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They are changing the residency requirement from 2 out of the past 5 years, to 5 out of the last 8 years, in order to exclude the capital gain up to 250K singles, 500K married.
We normally kept our homes 3 to 5 years during our work lives; trading up that often allowed us to get into better and better homes. We weren't flippers, though we always improved our homes while we lived in them, over the years.
I think this new tax law will hurt the real estate markets in many areas, especially younger people who buy starter homes with the intention of trading up as time goes by.
Do you think this proposed tax law change will have a negative effect on the market in your area?
It's a stupid change and fine the way it was. 2 years is enough to put you well out of the flipper category and the LLC changes show they don't give a **** about doing anything about pass through income. So basically this just ****s the little guy. As usual.
I think this sucks. I have been looking in an area that I know I probably won't want to stay in for more than 5 years or so. Not sure what I can do about it though. I'll say this. I feel like I'm being raped by the new tax bill in a lot of ways.
Write your Senators and Congressperson if you think this is a change for the worse!
Would like to hear from professionals...do you think this proposed change is going to hurt business? Hurt prices? And if your local or national Realtor groups/trade associations are fighting against this?
Write your Senators and Congressperson if you think this is a change for the worse!
Would like to hear from professionals...do you think this proposed change is going to hurt business? Hurt prices? And if your local or national Realtor groups/trade associations are fighting against this?
We are $20.5+T in debt and climbing. The bill needs to be paid. Everyone needs to contribute (who can) and the special interest deductions, credits, carve outs, etc. need to go away. All income (if there is to be an income tax) should be taxed at the same rate because income is income whether it is from employment or investment. The tax code is so convoluted that even the people charged with enforcing it don't understand it. It needs to be simple, straight forward, even handed, and enough to cover the budget plus pay down the debt. Anything short of that (like this plan) is re-arranging the deck chairs on the Titanic.
It's time for everyone to pay the piper and start holding the piper accountable for future spending.
It is all about screwing the middle classes. I am surprised so many people don't see he Republicons for what they truly are.
There is a wealth transfer occurring in this Country and it the rape of the middle class for the benefit of the upper tier of the 1%.
Talk about dog whistles. Sorry, but the facts actually demonstrate the opposite. Data from 2014:
-The top 1 percent of taxpayers in 2014 paid 39.5 percent of the total individual income tax collected. Think about that for a moment.
-In 2014, the top 50 percent of all taxpayers paid 97.3 percent of all individual income taxes while the bottom 50 percent paid the remaining 2.7 percent. Let that sink in.
-The top 1 percent paid a greater share of individual income taxes (39.5 percent) than the bottom 90 percent combined (29.1 percent).
-The top 1 percent of taxpayers paid a 27.1 percent individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.5 percent).
What you wrote is typical liberal propaganda (especially the oft-quoted line "The rich need to pay their fair share"---like fingernails on a chalkboard) but I prefer the truth to propaganda. Now, if you are one of those who have bought into the idea that "they can afford it" more than the middle class can, I suppose that is true but how is that fair? As I've said, for the rich to pay their "fair share", they would need a huge tax cut and we in the middle would need to step it up. Or, demand that the feds stop spending at the level they do.
Before you accuse me of being a Republican or whatever, I am not. I am an independent pragmatist with an overly strong bent toward fairness and economic conservatism.
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