I can take a deduction on my federal tax return for property taxes.
But typically the property tax bill is 3X the federal tax. If I paid no federal tax at all (a possibility in a very dry year, btw, and I'd still owe the property tax regardless) I'm still paying, with no way to get a deductible or finagle a loophole*, 3X more than that in property taxes.
And the income that property generates (by dint of my labor) is taxed too, and when I croak, a big chunk of that property might have to be sold to pay the inheritance taxes.
* there is a factor in the property tax calculations that allows for the quality and suitability of my land for farming. If I had bad land, I'd pay less. As it turns out, I have good fertile land, so that factor also runs up the tab
But typically the property tax bill is 3X the federal tax. If I paid no federal tax at all (a possibility in a very dry year, btw, and I'd still owe the property tax regardless) I'm still paying, with no way to get a deductible or finagle a loophole*, 3X more than that in property taxes.
And the income that property generates (by dint of my labor) is taxed too, and when I croak, a big chunk of that property might have to be sold to pay the inheritance taxes.
* there is a factor in the property tax calculations that allows for the quality and suitability of my land for farming. If I had bad land, I'd pay less. As it turns out, I have good fertile land, so that factor also runs up the tab
The granting of a pardon is an imputation of guilt, and the acceptance a confession of it.
