To be completely fair to the A Boring Dystopia community, almost none of the comments were having the sob story.
.world post: https://lemmy.world/post/34072411
Archive link to Business Insider article: https://archive.is/RsEwG
Everybody is being very lazy with their math, and grossly misunderstanding just how much this 20% capital gains tax will affect this poor couple.
The first $500,000 of the sale price isn’t subject to capital gains. Assuming they purchased their expensive home in the most expensive part of California in 1990, a $700,000 capital gains tax bill would mean their sale price is somewhere between $5M and $5.5M.
These poor people are only going to be left with $4,300,000!
Ohhhh, but the article says they “desperately” listed the home for only $4.5M? Shit dude, sounds like somebody is lying somewhere in here!
My bad, honestly I just put that 3.5m number as a lower bound, as if it’s any higher, then the relative percentage is even lower.
Plus the sale price doesn’t necessarily indicate profit, which is typically what’s referenced for capital gains tax
I feel like the most dystopic thing is this one:
Ironically a property speculator could dodge this tax by buying a replacement property thanks to like-kind exemptions offered to investors but not private homeowners…
Very true, and it is nasty though ostensibly not the angle the original linked post was going for (from what I could tell)
Lets be real how are they gonna make 2.8 million $ last them a whole 5-10 years until they croak? Thats onle 560k-280k per year! Basically poverty!
100% inheritance tax
The richest could still give million dollar gifts without being taxed — they’re great at finding loopholes so I’m sure they’d find other ways to do it too
Richard Wolff often makes the point that you have to stop the accumulation before it happens for this very reason. The initial transfer of wealth needs to be done at gunpoint and be paired it with a massive meaningful transformation of the economic base otherwise the hypothetical socialist government is just playing whack a mole.
110% inheritance tax
Lmao when even .world isn’t sympathizing with you
“Waah! The mean ol’ government wants to take away some of my unearned money! I have plenty, but money money money money mine! Porky loooove money!”
Maybe you should have thought about that before deciding having a roof over your head should be a rich people thing.
You have enough, you disgusting pig. Learn some goddamn restraint.
captive bolt gun
I’m sure they could just put it into a non-commercial trust that allowed them to include a clause that the lair and coffins they sleep in in the crypt below aren’t to be disturbed.
Only 5 bedrooms in 5000 sqr feet? Wtf is in this house
