Lyin’ Mike Lester is at it again. The average American homeowner pays taxes on their unrealized capital gains on their home. For more than 50 years, they paid property taxes that were mostly based on the unrealized gains over what they paid in 1965. The house was last assessed just before the housing bubble burst, so for their last decade they paid taxes based on an unrealized “gain” that was already partially lost. It’s a very imperfect system, but it’s the best we can do for the little guys and for average foljs. But Mike Lester’s heart is breaking because similar rules might be applied to Jeff Besos and Elon Musk and the Koches and the Adelsons and Bill Gates and Warren Buffett and maybe even those poor downtrodden Kardashians. Well, perhaps it’s breaking. If he has one.
Lyin’ Mike Lester is at it again. The average American homeowner pays taxes on their unrealized capital gains on their home. For more than 50 years, they paid property taxes that were mostly based on the unrealized gains over what they paid in 1965. The house was last assessed just before the housing bubble burst, so for their last decade they paid taxes based on an unrealized “gain” that was already partially lost. It’s a very imperfect system, but it’s the best we can do for the little guys and for average foljs. But Mike Lester’s heart is breaking because similar rules might be applied to Jeff Besos and Elon Musk and the Koches and the Adelsons and Bill Gates and Warren Buffett and maybe even those poor downtrodden Kardashians. Well, perhaps it’s breaking. If he has one.