The Property Tax Scandal in The US

PUBLISHED ON OCTOBER 16, 2011 Local governments in the US (cities, towns and villages) rely chiefly on property taxes to fund their activities (public education, police, fire protection, etc.). However not all property is taxed: only land, buildings, automobiles and a few other items of "real" or "tangible" property is actually taxed. The kind of property that is UNTAXED in the US is "intangible" property: chiefly that property in the form of stocks and bonds. No level of government taxes that property. As that kind of property is owned chiefly by the richest among us, exempting intangible property from taxation is a gross bias toward the rich in our system: a scandal always and a special scandal in a time of service and employment cutbacks by cities and towns claiming they "have no money." Original Video: http://rdwolff.com/content/special-comments-short-clips ....... Professor Wolff's Website: www.rdwolff.com Professor Wolff's RSS Feed: http://blip.tv/professor-wolff/rss/flash Professor Wolff's Podcast: http://www.truth-out.org/economic-update-your-weekly-dose-revolutionary-economics/1310498361 Permission to reprint Professor Wolff's writing and videos is granted on an individual basis. Please contact [email protected] to request permission. We reserve the right to refuse or rescind permission at any time.