Reply to biden pushing for new capital gains tax

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[quote=Anonymous][quote=Anonymous]Just a reminder that if your house is worth twice what you paid and put into it, the increased value is not something you did, but is largely due to government actions. People want to buy your house because there are great public schools, access to quality healthcare, wee-managed public infrastructure, transportation, public parks, zoning and environmental laws that keep out noisy, smelly, polluting, and hazardous industries, and so on. [/quote]

No, it is not worth twice what someone paid for it, They bought it for 500k and sell it for 1M 20 years later. It is barely worth more than what what they paid for it after adjusting for inflation 500k inflation adjusted from 2004 is 825k adjusted for inflation, then they spent money on maintaining the house and paid property taxes that fund a significant portion of the services you are mentioning that is apparently "not something they did". If you want to tax people on home appreciation above the rate of inflation fine, but you are advocating a policy that will increase the burden on hard working middle class people that live in the same home for decades. This 250k/500k exclusion is not indexed to inflation and many (not rich) people are being taxed on money they need to have a financially secure retirement. [/quote]

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