Commander-in-Thief Trump Keeps Stealing My Ideas!!! Now He Wants to Eliminate Capital Gains Taxes on One's Primary Residence.

I am not sure many people sell for greater than the limit

For middle-income families, this creates a lose-lose situation: Either sell now and hand over a huge slice of your hard-earned profit, or hold the asset just to avoid a tax that many assumed they’d never owe in the first place. In the meantime, younger buyers lose out on homes that could otherwise hit the market, feeding an affordability crunch for everyone.

Penalized if you stay, penalized if you sell

For longtime homeowners sitting on decades of appreciation, the prospect of selling and triggering a five- or six-figure tax bill often seems untenable. Some, as Liddiard explains, simply give up on using their whole house.

"We hear reports from some of our members saying some of these folks have moved to the main floor of their home, and they never go upstairs, never go downstairs, because they're too feeble to do so,” he says. “But they either can't afford to pay the capital gains tax, or they refuse to, because they know that when they die, the home can get a step up in basis [and] nobody has to pay the taxes."


https://www.realtor.com/advice/finance/home-equity-tax-capital-gains/

1. The residency requirement for the exemption is TWO YEARS, so it certainly benefits seniors who are longtime residents.

2. The IRS has no information about date or price of purchase, so a savvy accountant can make sure that the taxpayers get the benefit of that doubt and pay little or no capital gains tax.

Now I’m sure you’re capable of understanding that. The whole issue can easily be rendered a nothing burger.

Boy are you naive about how tax authorities operate.

Perhaps of you really believe that, you should move here. 😜

Most 65+ seniors pay $185/mo for Part B of Medicare (and that generally covers only 80% cost of outpatient care, doctor visits, preventive services, and some prescription drugs)

By the way, I have for quite some time advocated raising taxes on the higher brackets.That's how I'd easily pay for it (and raise the defense budget to $1 trillion / year to boot).

I'd also eliminate the cap on taxing earned income for Social Security to help boost the Social Security Trust Fund.

a massive giveaway to the rich on top of that?

The people who'd benefit from removing capital gains on housing are the people who need more money the least - housing speculators, flippers, realtors, and almost no "poor seniors" that you're claiming you want to help.

Apparently, you want to lump all homeowners who would benefit from this as rich.

People in certain parts of the world might categorize a homeless woman on the streets of New York as rich.

Speculators and flippers are already getting the CURRENT benefit because few properties ever reach the $250,000/$500,000 exemption.


The people who are NOT getting the benefit are seniors who have lived in the same home for decades.