> I assume you'd back an exclusion for the primary residence (one home per person, or at least an income requirement).
No need for that. If the only taxes were on real estate, that would free up a vast amount of capital that the elderly are currently paying in taxes on their IRA withdrawals. Even if their current property taxes were tripled, they'd likely end up with a net gain (or at least no net loss) due to the eliminated income taxes.
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> I assume you'd back an exclusion for the primary residence (one home per person, or at least an income requirement).
No need for that. If the only taxes were on real estate, that would free up a vast amount of capital that the elderly are currently paying in taxes on their IRA withdrawals. Even if their current property taxes were tripled, they'd likely end up with a net gain (or at least no net loss) due to the eliminated income taxes.