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!

  • partial_accumen@lemmy.worldEnglish
    52·
    10 hours ago

    I don’t agree with unrealized gains taxes in general, but the instant they are used as collateral, or if value in any way is extracted from them (even loan value), they become realized gains, and should be taxed.

    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?

      • partial_accumen@lemmy.worldEnglish
        2·
        10 hours ago

        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.

        • hesusingthespiritbomb@lemmy.worldEnglish
          1·
          3 hours ago

          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.

          • partial_accumen@lemmy.worldEnglish
            1·
            13 minutes ago

            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?