For this weeks tax thread: Why can't we Mamdani this thing?
Look, I'm new to understanding tax at all, so I expect to hear "it's not that simple" a lot. But I'd really like to understand the details and be more informed. So thank you for constructive, patient conversation!
Instead of increasing sales & grocery (luxury goods included) tax and continuing to squeeze money from people who don't have any -- Is there any good reason that we can't shift tax burden in the following way:
[Researched with the assistance of Gemini]
Pied-à-Terre Surcharge: A graduated annual surcharge on non-primary luxury residences and second homes valued over $1 million (with rates scaling from 4% to 6.5% for properties above $5 million) was passed to generate roughly $500 million annually.
The surcharge does not apply if the property is occupied by a tenant or subtenant who uses it as their primary residence under a bona fide, arm's-length lease (typically 1 year or longer).
People with multiple "homes" can pay about 4-6% more on their extra houses, Colorado still remains the one of the most affordable places to own homes in the country, and rent burden is not increased.
Please don't try to use beaurocracy limitations or hurt feelings as a legitimate counter argument. Being taxed on your "success" is what capitalism is all about.
My personal and likely inaccurate opinion is that the only reason this doesn't exist already is because so many of our lawmakers have multiple houses.
Please change my view.
Edit:
3:45pm TIL that a tax of this kind may be highly impactful for certain municipalities in CO, but it isn't helpful as a general state policy.
Also, i knew that everything devolves to TABOR eventually, but today I'm learning that everything devolves to TABOR rather quickly. It's like a ceiling that progressives keep hitting their head on when they try to make things better via public service.
[P.S. I have A LOT to learn about TABOR. Apparently EVERYONE does though.]