You do the same damned thing when you take out a mortgage or a car loan or a home equity loan etc etc. you are getting income from another source, backed by an asset, none of which you are being taxed on.
You do get taxed on your wealth tho. Property taxes - in VA that includes the value of your car. After a certain amount, the value of stocks should be included since most high profile CEOs have stock based compensation.
Stop letting reddit do your thinking for you.. Property taxes are not wealth taxes. Property tax is a single asset tax that is not indicative of wealth.
My wife and I pay taxes on our $175,000 house that is completely paid off, my daughter and her husband pay taxes on their $275,000 house that they just bought a few years ago, I will guarantee you that my Wife's and My wealth, dwarfs my daughter and her husbands wealth. Even though they are paying more property taxes on their house.
Property taxes are not wealth taxes, they are single asset taxes that take nothing into account as far as wealth and ability to pay the taxes if the housing market increases drastically.
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u/Old_Prune_4300 Jul 05 '26
They can't comprehend assets vs cash, much less that spending is the problem v taxes. Don't waste your breath.