One of my favorite economists, Martin Armstrong published a paper this past summer explaining why your property taxes will soar, why the risk of civil unrest is rising exponentially and why we will see the rise of a third political party.
On why your property taxes will soar:
Government views the people as the enemy behind closed doors. If you really think you are better off under the New Deal where it takes two salaries to pay bills instead of one, then you really should be reading this anymore.
… The vast majority of people do not pay taxes. The government gets to borrow from them interest free for they all think it is wonderful to get a refund check. Then there is this hatred against aliens. They somehow twist this into thinking they are somehow taking American jobs. They jobs they do are normally ones American will not do or are untrained to do so. But if the majority of Americans do not pay income taxes, what is the big deal about illegally aliens? What is glazed over is the INDIRECT taxation.
They pay the same as the low income Americans, property taxes, sales taxes, all sorts of fees, etc. They have no right to vote, yet pay the same as any American.
This is what government has figured out. Cities like Philadelphia are dead broke. They have chase the rich out of town, imposed wage taxes on anyone who flies in for business, they think it is their right to demand money and provide you with nothing in return.
So what are they up to now? PROPERTY TAXES! You will see property taxes start to rise exponentially because it has nothing to do with income. If you can’t pay, well sorry – then they get to take the property and sell it. Taxes will rise where income is no longer an issue. They are chasing the rich out – someone has to pay for public servants to live.