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You're fucking kidding me, how does this count as a dystopia?
Im no fan of the .ml troop but this post deserve their presence. Shame they can't see/post here.
In other words, their house would sell for at least 3.5 million. Where exactly is the problem?
3.5 million is the increase in value over what they paid. That means they were making well over $100,000 every year for the past three decades, and they are complaining about paying cap gains.
Fucking Boomers.
Although increasing the exemption amount to peg inflation does make sense.
Also, fucking Business Insider for running this obvious tripe.
Not surprising from an outlet created by DoubleClick founders and a guy who is barred from exchanges due to securities fraud.
They don't want to contribute to society, even at a lower rate than wagies.
Just weeks after Republican Rep. Marjorie Taylor Greene introduced a bill to eliminate the federal capital gains tax on home sales, Trump said the effort could help juice housing market sales amid persistently high interest rates.
This is exactly the problem.
Couple are set to make $3.5 million in profit, are asked to pay tax, say no and greedily hoard their asset some more and cry about the hardship.
Fuck off.
They should be asking themselves why they haven't done more to give back to the society that gave them so much, but instead they're whining about a meager 20% tax on staggering profits. Instead of lowering capital gains, it should be raised, over a certain threshold. Hell, we should be taxing the wealth they just have sitting around so that we can show wealthy people like these two shameful selfish pricks what it feels like to really contribute.
Growing desperate to move, the Friedmans finally put their house on the market in May for nearly $4.5 million.
Ohh no they have to pay taxes? Was this written by a toddler?
I swear to go, people are so disgustingly greedy i have little hope without a thorough revolution.
700k is 20% of 3.5 million
That leaves 2.8 million
If put into savings with a 4% annual interest rate, that is 112k per year
And they are complaining?
You fucking kidding me?
2.8 million dollars is more than most people have the ability to save for retirement in the first place.
They want us to cry for them because their payout from a single asset after tax is more than the average middle class retirement account?
Get fucking real, if anything this makes me think the capital gains tax is too low for their bracket.
Agreed... this couple isn't hurting either way.
However as they said the limit hasn't changed in almost 20 years. For most older people in America their home is the single most valuable possession and what many have to sell when they are unable to care for themselves and have to go into some kind of care facility. For people living in a HCOL area, their home can easily be many times more valuable than their savings and their primary or only asset of significant value, and a $1M house is a starter home.
It makes sense for the limits to be increased, but the couple that's the subject of this article doesn't deserve anyone getting teary-eyed.
The first $500k is taxed at a lower rate, so they're actually making more than that on the sale.
Make $3,500,000 in profit and you get upset that you have to pay taxes on your 3.5x return on "investment."
If you can't cover <$1M in taxes from the sale of your $4.5M home maybe you should live within your means or get a roommate to help cover the bills like a normal person or something.
They are soooooo poor 😭 😭 😭 i can't contain my sadness over this unjust tax 😭 😭 😭 Their house is worth 🤑4,5 million dollars🤑, and they don't want to 😡subsidize the state😡, that would be 👿evil socialism👿 ‼️ ‼️ ‼️
damn, i wish i had that problem.
Oh jesus fucking christ.... sell the damn thing. They'll still walk away with $2.8 million in their pockets that they can't currently spend. They're just being stupid greedy fucks who can't bear the idea that it could become even more valuable if they wait longer.
Nearer $3M as the first $500k is deductible, but mind those closing costs.
I pay zero taxes if I were to sell my house. Because I don't own a house, I can't afford one. I'm forced to rent.
My boomer parents constantly complain their pension is shit. They have to watch their spendings, they tell me. They live in a big house, surrounded by water and nature (in the Netherlands, so expensive AF), with a sailing boat AND an expensive motorboat in front of their house, an SUV and caravan, they completely remodeled their garden including expensive fences, they go on holiday about 5 times a year, they got solar panels and heat pump installed, got a new kitchen, bathroom and toilet, expensive automated sun screens for all their windows (all around the house). But they are treated like shit with their poor pension. My dad bought his first house when he finished his studies, my mom never had to work anymore as my dad made more than enough to support a household of 5, we always lived in middle class neighborhoods, we went to private schools. But they complain they have to buy fuel to come visit me, so they rather have me visit them instead. I live in social housing and struggle every month paying my bills. They never gave me a penny as soon as I left the house as I'm a major disappointment, even though I'm financially and mentally struggling (autism, ADHD, PTSD). They even changed their will because I'm such a disappointment so I will get the bare minimum and my perfect younger brother gets almost everything even though he makes loads of money every month.
I don't give a fuck. I don't want anything from them when they die. I'm not complaining about not getting anything. I'm just complaining their love for me is measured in success and that they are privileged fucks who constantly complain about their sad rich lives while many others are actually struggling and they don't give a fuck about them. They are an example of what's wrong with society. I broke off all contact with them. Fucking boomers. They even turned full right wing racists even though their parents and grandparents fought in the resistance during the second world war and got deported and tortured to death by the nazis in concentration camps.
I guess all the boomer parents are like that. I have a really good relationship with my parents, but they wouldn't help me out when my boyfriend and I bought a flat. Went as far as telling me that I'm trying to rob them, because maybe I can't afford the flat and then the bank will take their houses. I told them the bank just can't do that and they didn't believe me until they went to talk to a lawyer. And best part is, now they always say I'm not thankful because I will inherit their houses and they build them for me? And their parents were really poor small scale farmers, still they saved up to help them with their first home. As you can tell I'm still bitter about that.
Capital gains tax of up to 20%.
What's 5x 700,000 ?
"The Friedmans finally put their house on the market in May for nearly $4.5 million"
Cry me a fucking river, boomers.
Enough that they shouldn't fucking care.
Yeah, and the tax is only on the profit they make, not the entire selling price.
Your home listed at...$4,500,000 is going to cost you $700,000 in taxes? Cry me a river straight to the bank with your remaining $3,800,000. I hope they raise the tax.
Plus they're in their 70's. Pretty sure 3.8 mil will last you the rest of your life.
Yep that's how taxes fucking work
The unfair part of this is that the $500k threshold for the tax hasnt been updated since 1997.
In 1997 the average price for a house in California was about 180k now its $800k. If the tax was the same ratio it now wouldnt apply until the house was worth about 2.2mil (napkin math, I'm not getting out the calculator) Now I'm not saying they arent crying about a problem many of us would kill to have but thats a difference of about $340,000 in taxes.
This is the dumbest fucking article, holy shit. Fucking boomers. Cry more about paying the already generously low LT cap gains tax. Jesus fucking christ.
The one thing that would turn my exhausted ire into joyful schadenfreude is if they equity-leveraged the shit out of it, and didn’t understand that this would hit them in the balls when they eventually sold.
I wish the boomers would just die already. At this rate I’m going to live my whole life under their greedy little thumbs
There's nothing even remotely unfair going on here
Sounds like they can afford it if they're rich enough to own that house.
What makes this even worse is the article doesn't mention all the money this couple saved by not paying rent for the duration of their home ownership. So not only would they make profit on the sale, they didn't have to pay rent for all those years, and instead got to keep that money, which puts them at a much bigger financial advantage than folks who can't afford a home in the first place.
Where exactly is this a dystopia? The part where rich people too have to pay taxes?
I guess you're mistaken, /r/aceoandultrawealthydystopia is a different sub.
The tax is only 20%, like you get to keep the other 80%. That sounds pretty good to me.
Boomer couple is doing boomer things.
Normal rich folk give the house to their children to use and buy something in a retirement community with their children's support. None of their children live with them, kind of a red flag the author buried.
It'd be funny if they died like a week after the sale closes and they move into the new community.
So in other words it is taxed substantially less than income... Even though it is clearly a form of income... Cry me a river...
Oh no. They only get to keep 2.8 million? Whatever will they do?
I think that if you only own one property it would make sense to pay the tax on gains at the end of the fiscal year. If you sell $3.5m house and same year buy a smaller $2m house you only pay 20% of the $1.5m you actually gained. It's idiotic that simply moving somewhere can cost you 20% of your house value, even if you moved to house of equal value and haven't made any money.. If you own more then one property you pay 20% of the sale profit same as now.