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RES327: Real Estate Economics

In 200-250 words, List two basic taxing philosophies in the United States. Discuss current and proposed real property tax reforms. Do you think that the real property tax is regressive and a burden on lower-income people?

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According to the textbook, the two basic taxing philosophies are 1) the ability to pay and 2) taxes should be paid according to the benefits received from the government [Den]. The rational behind the ability-to-pay taxation is grounded on the principle that taxes should be imposed according to the taxpayer’s ability to pay. In other words, the tax rate increases as a percentage along with income. The rationale behind benefits received taxation is grounded on the principle of tax fairness, people should be taxed based on the benefits they receive from the government and a “donor who receives a tangible benefit from making a charitable contribution must subtract the value of that benefit from the amount claimed as an income tax deduction [Kag18].”
On December 22, 2017, President Trump signed the “Tax Cuts and Job Act” into law, bringing reform to the tax code. The act lowered tax rates but keeps the seven income tax brackets, which will return in2026. The plan also doubles the standard deduction, which some argue that it could hurt the tax preparation industry and decrease charitable contributions. Many in the real estate industry, such as the National Association of Realtors, fear that taxpayers will move to take the standard deduction eliminating the personal exemptions and most itemized deductions [The19]. For homeowners, it would mean that the first $750,000 of the loan, mortgage interest paid would no longer be deducted which include home equity line of credit. This could cause an adverse effect on the real estate market by slowing down home

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