If real estate taxes are used to rescue the shrinking cash flow statement caused by tax cuts and local revenue and expenditure imbalances, will this lead to the collapse of the national balance sheet supported by the debt bubble? This is the "Ricardo Dilemma" that China has encountered in the process of fiscal and financial modernization. Whether real estate taxes can be collected effectively and steadily is one of the main criteria for testing the modernization of a country's taxation system. In this sense, the levy of real estate tax urgently needs to start from the roots of the system—mainly including the property right system, property registration system, legislative mechanism, etc., as well as from the technical level—tax and financial actuarial techniques, property evaluation methods, especially big data, blockchain and other technologies. What's more, it should also commence from the perspective of systems theory, and meanwhile, it may use market power to encourage the emergence of a series of intermediary companies and government purchase services that focus on the agent collection, planning, actuarial, and rational tax avoidance of real estate taxes.
