Reply to biden pushing for new capital gains tax

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[quote=Anonymous][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]
Elderly couples have $500,000 of profit tax free. That’s plenty to pay the “cost of selling.”[/quote]

Yeah, GMAFB. Anyone who makes enough on the sale of a home to pay capital gains tax can afford to downsize. [/quote]

You sound like Dr. Evil when he asks for a $1M ransom to save earth. It’s not a lot of money anymore, especially when the cost of nursing homes can easily hit $70-90k for full time care. Basically, $1M is about five years of living for two people moving because of age limitations. And that’s before tax.

Not exactly a great way to reward people for staying off the government’s teat. It puts them in line for future assistance. Then again, maybe that’s what Biden wants.[/quote]

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