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You're saying that taxes on a 2 million dollar windfall is unfair.
by nerfhammer 7y ago
You're saying that taxes on a 2 million dollar windfall is unfair.
- masonic 7y ago"Windfall" 8s an odd term to use. The problem is that long term capital gains are not indexed to inflation, let alone in correlation to increasing RE values. If you index the cap gains tax to inflation alone, you'd find a huge added turnover in properties. Prop 13 provisions can be altered anytime by another initiative OR by the Legislature. In either case, only a simple majority is needed for voter passage. The Legislature has been under Democrat control for over 22 years. Ask yourself why no change has even been attempted.
- malvosenior 7y agoIt's not a windfall if you live there for 35 years and don't sell. It's just your home.
- akavi 7y agoMake the back taxes due on sale then. Simple.
- rcpt 7y agoThat would really exacerbate the lock in effect
- rcpt 7y agoJust because it's not a cash asset doesn't mean it's not an asset. There are myriad of financial instruments to work with. Increased property values translate to increased borrowing power.
- malvosenior 7y agoWhy should people be forced to get in debt to keep the house they've already paid for?
- nerfhammer 7y agoWhy do they deserve permanently lower taxes?
- malvosenior 7y agoThey're taxed on what they paid.