Baby boomers complaining about paying capital gains tax......
- Thread starter OG Goat Holder
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I don't think I'll ever have to worry about being rich...
But I'm all for complaining about taxes. We're taxed to death, and then our family is taxed even after we're dead. I don't mind paying my fair share, but my opinion of what is fair to me and the governments opinion are totally different.
What made America Great was the HuUUUUGE Middle class .. not trickle down **** for the rich
The Top 1% have more wealth than all the middle class put together.
It's time to tax the **** out of the very rich and get this **** straightened out before the US is worse than a 3rd world country. Another few generations of trickle down economics and only the very rich will own property. We may as well go back to having a damn KING.
No, but Israel does right? You have any idea how much we give Israel every year for decades? or Oil Industry subsidies. check that one out
It's cheaper to give Ukraine money now and let them fight Russsia than deal with them invading the next country. Our boys aren't dying over there, you get your way and they will be over there dying.
Weirdo. The right move is marrying your son’s fiance first, pass it to her, then have her marry your son and pass it to him. Sure, your son has to come to grips with you consummating a marriage with his wife, but isn’t it worth it to keep the family farm?****
But what if your consummating resulted in an offspring? Now your son has a whole new set of problems. Is he his brother or his dad? Did he adopt him, did he have to, ok, my head hurts.
Minimum wage in 1980 was 3.10 an hour, it should be $21 an hour to keep up with inflation.
Can you not read between the lines? I'm going to be buying a much smaller house than I have now for more. If I mortgage it I'll be paying ~4% more for that too. You don't consider that as "something bad has happened"?
What about when Uncle Sloe Joe tanks the economy even more and the housing market bubble bursts which most agree is inevitable? Then I have a much smaller asset in square footage when the time comes to sell and then I really lose. I'm done w/ you, go to Reddit if you need more info and look for the Subreddit "explain it to me like I'm 5" and ask them
CEO salaries are over 500 times the average hourly worker in 2000 and this was before Biden. It was 42 times the average hourly worker in 1978 Wages have not kept up with the rich getting richer... trickle down my ***. This is all on Ron Reagan, the worst president ever. OH, people loved him but his lasting legacy will be to destroy the middle class and we are well on our way to doing just that. I had hoped Obama or Biden would adjust it up some to something like $15 an hour with annual cost of living increases. We have to have an adjustment every year to get the money into the hands of our poor. Why? They spend it on living, rich people just hoard it.
That is why you can't afford anything right now, we have given it all to the very rich.
Biden vs Trump is joke... This is something that has been building for decades and neither party has properly addressed it.
OH, you mean the tax increase that Trump put on the middle class? That one?
I just threw out a couple that were most recent in my memory after reading about the possible “border bill” demand that would Ukraine more money we don’t have and restates the exisiting immigration laws that aren’t being and won’t be enforced. And if I had my way we wouldn’t have lost our 3 service members in Jordan this week, much less have them fighting in Ukraine.
IF you stop supporting Ukraine, our boys will be somewhere to stop Russia just hopine Putin never pulls the cord on the big bomb. No, we need to suppport Ukraine or Russia will take them and then not stop. Putin has said as much, the more he spends fighting Ukraine the less he will have for his next invasion.
I've always thought that may lowering income tax on the rich may be the way to go......THAT is where they get screwed, not the capital gains tax.
This is the answer. Goat is upset because he thinks this article is about super rich people. It’s not… this situation could happen to a solidly middle class family. The fact that a limit was set in 1997 shows that there was at least an intent to not be punitive to people trying to sell their primary residence. Surely everyone knew this number would have to be adjusted at some point.
You could not be more wrong. This falls squarely on the middle class (who are certainly well off now, considering their property value).
If you doubled it, the example I gave from the article would still result in like 300K in taxes, rather than 450K. They would be complaining about that too.
I just put out those out of the box ideas. It's up to smarter guys than me to make it a workable solution.*******
People who have income in the $150,000 - $600,000 range have the heaviest burden when it comes to federal income taxes. Folks in that range who live in places with high state/local taxes and people who live in high cost of living locations. $150,000 is where the credits and exemptions start to phaseout, and $600,000 is where the top rates cap out. The higher in excess of $600,000 taxable income goes, the lower the effective rate is.
Vote for me and I will -
1. Increase the income levels where phaseouts start, and lower the marginal rates for people making below $600,000.
2. Pay for that by raising marginal rates and eliminating preferred rates on dividends and capital gains for people above that.
3. Significantly increase the amount and number of people that can put into an IRA and get a deduction for - regardless of income level or participation in an employer plan. I think the fact that what can be deducted on home interest far exceeds what you can get into an IRA is ****** up.
Vote for me and I will -
1. Increase the income levels where phaseouts start, and lower the marginal rates for people making below $600,000.
2. Pay for that by raising marginal rates and eliminating preferred rates on dividends and capital gains for people above that.
3. Significantly increase the amount and number of people that can put into an IRA and get a deduction for - regardless of income level or participation in an employer plan. I think the fact that what can be deducted on home interest far exceeds what you can get into an IRA is ****** up.
You must have talked to my attorney.
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I went to the NAIFA convention two years ago in Pheonix and Reverse Mortgage was a hot topic. Sat through a few breakout sessions. You would be surprised how many financial and retirement planners up north and out west are putting the Revers Mortage. I am sold on them.
We will have 2-3 rate cuts this year. People are getting high 5 low 6 right now. We will not have a housing bust unless we have a major catastrophe. Not enough inventory
Can you not read between the lines? I'm going to be buying a much smaller house than I have now for more. If I mortgage it I'll be paying ~4% more for that too. You don't consider that as "something bad has happened"?
What about when Uncle Sloe Joe tanks the economy even more and the housing market bubble bursts which most agree is inevitable? Then I have a much smaller asset in square footage when the time comes to sell and then I really lose. I'm done w/ you, go to Reddit if you need more info and look for the Subreddit "explain it to me like I'm 5" and ask them
Be VERY careful before you take out a reverse mortgage. There's a lot of pitfalls and scams out there. Generally, not a good idea.
It is truly idiotic that the exclusion is the same whether you've been there for 2 years or 30 years. Basically, if you sell and buy an equivalent house every time you're approaching a $500k gain in value, you never pay taxes, even if you take in an extra $2M over the years. But if you stay in the same house the whole time, it costs you $300k in extra taxes.
Trickle down works sometimes and sometimes it doesn't. The middle class expanded under Reagan and continues to do so. We're not Russia, we have a robust middle class and young Americans are fine as long as they don't listen to lunatic tankies and others with some personality disorder who are incredibly negative about America on twitter and ignore data on our economy. We have a gerontocracy more than an oligarchy. Elderly Americans benefit enormously by our generous welfare state. Home ownership is fine for Millennials and Gen Z and similar to prior generations. Houses are nicer with more luxuries now. Lower income Americans have seen significant wage increases.
Finish high school, get a job, get married and have kids after marriage and stay married and you'll be fine and that's true for members of all ethnic groups.
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What am I missing?
Boomers are not moving out of their big homes. Here’s why
After 33 years and four children, Baby Boomers Marta and Octavian Dragos say they feel trapped in what was once their dream home in El Cerrito, California.finance.yahoo.com
Are you kidding me? Buy a house for 100K in the 90s, sell it for 2M and complaining about paying 450K in taxes? Even with realtor fees and all that, that's a 9% investment over 30 years. And now you want more, just because you want to take advantage of big numbers?
The entitlement has reached a new level. I'm supposed to feel sorry for them for having to stay where they are?
I thought if you owned a home for over 2 years as your primary residence you didn’t pay capital gains when you sold?
Or is there a limit on that tax break?
Let’s eliminate a lot of government waste and the need for so many taxes.
Americans pay low taxes compared to others in modern societies. Americans paid the lowest taxes in the world and had the highest standard of living at the time of the Am Revolution. Maybe taxes could be lower but we have a massive budget and Americans don't even want to pay taxes for all the services and wealth redistribution (notice the debt and deficit). Americans don't even want to pay more in taxes to cover our wars. It's not cheap to live in a functioning society. We're likely undertaxed. Look at how much money is spent on NIL and other things and the mere existence of Las Vegas and casinos on the coast indicate Americans have a lot of excess cash to waste
I think we can tax millionaires and billionaires more but tax them too much and they'll leave or put money in tax havens.
It's all Reagan's fault that Clinton, Obama and Biden didn't raise the minimum wage to a level you think it should be. Stop being miserable. Life is good for most people.
We can't afford anything because we have restricted development and driven up the cost of housing well beyond inflation. We have restricted the supply for medical care while subsidizing the cost and driven up the prices well beyond inflation. We have screwed up education with government control and increased the cost of education generally and for higher education well beyond the rate of inflation.
Most things are getting cheaper or staying with inflation.
Certainly lots of other things have been going on, but those are significant factors. Us "giv[ing] it all to the rich" is not even a thing. Lots of stupid and counterproductive policies work in their favor (because that's who have good lobbyists). But outside the restrictions on housing, those are pretty insignificant factors.
The rich don't really get screwed by the capital gains tax. Certainly some, but they have ways to limit the damage. The capital gains tax screws the trying to get rich directly, and screws the middle class and poor through reduction in capital formation.
Tbh I think I'd rather pay 300k in taxes on $2m capital gains once, than have to move that often as a married grownass man. Moving 17ing sucks.
TIL that POTUS is the one who can increase minimum wage.
...or is it Congress?
^ that can be viewed as semantics or as legitimate. Depends on if someone wants to be honest and also wants to look into legislative majorities from year to year.
To be clear, I get your point and largely agree.
I'd definitely have to think about it. THe divorce that would likely come from moving that much would be more expensive than the taxes.
I hadn't really thought it would be a problem for me, but the way real estate has run up and with how long I anticipate being in my house, it' could definitely end up being an issue down the road. I definitely would want to downsize later on, but if it's going to cost me $200k in taxes, I'd probably just stay and hope the kids got the step up basis when I died.
Social Security is only collected on the first $160,000 earned last year.
Millions make more than that.
The cap is $168k this year, but it should be 10x that, if there is going to be a cap. And payments shouldn't go higher than the current cap.
The biggest safety net for Americans has to continue to exist and the simple reality is that higher income earners need to pay more than their 'fair share' to ensure it stays solvent for decades to come.
Maybe some leave the country over it, but I doubt many that make less than $1.5mm per year are going to move to another country and take up new residence over that. Best of luck to them being as successful elsewhere when it comes to job earnings.
You are missing a lot. You don’t even have the facts. So….maybe YOU should 17 off, POS.
The tax codes favor owners not W2s. If you're wealth comes from business ownership and you have a great tax team you will pay much less as a % of income than a well to do couple who are W2s making executive money. W2s (and I'm one) are like the people plugged into the matrix****
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