Posted on 07/15/2025 9:01:49 PM PDT by SeekAndFind
This needs to be done and the sooner the better
F the IRS. Congress makes law, they don’t.
See tagline.
States like California Washington etc will fill that void raise their taxes
2028 or 2031: MTG vs. AOC
Cat fight of the century!
🤣. Vance or DeSantis in 2028. Then Byron Donald’s would be up next.
It is about time. What did the government do to increase the value of my house???
Printed more money---aka "inflation"
Exactly. It is an absurd tax. The house you bought 30 years ago is the same house you’re selling now. It isn’t really worth “more” now . It ‘s the same freaking house. The govt is putting on price inflation that their own policies caused. Even if you made a lot improvements to the house, you paid for them and the increased value thereof is more or less just the inflated value of what you spent
Yep. Rarely does government do anything for our benefit. Trump is changing that. MAGA!
California taxes the capital gain at regular income rate, not the lower capital gain rate.
Amen to that...
This will increase skyrocketing prices and flipping, when instead, we need homes to be home - stable places.
That house actually IS worth more now, to you.
Thirty years ago, you might have put 20% down and financed the rest. If you sold that house one year later, you would still only have about that 20% equity to roll over into a new house, with perhaps a few equity points from appreciation.
However, if the mortgage is paid off in 30 years and you want to sell that house now, you have 100% of the equity to roll into the new house.
This tax would have taken some of that equity away from you, and left you with left to transfer into a new home.
-PJ
If you bought a home 40 years ago for $250,000 and made $100,000 worth of improvements to it over time, the cost basis for capital gains tax purposes is $350,000. That helps reduce your capital gains tax burden. But you must keep all your records and receipts!
This is Trump the clever populist. All Americans who own homes and condominiums will love this. Who can possibly object to this? Trumps recent reversal on Ukraine is also populist. When you poll all Americans there is plenty of support for us helping out Ukraine *but* with no American boots on the ground.
Part of the MAGA base is against this Ukraine reversal, but they are in the minority when Americans across the political spectrum are taken into account. When it comes to immigration and deportation, Trump only cares what MAGA and Republicans think about this. Trump has done a 200% effective job shutting down “migrants” jumping across our Mexican border. The best success of this 47 Presidency.
It will also be an incentive for older people who have been staying in their homes to avoid the capital gains tax to sell those homes.
actually it will do the opposite if written correctly. It must be a primary residence that the owners have lived in for 5+ years. This will flood the market with homes, driving up supply and driving down prices.
The problems with housing in the U.S. have zero to do with the capital gains tax on the sale of a home.
The key national policy related problems are past interest rate (low) policies greatly inflated house prices from 221K in 2009 to 429k in 2023, a nearly 200% increase. Then, belatedly those prices had some breaks on them with the higher interest rates the fed belatedly created.
What has the capital gains tax on the sale of a home had to do with any of that? Zero, zilch, nada.
If you are someone who put your savings into stocks and not a house, then why shouldn’t you have your capital gains forgiven when you sell those stocks.
Politics and taxes is where the former corrupts the latter and where the former tries to politically direct your behavior using the tax code.
How about a Vance/Desantis ticket that could insure the Presidency for 16 years?
Not either or but both
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.