In response to the Monday letter, “Time to revamp our tax system,” I agree. The taxes on my small, modest fixer-upper are exorbitant. Divided monthly, they have risen to almost half of the monthly interest and equity on a 30-year loan and are double the amount of the equity portion. It makes a joke out of the idea of “private property.”
My income has been reduced, and the high taxes threaten to make me lose my house. It’s especially aggravating to know that the taxes went up due to the real estate bubble and that while that value of the property has imploded, my taxes have yet to go down. The government unfortunately likes real estate taxes because it’s easier to collect by threatening to take peoples’ homes. The late fees if one can’t pay are abusive and add insult to injury.
The only fair and rational tax system is a balanced one based primarily on income and spending so peoples’ taxes are less when they are earning and spending less. The current system makes a mockery of the American Dream. A government of the people should not tax people out of their homes.