It is good to see Americans fight back against these sorts of confiscatory taxes. I agree with this statement by first-term state Rep. Edward Lindsey:
"Not even the IRS is so bold as to tax people on unrealized gain," says Mr. Lindsey. "These are essentially backdoor tax increases that give government no incentive to be efficient or responsive."
Yup this is essentially a tax on something that might never even happen. Some homeowners may never sell their homes and should not be taxed for holding on to the American dream. This is essentially like taxing capital gains on a stock even though you haven't sold the thing. I hope these tax payer revolts get some attention and change the state of this kind of tax.
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