Are we living under capitalism or feudalism? It’s rather difficult to say when more than half a trillion dollars is extracted from the American people annually through property taxes just to keep what’s theirs.
CNS News reports the following disturbing information.
Americans paid a record $540,701,000,000 in property taxes to state and local governments in fiscal 2016, according to the U.S. Census Bureau.
That was up $16,748,620,000—or about 3.2 percent—from $523,952,380,000 in property taxes (in constant 2016 dollars) that state and local governments collected in fiscal 2015.
The prior national record for property taxes was set in fiscal 2009, when they hit $527,850,500,000 in constant 2016 dollars. Fiscal 2016’s record total of $540,701,000,000 was up $12,850,000,000—or about 2.4 percent—from that previous record.
The nationwide state and local property tax receipts for fiscal 2016 were released last week with the Census Bureau’s “Quarterly Summary of State and Local Government Tax Revenue for 2016: Q4.“
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