The Grumpy Economist: Who will pay unfunded state pensions?

The Grumpy Economist: Who will pay unfunded state pensions?: 
"Homeowners. 
So says a nice WSJ op-ed...points out its inevitability. 
If indeed courts will insist that benefits may not be cut, then state governments must raise taxes, and this is the only one that can do the trick.
States can try to raise income taxes. 
And people will move. 
States can try to raise business taxes. 
And businesses will move. 
What can states tax that can't move? 
Only real estate.
If the state drastically raises the property tax, there is no choice but to pay it. 
You can sell, but the new buyer will be willing to pay much less. 
Pay the tax slowly over time, or lose the value of the property right away in a lower price. 
Either way, the owner of the property on the day the tax is announced bears the burden of paying off the pensions.
There is a an economic principle here, the "capital levy."...
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