No Cap
October 1, 2026
A thing economists sometimes talk about is notches. Back when I lived in the UK buying a house had one, due to stamp duty. You were taxed 1% of the purchase price of a house, up to £250k. But if you paid £250,001 you were taxed 3% on the whole lot. Unsurprisingly you got a lot more sales right at the notch than you did just above.
