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Out of ideas? Just pander to retirees!
Look, it’s all over. Mike Braun is going to buy himself the governorship because he’s a bored rich guy who needs the ego boost. Just don’t be surprised when he is as bad a governor as he was … a state legislator and a Senator.
65 fo 74 year olds have the greatest average wealth of any age group per the US Census. Next biggest is 75+. So he wants to cap the taxes of the wealthiest age groups without a means test, meaning everyone else has to make up for it. Your plumber and factory worker will be subsidizing the retired investment banker. But remember 65+ is the group with the highest propensity to vote, so just another scheme to buy votes with the taxpayer’s money.
average wealth means just that…average. Those with retirement nests in the millions average out against those with little but Social Security. Numbers-wise, I suspect there are more of the latter than the former.
So, it should be means-tested. And taxes don’t go away but are a lien aganst the property when it is eventually sold or transferred.
65-74 y/o’s have the highest median wealth (e.g., most prevalent) of all age groups ($410K) followed by 55-64 ($375K) and then 75+ ($336K). Building wealth takes time. https://www.cnbc.com/2023/10/28/americans-median-net-worth-by-age.html.
Doesn’t matter what he says
Senior citizens ought to be happy that their property taxes have increased. Most are likely to have already paid off their mortgage and therefore are not required to have property insurance. That leaves property taxes, which are capped under state law at a mere 1% of the home’s fair market value. The rise in the actual amount of property tax due is because the value of the property has risen, creating wealth that can be tapped for other needs. Politicians who pander to us seniors are taking us for doddering, old fools who need them in order to “get by.” Speaking for myself, Doden and other like him can take a hike.
Only a fool, or someone who can’t afford insurance, would skip buying property insurance. Even for those whose home is paid off, the value of the house is likely a signficant part of the person’s retirement assets, to be sold when the need arises or to fund testamentary bequests.
Tornadoes, lightning, fires…any of these could destroy the home and take away the residence of the person as well as the value of the asset.