8 ms·
How much fraud we talking? I like to think along Matt Levine's ideas that at least some amount of fraud is acceptable - there will always be some amount of it a
by calmoo 11mo ago
How much fraud we talking? I like to think along Matt Levine's ideas that at least some amount of fraud is acceptable - there will always be some amount of it and under or over-regulation creates a net-negative.
- CGMthrowaway 11mo agoTough to measure. A couple data points: -NY state estimate $150–200M per year lost to real estate transfer tax fraud and evasion. On $3B receipts that is 5-6% breakage. -Harris County (Houston) found $21M in improper homestead exemptions. On ~$7B receipts that is ~0.3% breakage -Miami-Dade found $35M on $6.5B for improper homestead exemptions, 0.5% breakage For comparison, IRS net tax gap is about 12%
- deleted 11mo ago[deleted]
- PopAlongKid 11mo agoOne would expect transfer tax fraud/evasion to be an order of magnitude different from improper homestead exemptions.
- CGMthrowaway 11mo agoFor sure. Probably should be using the total homestead exemption eligibility as the denominator instead of prop tax receipts. Even then transfer tax is a "hill" and the homestead exemption is a "valley." But It's hard enough to estimate any of this data from a keyboard in a few seconds