Posted on 10/23/2007 3:08:44 PM PDT by taildragger
When 2008 rolls around, investors who anticipated a capital gains tax exemption on the sale of their investment real estate may run across a kink in their plans. HR 3648, a bill working its way through Congress, would alter the requirements for exemption on primary residences so that many investment properties will no longer qualify, leaving investors to pay a capital gains tax from which they would previously have been exempt.
(Excerpt) Read more at nuwireinvestor.com ...
I see this as really going after Boomer's and Retiree's that change houses every couple of years.
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BTTT
Without question, this is the biggest break in the entire tax code, so it’s not surprising it should be under attack.
If I am not mistaken, his solution, Make cap gains for securities the same are real-estate!
I.E. the 1st 250k and 500K for single and married respectively tax free.
Interesting Idea....
If not, the left will smell blood in the water, and un-bridled Euro-Socialism will be within their grasp, it is enough to make you shutter.
Karl Marx himself hated the bourgeoisie and considered it the greatest threat to the proletariat and to his communist vision.
Why would anyone expect his disciples in the Democrat Party to differ with him?
Of course Leftists hate the great American middle class and will do anything possible to destroy it. They would love to reduce everyone to the proletariat--everyone except themselves, of course. They would rule everyone else as a privileged oligarchy, exempted from the laws they pass for the rest of us--the Leftist Dream.
Just when the U.S. housing market falters and threatens the world economy, these geniuses in Washing decide to throw a monkey wrench into it.
And our "Geldings" are helping to pull this wagon...
Beam me up Scotty.....
Watch a certain property in Chappaqua go up for sale for a flip before this law goes into effect......
Remember the days when Visa interest was deductible.
The Democraps did this back in the 80s and it caused the S&L bankruptcy scam. Huge loses which had to be covered by the taxpayers due to failed S&Ls.
Raise taxes, fund socialism and screw America. Democraps what is so difficult about understanding them.
When you consider what self-serving slobs these Washington politicians are, the wonder is that the country's not in worse shape than it is.
So much for "the inherent genius of the American people". If the people were smart, they wouldn't send such slobs to Washington in the first place.
And what's really astonishing is that millions of Americans are in overdrive trying to increase the power, reach, and wealth of this self-serving oligarchy that rules over us and the size of their cash cow, the Frankenstein's monster known as the Federal Government, through which they milk the American people of their hard earned money.
Better stock up on guns and ammo BEFORE the next election !
I am more interested in eliminating taxes on income of all types and instead taxing consumption...then even illegal aliens will be taxed...so will tourists for that matter...
Oh, that’s perfect. The housing market is tanking, so let’s make it EVEN WORSE. Brilliant. Why do we elect retards? WHY?
The people who more or less ended up in debt to the IRS for life at the end of dot com boom as a result of “phantom gains” on exercised options (I know a few do them) are going to be PISSED.
Don’t tell me, Their homes will be in the same position so they will be “hit” twice in their lives? Please say it isn’t so...
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