Reply to biden pushing for new capital gains tax

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Specific to home ownership, capital gains tax rate needs to take into account length of time home was owned in some way. Elderly can't downsize in retirement because the gains tax plus cost of selling is too prohibitive. People sitting in large homes they don't need and can't take care of because we make it too difficult for senior citizens to sell property.[/quote]

There's already a $500,000 exclusion for capital gains taxes (for married couples) on housing. Granted, that was created in 1997 so probably should be indexed for inflation. But it's a fallacy to say people can't downsize because they might have to pay capital gains taxes. The real issue is they can't find the kind of housing stock they want to live in.[/quote]

Not indexing for inflation is a feature, not a bug, for pols. The whole point is to continue capturing additional taxpayers over the years without having to pass new legislation that might hurt your reelection chances.  [/quote]

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