Comment on This boomer couple would be hit with $700,000 tax bill if they sold their mansion
AA5B@lemmy.world 1 week agoYeah that exemption always seemed pretty high, but as a newly single person (where the exemption is cut in half) in a high cost of living state where home prices have been rising excessively, and I’ve owned my home long enough to raise kids (and increase value a lot) …… yeah it’s easier to see the other side. I’m ok but far from wealthy, and need to downsize in order to afford retiring, but would also be hit by capital gains.
Given what home prices have been doing and this exemption never changing, it’s no longer realistic. Now it’s not just the wealthy
Ledivin@lemmy.world 1 week ago
I’m all for increasing the limit and also increasing the tax rate. Costs have gone up, period, but that doesn’t mean rich schmucks shouldn’t still be paying more