@RGFROMTEXAS Posted on September 29, 2012 at 5:42am
“That is absolutely false. The tax only applies if you make a profit of
over $250,000 (single) or over $500,000 (married). The tax is only applied
to the profit over and above the two above mentioned figures. It obviously
only applies to the super, super rich !! I cannot believe the misinformation
that is spewed on this board.”
Here is MY real life example of the “super rich” as you call them. My husband bought a house 17 years ago for $120,000. Over the course of those years he spent a lot of money (AFTER tax income) remodeling and upgrading. Buying building supplies that – mind you – he paid SALES TAX on. Now, after our kids are grown and are approaching retirement age, the value of the house is approximately $375,000. That meets the $250,000 “profit” threshold you mention. So now after paying our mortgage on time every month for all of those years AND using our hard-earned, taxed income to purchase taxed building supplies we are supposed to pay MORE taxes because we are super-rich? Oh, BTW, I make less than $50,000/year and he has his own business that he has run by himself (no employees) for the last 25 years. For your post I would surmise that we qualify as the nasty “super-super rich” who should have to give someone else the rewards of their hard work….FORGET THAT!