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Let's play the rich get everything. The rules are the rich get everything. participation is mandatory.(lemmy.world)

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Allonzee@lemmy.world
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microblogmemes@lemmy.world
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Did I say mandatory? I meant optional! You’re “free” to die in a cardboard box under a freeway as a market capitalist scarecrow warning to the other ants so they keep showing up to make us more!

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partial_accumen@lemmy.world
2 points

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.

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hesusingthespiritbomb@lemmy.world
3 points

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.

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partial_accumen@lemmy.world
0 points

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.

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?

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hesusingthespiritbomb@lemmy.world
4 points

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.

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orrk@lemmy.world
4 points

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

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prole@lemmy.blahaj.zone
2 points

The rich would get taxed on loaned money but the middle class wouldn’t?

Oh no… Anyway.

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julietOscarEcho@sh.itjust.works
2 points

This is how… EVERYTHING works… Income tax brackets, 401k limits. I thought this was pretty obvious, from each according their ability and all.

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