Quote:
Originally Posted by baddog
That's a lot where you live. Here, not so much.
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Remember, it's a 500K exemption on PROFIT, not 500K total....and you can do it every two years.
This exemption BTW is something that Clinton signed into law....before that if you sold a house you were forced to put the profit towards your next home purchase or else you had to pay cap gains tax on every penny.
Clinton also lowered cap gains tax rates from where they were under Reagan/Bush. I don't think going from 15% back up to 23% is unreasonable.
Why should a hedge fund manager making $10M+ a year pay a lower tax rate than his secretary who makes $50K?