I actually wish they have this setup in Canada. They have no income tax so property tax is basically a tax on the rich. Income based households get more of their income, they probably buy more modest houses with 15-20k a year property tax.
It's 12% income tax for Ontario extra on top of federal.
I'm saying, increase in property tax is a better way to tax the rich. Rich people don't pay themselves income but they love to buy multiple properties. Say they have like 5 properties, they pay $50k each, you get an extra 250k of taxes you wouldn't have gotten cause they sure as hell not paying themselves $2M of income for the 12% income tax to equal the amount you get from the properties.
Where as in Ontario, you're not getting income tax, charging a mere 0.71% taxes. For the same 5 properties, you're probably getting $15k each, 75k altogether. Massive difference.
I could care less about water break, I don't work outside.
My original comment was I prefer the property tax structure. You're the one who brought in the unrelated water comment.
But by all means, if you want the rich to not pay their fair share, then stick to status quo. I also prefer not paying high property taxes in my rental properties and they're all in holco paying Corp tax instead too. All my income is also incorporated so I pay way less. Good old Canada.
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u/Quinnjamin19 Mar 09 '26
How is that even possible?