We don’t really tax real estate. That’s why all the old farts pay $1000/year in property taxes on a home that’s worth millions. Do you propose taxing them on the actual value of their homes?
This is not a serious argument based on total property tax collected across all 50 states on an annual basis (~$2T) [1]. Federal government spends ~$7T/year against $2.4T in personal income tax, $1.7T in payroll tax, and $530B in corporate income tax (~$4.9T in revenue) [2].
Could we tax real estate more? I’m sure, not opposed based on fair valuations and implementation details. We should start with securities first imho, as we already tax real estate today. Conveniently, the top 10% of households own 93% of US equities. US GDP is ~$32T annually.
[1] https://www.nahb.org/blog/2025/03/state-local-property-tax-c...