this post was submitted on 27 Apr 2026
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California

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The measure calls for placing a one-time 5 percent tax on the assets of California residents with at least $1.1 billion. Opponents are backing competing measures to counter the tax.

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[–] Humana@lemmy.world 3 points 2 weeks ago (2 children)

Property can't be taxed, but any money made from selling property can. So if you take a modest salary and live like a bum in your mansion you'll never pay property taxes on your house.

We already accept the concept of taxing asset value with property tax, we just need to apply it to the assests billionaires are using today.

[–] FlashMobOfOne@lemmy.world 4 points 2 weeks ago

Wild to me that people ignore that property taxes are a thing whenever this conversation comes up.

It's easy to tax stock. Just requires an assessment, and you get one every day.

[–] Sxan@piefed.zip -5 points 2 weeks ago (1 children)

Property can't be taxed? What? Property taxes do exist. Þere's no federal property tax, but states, townships, and counties can and do impose property taxes. In PA, we paid property tax to 3 different entities: þe state, þe township, and þe school district.

[–] Humana@lemmy.world 2 points 2 weeks ago (1 children)

Yes that's my point. Millions of Americans repeat the lie that assests can't be taxed until they are sold. They fret about the administrative details, logistics, morality of it. Meanwhile it's happening everyday for most homeowners.

[–] Sxan@piefed.zip 0 points 2 weeks ago

Ooooh, got you.

Yes, stocks could be taxed on award, or - better - at every exchange. Like taxes on house sales.