Raising taxes to pay for "budget shortfalls"

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    Raising taxes to pay for "budget shortfalls"

    Welp, looks like the local governments are going to put all their budget issues on the backs of the middle class and the "rich".

    Look out California, businesses are about to get crushed with property tax increases. Nashville, taxes going up 34%. wow.

    https://www.foxnews.com/politics/loc...ced-shortfalls

    Local governments weigh major tax hikes to plug coronavirus-induced shortfalls

    Property tax rates in Nashville will be increasing by 34 percent


    Fox News Flash top headlines are here. Check out what's clicking on Foxnews.com.

    Homeowners, beware.

    State and local governments scrambling to raise money during the economic crisis caused by the coronavirus pandemic are looking to increased property taxes -- as well as wealth taxes and more -- to fill budget holes.

    The proposals come as officials are trying to strike a balance. Historic job losses caused by lockdowns fueled the downturn that's put the squeeze on city and state budgets. Washington sought to offset this with stimulus payments, additional unemployment benefits, business grants and more. Any push to raise taxes too dramatically could hurt the economy even more.

    But some officials argue that increases are unavoidable.

    Property tax rates in Nashville, Tenn., will be increasing by 34 percent in what Mayor John Cooper described as a “painful but necessary” move that will raise money for the city, which has taken a hit during the pandemic.

    Elsewhere, the debate is raging.

    This November, Californians will vote on whether to strip decades-old protections from commercial and industrial properties. Since 1978, tax reassessments to the fair market value of California property have only been done when the property is sold or there is new construction. Otherwise, assessments are capped at increases of 2 percent a year. The new measure, if approved, would make exceptions from this for industrial and non-agricultural commercial property, requiring them to be reassessed to fair market value at least every three years.

    In Chicago, Mayor Lori Lightfoot said property tax increases are “on the table” to help address budgetary problems that include a projected shortfall of nearly $700 million that she said could become even greater.

    “Those are the last choices and tools that I want to use, but I can’t take any of them off the table," she said.

    In Texas, Dallas lawmakers were considering a massive property tax hike of as much as 8 percent but needed the city council to pass a measure allowing them to increase rates by more than 3.5 percent. In May, the resolution failed after a 12-3 vote.

    “I want to take this option off the table," City Council member Cara Mendelsohn said, according to local NBCDFW. "And if we were to pass this resolution and we were to increase taxes even close to this amount, we would be creating the next disaster for Dallas.”

    Other areas are looking at different methods of increasing revenue, such as wealth taxes. A New York state senator from Queens said in May that “the only people who actually have money right now are billionaires,” and introduced a bill that would treat capital gains as income and would tax unrealized capital gains.

    That money would not be used for existing programs, however. The funds raised by the increased taxes on billionaires would go to a new “worker bailout fund” that would provide monthly payments of $3,300 for people who do not qualify for unemployment benefits or CARES Act payments.

    Other New York state lawmakers are pushing for income tax hikes for those who earn more than $5 million.

    In Seattle, a new measure approved by the City Council will add a tax on companies with at least $7 million in annual payroll. The “JumpStart Seattle” tax will tax businesses up to 2.4 percent on Seattle-based employees who earn more than $150,000. The bill specifically references the emergency conditions imposed by the pandemic.

    Last week, New Jersey approved a plan to borrow up to nearly $10 billion to address a massive budget shortfall. Republicans have warned that this could lead to an increase in property taxes or a wealth tax, while Gov. Phil Murphy has said that if the state does not borrow, he would “have no choice but to raise property taxes,” according to NJ.com.

    In a Friday interview with the Washington Post, however, Murphy said taxes could still go up, as the state will likely need “revenue raisers” and “everything is on the table.”

    #2
    Last year ours went up 11 cents per $1000. I'm scared to know what its going to be this year.

    Comment


      #3
      With what we are "saving" on school and police defunding they should be lowering them...

      Comment


        #4
        Is it really a budget if you just spend what you want and then ask for more?

        Comment


          #5
          Originally posted by junkytj View Post
          Is it really a budget if you just spend what you want and then ask for more?
          That's what politicians call a budget.
          Non Lemming

          Comment


            #6
            And all the homeowners sell their properties and move back out of the cities.

            They were already pulling that shit here before corona. They'd wait til a shitty area started getting invested in, then jack the assessments up through the roof and redistrict the schools so that the section 8 housing ends up in the same schools and raise property taxes so people can't resell and move out because the new school district the houses are in sucks.
            Lay me down some rails boys, don't put me in jail boys
            And if I make a little noise, just leave me alone

            Comment


              #7
              Here's a concept politicians can't grasp.... Stop fucking spending money.

              Comment


                #8
                guess its time to sell the house, buy some vacant land and throw a trailer on it
                Byro-
                Nothing is for sale man, I’m a curator of the finest junk.

                Comment


                  #9
                  Originally posted by Thunderer View Post
                  Here's a concept politicians can't grasp.... Stop fucking spending money.
                  They are more scared of the people they are giving free stuff to, than they are of the ones they are stealing the money from to pay for it.

                  Comment


                    #10
                    I was going to chime in about Nashville, but it's in the article. People are PISSED. Real estate is already stupid high by TN standards ($200-$400 a square foot), and this isn't going to help their push for 'affordable housing.' Renters will be feeling it in addition to the homeowners.

                    Property taxes going up is just the tip of the iceberg. Pretty soon we'll see sales and fuel tax go up to account for the shortfalls there. Cops are also going to be writing fewer warnings and larger fines to account for decreased traffic volume. Too bad government can't tighten their belt just like your average household does when they take a pay cut.

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                      #11
                      When the Mayor announced this, his justification was "we know you're hurting, but if we don't increase taxes, we're going to have to lay off government positions," paraphrased.

                      This isn't just Nashville - it's all of Davidson county.

                      The irony isn't lost on most... "I forced you out of your jobs... Now I'm going to charge you 34% more for the pleasure of owning your house/place of business."

                      Comment


                        #12
                        Originally posted by Thunderer View Post
                        Here's a concept politicians can't grasp.... Stop fucking spending money.
                        If we start voting from our rooftops , one round at a time , that shit might stop , since the ballot box isn't sending the right message.

                        Comment


                          #13
                          Originally posted by Arickvan View Post
                          guess its time to sell the house, buy some vacant land and throw a trailer on it
                          sales tax, throwing tax, vacant land tax, trailer tax, stationary trailer tax,
                          Long Days and Pleasant Nights

                          Comment


                            #14
                            Originally posted by dntsdad View Post

                            sales tax, throwing tax, vacant land tax, trailer tax, stationary trailer tax,
                            good point... ill just go squat in newsoms mansion then

                            if i hide in the attic long enough, he cant kick me out, he has to evict me
                            Byro-
                            Nothing is for sale man, I’m a curator of the finest junk.

                            Comment


                              #15
                              I have always said get off the porch day is when we need to choose between putting food on the table or paying property tax. The dirt will be stained red before they take my home.

                              Comment

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