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Randomstringofnum t1_j6gwjzd wrote

Reply to comment by Megalocerus in ELI5: Why does the IRS want your illegal income declared on tax returns? by xCreamPye69

Wrong, when a home increases in value, so does it’s assessed price, assessments determine the value of the home, and property taxes are based on this value, a higher assessment means a higher tax bill.

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markroth69 t1_j6h8ecp wrote

But that's local property taxes. Not federal income taxes. The U.S (federal) (Income) tax code does not progressively tax wealth. It progressively taxes income.

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