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NC_Tigah
LSU Fan
Carolinas
Member since Sep 2003
107631 posts

re: Biden's Tax Policy is HOT Garbage
quote:

Wrong. I could rent some shitty apartment for cheaper if my only concern was financial.
Good lord.
Yeah, or you could live at a homeless shelter. But given an identical style of living, home ownership is normally a better financial decision.

Regardless, the point at hand is how Biden proposes to tax assets. His proposal as written "only taxes übergazillionaires" but it taxes unrealized gains in all sectors, including real property. Were that tax extrapolated to more Americans, unrealized home value gains would be taxed.

All of which distracts from the Feds' actual goal here.


jclem11
Houston Astros Fan
Houston, Texas
Member since Nov 2011
5781 posts

re: Biden's Tax Policy is HOT Garbage
quote:

Good lord.
Yeah, or you could live at a homeless shelter. But given an identical style of living, home ownership is normally a better financial decision.

Regardless, the point at hand is how Biden proposes to tax assets. His proposal as written "only taxes übergazillionaires" but it taxes unrealized gains in all sectors, including real property. Were that tax extrapolated to more Americans, unrealized home value gains would be taxed.

All of which distracts from the Feds' actual goal here.



Look we agree and are arguing past each other.

I was just on my rant about how your primary home is not a great path the become wealthy. That was it.

We agree on this topic, I promise.


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NC_Tigah
LSU Fan
Carolinas
Member since Sep 2003
107631 posts

re: Biden's Tax Policy is HOT Garbage
quote:

Don't those improvements add to the cost basis of your home?
Not really, unless they are an upgrade.


Taxing Authority
LSU Fan
Houston
Member since Feb 2010
47578 posts
 Online 

re: Biden's Tax Policy is HOT Garbage
quote:

The real money isn't with übergazillionaires. The real money is held in 50 million older households and totals about $68 trillion.
This. At some point the government is going to come after the "middle class" or it will default. Though... both could happen.


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David_DJS
Member since Aug 2005
5602 posts

re: Biden's Tax Policy is HOT Garbage
quote:

They do but that is still money out of my pocket today and will reduce any future capital gain.

Okay. I thought it was tax liability that was being discussed, but you're right - a lot of people think their gain is different from what is (or should be) reported.


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David_DJS
Member since Aug 2005
5602 posts

re: Biden's Tax Policy is HOT Garbage
quote:

Not really, unless they are an upgrade.

Or extend the useful life of the home, which a new roof, HVAC system, most major home repairs/upgrades do.


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