BRATTLEBORO-Property taxes are really high in Vermont, anda lot of folks struggle to pay them, either directly or in rising rents.
One solution is to shift the cost of government to income taxes, which are a much better measure of ability to pay. Unfortunately, the D.C. insiders make sure that the heaviest burdens actually fall well below the top.
A second alternative is to tax all property. The property tax arose when land ownership was a good measure of ability to pay. Today, that is not the case. So if we taxed all property, including stocks, bonds, and other intangible assets, we would shift the burden to those more able to pay.
There would need to be exclusions for pensions and some retirement accounts - say, up to a certain level. However, this would soon require that the wealthiest pay the greater share of our common costs.
The realities of wealth inequality in our society are the result of government preferences for certain types of wealth accumulation, reflected in the low capital gains tax and the higher tax on earned income. We can change those priorities for a more just and equitable society. It is not rocket science.
Of course, the wealthy will claim that doing this will diminish investment in job creation. That is really not borne out by the history of our own country. In the 1950s, the top income tax bracket was 70%, and we still had great job creation.
Let's be brave enough to reimagine how we fund our common needs!
Ralph Howe
Brattleboro
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