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I like Tom Elias, he is challenging and fair. But, in this column he presents just one side of an issue. "Here's the loophole: Whenever partnerships buy a property and no one individual holds a majority stake, the transaction is not considered a change of ownership and the property thus does not get reassessed. When one big vintner recently purchased 1,700 acres in Napa County, for instance, lawyers set up the new ownership as a partnership of several family members rather than part of the family's company. So taxes on that land are still based on decades-old valuations."
What he fails to mention is that without this "loophole" the value of property would go down and some owners would be bankrupt. The higher the taxes, the lower the property value--raise taxes, you lower value.
This is why all columnists should be mandated to take, and pass, an economics course. This "loophole" business is really about Democrat ideology to kill private property. Tax it out of existence. Looking forward to Elias writing about the other side of the issue.
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What he fails to mention is that without this "loophole" the value of property would go down and some owners would be bankrupt. The higher the taxes, the lower the property value--raise taxes, you lower value.
This is why all columnists should be mandated to take, and pass, an economics course. This "loophole" business is really about Democrat ideology to kill private property. Tax it out of existence. Looking forward to Elias writing about the other side of the issue.
More...