Democracy at Work - Part 1

The only kind of property that's subject to taxation the local level is tangible property, land, house and car. The kind of property middle income people can afford does not get subject to property tax. You sell your hundred thousand dollar house, you stop paying property tax. When you sold the house and bought shares of stock, you don't have to pay property tax any more. That's a subsidy to the rich. Only rich people could have designed a tax system like that.