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Property transfer taxes are much more common in the east, and that's what this basically amounts to. Many states that impose transfer taxes try to mitigate the impact on lower-income residents or first time buyers -- this seems to essentially take the same concept, but extend the tax-free range all the way through most blue-collar homes.
Not everyone is in favor of so-called progressive taxation, but I'm not sure there's anything fundamentally appalling about this idea.
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