Capital gains taxes are already non-existent for a vast majority of people selling a house they’ve been using as their primary residence. This is just another gift to the super wealthy.
Yep, if you are selling your home, single people don’t pay tax on the first $250,000 profit, and married people get $500,000. You can also deduct any money you put into home improvements or anything else that increased the value. 99.999% of taxpayers already don’t pay any capital gains taxes when they sell.
“You worked for it. You should keep it. Let’s get this bill passed!” Greene said.
No. You did not work for it. That’s the point of capital gains tax.
Additionally, you can already exclude 250k single / 500k married. https://www.irs.gov/publications/p523
Moving their money from one account to another is the only “work” these people know. They think that is an actual skill.
Oh, good, yet another incentive for corporate hoarding of residential properties. What could go wrong.
Let’s add even more incentives to treat a basic human necessity as an investment vehicle. That’ll help out!
This doesn’t help normal people in any way at all, since they are already excluding capital gains on primary house sales up to a reasonable value. This only helps people who are selling multiple homes or very very expensive homes.
That won’t fix the demand issues in the housing market and there is over 50% YoY supply increase right now. No one is buying right now because trump is actively ruining the economy.
Boy, that is going to just encourage companies like RealPage. 😬 How much more can rent go up before it starts cutting into people’s grocery or medicine budgets?
Oh, it’s already happened long ago.
Only a landlord would come up with a policy this dumb.
Please stop talking about Jeff — I mean Epstein. 🥺
Cool. More pos homes being flipped and those sellers are not getting taxed…
