Oh man We’re “equity rich”. And you know what the government does to “rich” people. Bend over and grab your ankles. One of the things that Democrats have been trying to pass for years is the concept of “imputed income” on your house. The way that works is that your imputed income is the amount that you COULD get in rent for any property you own regardless of whether or not you actually rent it. So let’s say you have paid off your house and you live in it. And the average rental for a house in your neighborhood is $2500 a month. You would the add $30,000 to your taxable income even though you never saw a penny of actual income.
Now suppose you invested in Real estate and you have a cottage on a lake. You would also be taxed on the imaginary rent that you might get if you rented that and well as the imaginary rent you could get on your house if you rented it and moved into a discarded refrigerator box.
That would greatly drive down home prices, right?
“You’ll own nothing and you’ll be happy.”
RE: One of the things that Democrats have been trying to pass for years is the concept of “imputed income” on your house.
That will NEVER ass Congress. Why? because many Congressmen have more than one property.
Heck even in Senate, the Communist sympathizing Bernie Sanders owns THREE very expensive properties.
They also want to pass a tax on unrealized gains
discarded refrigerator box has imaginary rental fees as well. Ditto for tents, teepees and caves. Could also be applied to a plot of bare ground.