End the 1 Percent’s Free Ride: Taxing Land Would Solve America’s Biggest Problems

[Joel thakkar]

9. Not the full solution

1) If we go away from income tax to property tax, we have to first of all take the Property-Tax-Exemption of religious and non-profit org. If we do not take that exemption, Religious churches will start buying up loads of lands/property to expand their empire and effect life of non-religious people.

2) Many people will be forced to sell their home. Let's suppose someone got a $500k home in inheritance. Suppose they lose their job, how will they pay for the big property tax?

3) What about companies that require very low office space? New tech startups only use a floor in the building while do millions and billions of transactions. They will have a very low tax rate. (This point is only valid if you are also taking away corporate income tax along with personal income tax)