More Thoughts on Taxes
Reihan considers whether the tax revolt is, indeed, over. He cites a piece in the National Review stating that a new revolt is brewing at the local level over property taxes. This is undoubtedly true. Looking through public opinion data on taxes, I was reallys struck by people’s attention had shifted from their federal tax burden to local property taxes. Here in Chicago, it’s a huge issue. A lot of the problem is the fall-out of the housing boom. There are many working class families in Chicago who are now living in small houses on small lots in hot neighborhoods. Their houses are now worth half a million dollars and they’re paying through the nose on their property taxes. As a general matter of tax policy, I couldn’t even begin to answer the question of whether property taxes are a good way of taxing people. Clearly, it’s a bad way to fund schools, but is it generally progressive? Efficient? I have no idea. If anybody does, I’d love to hear about it.