this post was submitted on 19 Sep 2024
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What you're suggesting would also mean you're advocating for middle class homeowners to be taxed on a full value of a Home Equity Line of Credit (HELOC) even if they haven't spent a dime of it yet. Was that your intention?
Homeowners are excluded from capital gains tax for the first 250k for individual filers.
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 @bastion@feddit.nl 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 @bastion@feddit.nl '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.
that's like the point of the entire system? I mean, I don't want to go back to the 1800s corporate baronies that defined most industry at that point in time
This is how... EVERYTHING works... Income tax brackets, 401k limits. I thought this was pretty obvious, from each according their ability and all.
Oh no... Anyway.
Oh no, I guess our legislators' hands are tied. It's not like they could just put an exemption for a person's first home into the law or anything.
Oh well.
They didn't set out their whole tax platform for their presidential bid friend. We can trivially blow down your straw man with a primary residence exemption or, you know, tax brackets.