosen. Option three would be fine with me though. You will never get spending cuts by exempting large swaths of the voting public from taxation needed to fund their consistent voting for more spending. We need everyone with skin in the game not less.

And $3200/month state pension man can sell his 1.25 million home that he can no longer afford to pay for.

Tom Fox said:

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jeremy said:

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Tom Fox said:

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jeremy said:

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Tom Fox said:

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ExPeterKeating said:

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I will support any politician who gets behind this. The property taxes on my house are CRAZY!

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How much is crazy? Lots of people say this but I've yet to see it reach even a fraction of high income taxes.

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The difference would be that when you retire, you would not owe income tax. But as the current system stands, you better plan on paying out the nose for property taxes until you die.

---

Ok. Let's do some math, shall we? Say you have $7-10 million is liquid investments in the market earning 7% when you retire. You also owe a home valued at $1.25 million when you retire and you would be paying pay right at between $12k to $15K annually in property taxes.

Texas passes a state income tax or consumption tax that replaces property taxes. In the above scenario which will that retiree pay more for? Property taxes or the replacement? How does the above gentlemen stop paying income taxes? What idiot doesn't have income in retirement? How the F are they even retired then? Just holed up in their house waiting to die?

And that doesn't even take into account the extra he would pay over the next 15 years BEFORE he retires.

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I'm confused. So in this world we're we get rid of property taxes and now Texas has a state income tax, retirement payments are taxed as well?

Also, I'm not talking about your scenario at all.

I'm talking about state pensioned retiree who makes $3200 a month and has to pay $15k a year on taxes because the appraisers said their 1960s home is worth 1.25 million.

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That is just as much an outlier as me who will probably have $500k+ in investment income in retirement.

If you remove property taxes it will result in one of the following: state income tax, state consumption tax, or the gutting of public school funding.


One or two will be the option chosen. Option three would be fine with me though. You will never get spending cuts by exempting large swaths of the voting public from taxation needed to fund their consistent voting for more spending. We need everyone with skin in the game not less.

And $3200/month state pension man can sell his 1.25 million home that he can no longer afford to pay for.

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So we are to the heart of the disagreement.

We both agree public schools spend like drunken sailors and we need to get spending in check.

Were we disagree is with compassion for someone who has built up equity in a home and doesn't want to move.

Let's make this argument. When you retire, why can't you move (out of state) to avoid a tax on your investments?

Sell the home that you own outright because you can't afford ever increasing property taxes. Shameful take

jeremy said:

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Tom Fox said:

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jeremy said:

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Tom Fox said:

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jeremy said:

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Tom Fox said:

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ExPeterKeating said:

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I will support any politician who gets behind this. The property taxes on my house are CRAZY!

---

How much is crazy? Lots of people say this but I've yet to see it reach even a fraction of high income taxes.

---

The difference would be that when you retire, you would not owe income tax. But as the current system stands, you better plan on paying out the nose for property taxes until you die.

---

Ok. Let's do some math, shall we? Say you have $7-10 million is liquid investments in the market earning 7% when you retire. You also owe a home valued at $1.25 million when you retire and you would be paying pay right at between $12k to $15K annually in property taxes.

Texas passes a state income tax or consumption tax that replaces property taxes. In the above scenario which will that retiree pay more for? Property taxes or the replacement? How does the above gentlemen stop paying income taxes? What idiot doesn't have income in retirement? How the F are they even retired then? Just holed up in their house waiting to die?

And that doesn't even take into account the extra he would pay over the next 15 years BEFORE he retires.

---

I'm confused. So in this world we're we get rid of property taxes and now Texas has a state income tax, retirement payments are taxed as well?

Also, I'm not talking about your scenario at all.

I'm talking about state pensioned retiree who makes $3200 a month and has to pay $15k a year on taxes because the appraisers said their 1960s home is worth 1.25 million.

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That is just as much an outlier as me who will probably have $500k+ in investment income in retirement.

If you remove property taxes it will result in one of the following: state income tax, state consumption tax, or the gutting of public school funding.


One or two will be the option chosen. Option three would be fine with me though. You will never get spending cuts by exempting large swaths of the voting public from taxation needed to fund their consistent voting for more spending. We need everyone with skin in the game not less.

And $3200/month state pension man can sell his 1.25 million home that he can no longer afford to pay for.

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So we are to the heart of the disagreement.

We both agree public schools spend like drunken sailors and we need to get spending in check.

Were we disagree is with compassion for someone who has built up equity in a home and doesn't want to move.

Let's make this argument. When you retire, why can't you move (out of state) to avoid a tax on your investments?

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Why can't he? I am a native Texan and this has been the state taxation regime for my entire life.

What states have a lower tax rate for high income earners in retirement. Texas is one of the best and has always been unfriendly to low income retirees because of property taxes. There are already plenty of states that are superior for him to retire in.

Google which states are best in retirement for high income retirees. Guess what? It is the no income tax states like Texas. I already live here. I built my business here.

I have another 15 years of working and you want me to now pay income taxes on my highest earning years? When I retire it will likely be in Florida.

He is retired. He can move today if he can afford to maintain his lifestyle.

Tom Fox said:

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Martin Cash said:

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Burdizzo said:

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GeeBee said:

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People saying eliminating property tax is a bad idea is mind boggling.

This is a yearly forever wealth tax on something you bought and paid for, that the government will sieze at first opportunity if you fail to do so.

We don't have a revenue problem, we have a spending problem. Wake up!

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I have many other things I have paid for that I have not paid tax to own. Have you considered putting your money there instead of real estate? If you're complaining about your home being taxed then let's discuss increasing the homestead exemption. I bet if you read the thread above, that has actually been mentioned

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It's on the ballot right now. Proposition 13,

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And would be idiotic because it remove the number of voters with skin in the game. If you want to not get taxed, you do not get to vote.

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Agreed. That's why I voted AGAINST.