Biden tax proposal will greatly increase the cost of farmland and thus food prices, property prices and rental costs.
All the Biden voters and media must be proud of how they got rid of Trump now they get to pay for their stupidity.
FTA: the CA tax regime pushes up the cost of a home ~ +37%.
!!!
Plus the added fees for anything the gov’t comes up with.
Then there are the HOA fees!!
If you are a married couple and have been in your home for more than 30 years in a high appreciation area, you can avoid paying capital gains tax on your gain if one of the spouses dies while you are living in the home. That’s because the basis is stepped up to market value when a spouse dies. We have been counting on that strategy for a long time as a way to make sure the surviving spouse can sell the house, downsize, and get a big tax-free gain. It also provides a good estate for our children.
If the ComDems eliminate the basis step-up, we are going to pay 40% state and federal taxes on our gain. They are planning to steal a good chunk of our lifetime savings, destroy our retirement financial planning strategy, and steal much of our kids’ inheritance.
I thought I hated the fed govt under Clinton and Obama, but it was never this bad. Of course, this is Obama III.
Everything going on in this government has Obama’s finger prints on it. It’s a fundamental transformation!