I want to see the actual plan here. If this is private citizens selling their primary homes I’m against it.
If it’s for rental property of a sfh or condo, etc. I’d be fine with that.
What’s being discussed by Harris/Biden is the upper tax margin for long term capital gains. If you sell a house and then buy a house, no long term capital gain there to be taxed.
But even if you just sell your house and want to go on renting for whatever reason not all of it will be taxed with that margin. Those margins apply to the amount of money that is over the cap for that margin.
For simplicity let’s say there are two tax margins, 20% for capital gains below 400k and 40% above that. Then you gain 600k by selling your home. Your tax will be calculated like this:
400k * 0.2 + 200k * 0.4
So yes this might affect some house sales but depending on where that 44% margin will be applied it’s only going to affect a very little percentage and likely none of the “low to middle class” house owners especially not if they sell property to immediately buy new property.
Based on the White House’s proposal, Biden and Harris want the capital gains tax to be similar to the tax rate on wealthy Americans, leading to Americans making over $1 million being taxed up to 44.6% on capital gains.
I’m not sure I trust the source is my point. I want to see something a little more mainstream
…you posted an article from a source you don’t trust to a community you moderate?
It sounded anti-liberal at first but then he learned it was reasonable. The Olympics may be over, but the mental gymnastics have just begun.
I thought it was interesting. As I said I’d like to see more on it. I get you like echo chambers but conservatives look for discussions