Property taxes don't just lead to unequal outcomes for America's children though, they also reinforce the vicious cycle of inequality in our communities, especially in cities like right here in the nation's capital, where neighborhoods are rapidly gentrifying, property taxes are rapidly increasing, and the poorest members of the community are the first to be forced out of their homes and into neighboring Maryland.
If we want to fix the budget deficits in our state and local governments without creating more inequality, and if we want to guarantee that we can provide and expand social security and Medicare for future generations, there's a simple solution.
It's time to actually tax the super-rich in this country with a wealth tax that would apply to the multimillionaires among us.
If we simply applied a 1% tax per year on Americans who have, say, over $15 million in net assets, we wouldn't have to rely on unconstitutional policing to fill in local budget shortfalls, and we could lower or do away with property taxes and actually let people own their homes.
The apocryphal story is that notorious bank robber Willie Sutton once told a reporter that he robbed banks "because that's where the money is!"
Sutton may never have actually said those words, but its good advice for policy makers who are trying to figure out how to make-up a budget shortfall.
If policymakers need to raise revenues, they should go to where the money is: Tax the multi-millionaires and billionaires on their net assets, end our insane system of corporate subsidies that funnel wealth from the middle class to the top 1%, and close the tax loopholes that let the top 1% hide their fortunes overseas in places like Panama and Switzerland.
The United States should stop saddling our poor with our state and local budget shortfalls, and start requiring the super-rich to pay their fair share.
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