Grant Cardone, an entrepreneur known for his outspoken views on money and real estate, recently pitched the idea of eliminating property taxes for people aged 65 and over.
Cardone framed his proposal as a way to provide financial relief to a generation that may face increasing economic pressure as they age.
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A Push for Senior Tax Relief
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“NO PROPERTY TAXES FOR 65 and OVER – this would give relief to strained social security and ensure the elderly can never have their homes taken away,” Cardone wrote on X. He compared the proposal to the Homestead Act of 1862, which he claims protected residences from creditors, though the act primarily focused on land distribution rather than asset protection.
Raising the Retirement Age
Cardone told GOBankingRates in 2024, "The money is going to run out. Social Security cannot support [retirees]. It's been a busted system my whole life," so he has been vocal about his concerns over the sustainability of Social Security.
He predicted that the retirement age could soon rise to 73, arguing that people should be prepared to work longer if they want financial security. According to Cardone, the combination of rising life expectancies, inflation, and market volatility means retirees will need more resources to maintain their standard of living.
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Adding to the Debate
The proposal sparked a wide range of reactions online. One commenter wrote under Cardone’s post, “How about just no property taxes? If you own the land, you shouldn't owe dues to the govt. If so, you don't really own it, you're just renting.” Another added, “Yes 100%… once you retire and you have worked hard you should be able to just enjoy it.”
Focusing on Financial Independence
He also emphasizes the importance of building financial independence outside of government programs, a consistent theme in his public messaging. Cardone believes that relying solely on Social Security is a risky strategy and advises younger generations to plan as if these benefits won’t be available when they retire.
"If you're under 30 years old, you should think that the Social Security program will be broke by the time you get there," he said in a separate GOBankingRates interview, encouraging people to focus on building passive income streams through real estate.
Challenges to Implementation
Cardone's proposal has sparked plenty of debate, but making it a reality could prove to be too difficult, if not impossible. Property taxes are usually handled at the state level, not by the federal government, which means this kind of sweeping change would face significant hurdles.
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