Рет қаралды 282,388
WANT MORE PROF. WOLFF CONTENT? Check out / @democracyatwrk
PUBLISHED ON OCTOBER 16, 2011
Local governments in the US (cities, towns and villages) rely chiefly on property taxes to fund their activities (public education, police, fire protection, etc.). However not all property is taxed: only land, buildings, automobiles and a few other items of "real" or "tangible" property is actually taxed. The kind of property that is UNTAXED in the US is "intangible" property: chiefly that property in the form of stocks and bonds. No level of government taxes that property. As that kind of property is owned chiefly by the richest among us, exempting intangible property from taxation is a gross bias toward the rich in our system: a scandal always and a special scandal in a time of service and employment cutbacks by cities and towns claiming they "have no money."
Original Video: rdwolff.com/content/special-co...
.......
Professor Wolff's Website: www.rdwolff.com
Professor Wolff's RSS Feed: blip.tv/professor-wolff/rss/flash
Professor Wolff's Podcast: economicupdate.libsyn.com/
Permission to reprint Professor Wolff's writing and videos is granted on an individual basis. Please contact profwolff@rdwolff.com to request permission. We reserve the right to refuse or rescind permission at any time.