this post was submitted on 20 Jun 2024
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The more properties you own, the more tax you pay on the price of the next one - excluding if you only own one, but escalating quickly after like 3 or 4.
Linear housing, quadratic taxes
This is so obviously what needs to happen. The fact that it hasn't says everything you need to know about current governments.
Texas is that way to a point. Your primary residence gets enormous tax breaks. Any property after that, fuck you, pay up. The downside to that is that it contributes to the high cost of rent as the owner passes it along to the tenant.
Does it increase per property owned though? They can't keep passing on the tax increase to the tenant if at a certain point they own 1000 houses and now their tax on the last one is 7 times higher than the rent on it.
That's what we should be doing any house after your second gets increased a ton per house. Make it untenable for people to own rental properties. I don't mind someone having a vacation house or two if they can afford it. But nobody needs 10 vacation houses, they're rental or investment properties at that point so fuck them.
Serious question, couldn't you bypass this by just setting up different LLCs that only have one or two properties under them?
They already do this. In my old job, the boss had 0 properties, he just used company money, company cars etc and had multiple of them
Possible formula: Tax for n-th house = n-th Fibonacci number + 5 * max(0, n - 2). So low numbers like three get penalized by that linear part, and high numbers grow exponentially due to the Fibonacci number.
Ok now it's starting to get confusing enough to fit into our tax system. Can we add more variables? Lol