Watchhttp://english.peopledaily.com.cn/90001/90778/90862/7110297.html
At least China will put an end to the hoarding. The US should force a foreclosure within months and force banks to turn around the property within 3 months or pay heavy penalties. Lets get this mess cleaned up. In some ways China's government is better, and less corrupt than the US.
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Better and less corrupt? Patrick would be hanged for having a site like this in China. Banks hoarding properties are working in cooperation with the government. Why would the government all of a sudden change stance and go against the grain?
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46 male
Menlo Park, CA
Yes, at least I can still speak freely here. I think. Maybe I'll get a National Security Letter one of these days, eliminating my freedom of speech. Though it would be great fun to publish it everywhere I can.
We do have systemic corruption in the US real estate market though:
The US government defrauds buyers and taxpayers, subsidizing debt to benefit banks and sellers.
The buyer defrauds the bank on the application.
The bank and bond rating agency defrauds the mortgage bond makers.
The mortgage bond makers defraud pension funds and foreign governments.
The Federal Reserve defrauds everyone by buying bad mortgage bonds with newly printed dollars.
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Kent, WA
John Bailo's website
I was reading that at one point the only tax in this country was a property tax.
Having a rational property tax would solve a host of problems.
It would put a penalty on flippers and hoarders. I would truly make those who have the most (and hence get the most benefit from our nation) pay their fair share.
Putting taxes on income for people who are just getting a taste of the good life makes no sense.
For example, suppose someone makes $200,000 one year, but spends it on vacations. Should he pay a "tax"? I say no -- he's helped the economy.
But a person who owns acres of land, or hundreds of houses, and structures his "income" to look like nothing, can get away with paying very little tax.
It's time we reverted to an Asset Tax...this would be market savvy, and let things normalize again.
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Vacaville, CA
a4adam's website
John Bailo says
We certainly do need to change our tax system, that's for sure. Right now it just seems rigged for those who have. I kind of like the idea of a consumption tax over income tax. Asset tax seems reasonable too. I mean, how much longer can we go on pretending our system is working for everyone?
I've never earned much and don't own much. I don't even mind paying taxes but I expect to get something for those taxes I pay instead of just feeling like I'm being squeezed for every last penny I own.
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Redwood City, CA
I like Warren Buffets ideas on taxes.
Things like consumption taxes are just a simple way to allow the rich to get extremely rich. It helps those who can save gobs of money, because it's not taxed.
Those who live pay check to pay check will be paying taxes on everything. People who even make decent money often go pay check to pay check, which means they will pay high taxes. The super rich will go from paying 15% to essentially 1%.
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Premium
Commies!
Commies must DIE!
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Kent, WA
John Bailo's website
pkennedy says
Holy cow. Warren Buffet and I are saying the same thing.
I would like to see some more references to his ideas on taxing.
Does he support higher asset taxes?
It seems to me the only way to load level.
My point is that a person who has 100 acres of land, is getting more "protection" from the Army, and insurance for his money from the Treasury and so on. So, it's just market economics to charge a person more if they have more assets.
Just taxing income is silly. And what is even more ridiculous is that you can't write off losses. So if you earned $150,000 in a year, and put it all in the stock market, and the market went bust, you can only write off $3000. And you have to still pay taxes on the $147,000 even if you're broke!
Assets are the end result. They tell us who has the most stuff...no just who had a short year of velocity.
Imagine if all the people holding 2 or more houses, suddenly got hit with a whopping tax bill. How long do you think they'd keep those houses off the market? Yep.
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Vacaville, CA
a4adam's website
John Bailo says
In this system, I would basically pay no taxes. Same is true for the wife. Sounds nice!
I know the system is rigged for the rich because when I was 15 my father bragged to me how he made a nice six figure income one year and paid taxes on like $15k of it. Lots of tax shelters he said. Sounded fishy to me.
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Redwood City, CA
Every system will be gamed. Hence the complexity of the code now in place.
Warren Buffet believes that the more wealth you have, the more you should be chipping in, as it won't effect your life style either way. He also believes that bulk wealth shouldn't be transferred between generations. Hence him giving away 99%, same with Bill Gates.
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46 male
Menlo Park, CA
John Bailo says
I agree with everything you say there. And Henry George would agree with you too. But not a tax on any assets. Just a tax on land values. Other things are created by people and creative activity should be encouraged. Non-productive monopolization of land should be discouraged.
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No. Chinese government is far more corrupt.
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Concord, NH
That's an understatement... Hugo Chavez is less corrupt than our government.
Our current government is of and by the Chicago Machine... the very definition of corruption, graft and fraud.
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Concord, NH
Patrick says
Buyers were also in many cases defrauders also... those famous liar's loans did require the lying buyer to sign their lie... to me there should be tens of thousands (really perhaps a few million) buyers sitting in jail or with massive tax leins against them (along with RE brokers and mortgage brokers) to cover what we honest people are forking over to cover their very obvious, intentional crimes.
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John Bailo says
200k in vacations for one person is nothing but a gigantic waste of scarce oil. Can you imagine how much oil someone would burn in a year if on a 200k vacation budget? [shudder]
Just saying.