There’s no termination date for this tax. At first, I remind them that this is a good problem to have and proof that real estate is a good investment, and I also remind them that there is a $250,000 exemption for an individual and $500,000 for a couple for a principal residence (assuming they have met the ownership and use test). A well-known modern writer on public finance Mrs. Ursula Hicks emphasized three basic characteristics of a good tax system: (1) Taxation should be used to finance public services. Remember, T is for Tax. It is very difficult to achieve the manifold objectives of taxation. Therefore, it can be fairly concluded that a good tax system is one which strengthens the confidence in the fiscal basis of the state, designed to meet the requirements of equity, efficiency and convenience and simultaneously encourage community productive efforts and promote social welfare. Views on Sound Tax System: 1. The tax canvas should be wider enough to touch the entire population engaged in different economic activities. But this may interfere with neutrality objective. Jennifer Iyer graduated cum laude from UC Riverside in 2000 with a bachelor’s in creative writing and started working at The Press-Enterprise newspaper that year. Comments. Hence where these objectives conflict with each other trade-off between them are needed. The characteristics of a good tax system are as follows: (1) A good tax system should be fine-tuned to achieve the basic objective of maximum social advantage, (2) A good tax system should involve only minimum aggregate sac­rifice, (3) The distribution of tax burden should be equitable. Although it’s been over a decade since, our essential services have yet to reach pre-Great Recession levels. Image Guidelines 4. Or, contact our editors by emailing moderator@scng.com. Different taxes possess different effects upon the various economic activities. Stephen Frasher: I believe it will help the city in both the short and long term. So assuming that their appreciation (net of deductible closing and selling costs) has met or exceeded their exemption on their current home, if market values continue to rise they will owe even more capital gains tax than had they bought a new home with a reset exemption. Redlands offers alternative, Dine 909: The Buffalo Spot opens 4th Inland Empire location; Thompson Brewing Co. reopens, University of Redlands President Ralph Kuncl announces retirement, Redlands Symphony will open virtual concert series Nov. 14, Actors who served in the military honored at the TCL Chinese Theatre for Veterans Day, San Bernardino County coronavirus numbers still moving away from lower-risk tier, Redlands voters will decide 1-cent sales tax in November election, Facing $15.7 million deficit, Redlands OKs cuts to police, library and animal shelter, Redlands City Council candidates discuss budget, housing, Got your ballot? Content Filtration 6. It should be able to generate sufficient revenue, fulfill the socio-economic objectives, would not hamper the productive system of the economy, to become an ideal one. The budget for the fiscal year that ends in 2021 cut 80 positions, 28 of which were not filled, and more cutting is expected for following years, as the pandemic continues to drag on the economy, officials said. If you see comments that you find offensive, please use the “Flag as Inappropriate” feature by hovering over the right side of the post, and pulling down on the arrow that appears. Redlands City Council candidates sound off on…, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Reddit (Opens in new window), Click to email this to a friend (Opens in new window), Redlands City Council candidates sound off on Measure T sales tax, Deputies shut down pop-up car show at Loma Linda hospital garage that drew thousands of people, Natural gas from ruptured line catches fire in Redlands; no injuries, 17-year-old boy arrested after man wounded by gunfire at Yucaipa park, Harvest Christian Pastor Greg Laurie tests positive for COVID-19 after attending Rose Garden ceremony. We might permanently block any user who abuses these conditions. Report a Violation 10. Musgrave put forward the follow­ing requirements for a good tax structure in their discussion on eq­uity rules and the good tax system: (1) The distribution of the tax burden should be equitable. Content Guidelines 2. After reading this article you will learn about the characteristics and views about the sound tax system. Usually it is agreed that a sound tax system should be based upon the principle of progression. If approved, the tax will remain in effect until rescinded by voters, according to an impartial analysis of the measure. (2) The general public should be taxed according to their ability to pay which in turn will depend upon their income and family cir­cumstances.

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