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Did I say mandatory? I meant optional! You're "free" to die in a cardboard box under a freeway as a market capitalist scarecrow warning to the other ants so they keep showing up to make us more!
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this post was submitted on 19 Sep 2024
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I believe you're referring to rules on sale of a home where there is a capital gain, meaning you bought the house for $100k and sell it for $350k, no cap gains taxes. We're in uncharted waters with what @[email protected] is proposing. That user (possibly) suggesting it for HELOCs too.
Okay but you can just apply the same logic to a HELOC. If you get a 30k HELOC for a bedroom renovation then it does not count towards capital gains tax.
Even normal capital gains taxes have brackets.
Wouldn't this be a double standard if we're applying @[email protected] 's logic? The rich would get taxed on loaned money but the middle class wouldn't?
That's generally how progressive tax brackets work, yes. Technically speaking if I rich person wants to take out a 30k HELOC they'd also not get taxed on it.