Reply #7: The changes would be toward greater wealth equality [View All]

If you want to look at it as a tax increase (as has become fashionable for any revenue generation), this would essentially be a tax on someone's second house. If you can afford two houses, you're pretty high up the ladder.

And it would essentially raise the tax for houses costing $500,000 to $1 million. If you can afford a house in that league, again you are pretty high up the ladder. I know some people would say "that's not that much" and some areas are just that expensive, but the tax break itself is a part of levitating house prices so artificially high - removing it levels the field a bit, which is what its all about.

In any case, you can't reduce the huge problem we have with income and wealth inequality without making some changes that actually make a difference. This would make a real difference.