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RES327_ Week 3 Discussion 1

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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The first basic taxing philosophy is an individual’s ability to pay or also known as ability-to-pay principal. The second basic taxing philosophy is the benefit principle which basically states that what an individual pays in taxes and the kind of benefits that an individual receiving by paying taxes should be equal. The proposed tax reform that was proposed by President Biden caught my eye and I think it will be disastrous for the small-time investors and will limit their ability to start growing generation wealth through real estate investing. Biden is proposing to limitany like kind exchanges to $500,000. So if you have a large multi-family property and you have gains of more than $500,000, you won’t be able to 1031 exchange that

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