“It would be an additional income tax on the profit gain from a sale that occurred within three years of the previous sale,” said Ward.
Tell me you don't understand taxes without telling me you don't understand taxes.
Taxes solve all problems. Tax everything at 100 percent. Actually make it 200 percent.
Passive income?
Exactly. Flipping houses is a business, with costs and revenues, and people in this business pay taxes based on the laws governing such a business. They don’t pay capital gains taxes, they pay profit taxes. Unless they’re cheating and claiming the flipped house as a primary residence, but that’s a different enforcement issue. I don’t see how house flippers are hurting the housing market. They are making improvements, and raising the cost of that house, but they are also taking risks and providing liquidity to the market. And creating jobs, too.