Oh, you bought your house a decade ago. In your 20’s too, which either means you live in a cheap shit hole, or mommy and daddy’s money helped you out (either directly, or by shielding you from things like student debt).
I’m assuming that your house is a Patrick Star style rock, and you’ve been living under it for this whole time, because house prices are up 60%+ since then, in some places more than doubling, all while wages stagnate.
If you’re paying a mortgage on a house you bought in your 20’s, you aren’t going to be affected by the taxes on unrealized gains exceeding $100,000,000, because if you had that kind of wealth you wouldn’t have a mortgage…
My boss doesn’t tax my unrealized gains.
And before you say that only applies to the rich, the income tax only applies to the rich at first. Now everyone pays taxes
You probably don’t even own a Honda civic making “unrealized gains”
I actually do own a house, it’s not exactly some crazy rich thing to have.
Yeah, and how old are you and when did you buy it?
Or better yet, whose money bought it? Daddy’s?
Mid thirties, and I bought it in my mid twenties. And I have a mortgage, so technically the banks money.
Oh, you bought your house a decade ago. In your 20’s too, which either means you live in a cheap shit hole, or mommy and daddy’s money helped you out (either directly, or by shielding you from things like student debt).
I’m assuming that your house is a Patrick Star style rock, and you’ve been living under it for this whole time, because house prices are up 60%+ since then, in some places more than doubling, all while wages stagnate.
Where did “I think taxes on unrealized gains are a bad idea because house prices go up” become “I don’t think house prices go up”?
That doesn’t even make sense.
If you’re paying a mortgage on a house you bought in your 20’s, you aren’t going to be affected by the taxes on unrealized gains exceeding $100,000,000, because if you had that kind of wealth you wouldn’t have a mortgage…
And how long before it gets lowered? Remember where income tax started? We have historical evidence of government greed.