Posted by Wayne Martin, a resident of the Fairmeadow neighborhood, on Jun 22, 2012 at 11:31 am
Maybe it's time for a tax on real estate income. Given how wealthy these businesses are, and how much they charge for what seems to be a "red hot" market--maybe it's time for a 15% real estate agent's tax.
Posted by Let's be real here, a resident of Menlo Park, on Jun 23, 2012 at 5:29 pm
Why tax specifically realtors but not any other business individual whom makes a similar income (e.g. stock broker, venture capitalist, the many employees of high tech companies here who become instant millionaires after their companies go public). I would say those all benefit from timing and being in the right market at the right time. I guess paying nearly 50% in state and federal income taxes PLUS ridiculous advertising costs to market a property still doesn't seem like enough is coming out of their pockets. If we go along with your line of thinking, we should increase the capital gains taxes on the home owners too...I mean just this year alone home values in Palo Alto have gone up 20-25% since last year...and home owners have not had to do ANYTHING to reap those benefits.