There are millions of people who are going to be affected by this law. Many older people bought their homes years ago when property was much less expensive than it is now. In some areas of the country median house prices are still over a million. And yes, bank accounts do generate interest. It’s very low. With this new law even the paltry sum from a CD or bank account will get this tax surcharge.
“In some areas of the country median house prices are still over a million”
Where? Most of those areas that I can think of are populated by liberals, bureaucrats, or beltway bandits. They are about to be hoist by their own petard.
that said, calculating the amount subject to this tax is going to be a nightmare.