The local income tax that the town is considering does not seem to be any more fair than the tax on real estate. As people age, their incomes may drop, but often they have accumulated other financial assets. Younger families usually have greater income but smaller savings, since they have the cost of raising and educating their children.
The state of Florida, which has a large number of retirees, has another approach. Residents must file an annual Intangible Personal Property Tax return based on the fair market value of all intangible personal property owned, managed or controlled, including interests in stocks, mutual fund shares, ownership interest in a LLC, bonds, notes etc.
If the town is considering a local tax, it should include a tax on intangible assets as well as on income. It is not up to the young families in town to subsidize the heirs of our senior citizens.
Helen Demakes
Bolton Road
