Skip to main content

View Diary: Warren Buffett's latest op-ed will bring mutters of 'class traitor.' But he doesn't go far enough (117 comments)

Comment Preferences

  •  Some capital gains should probably be taxed lower (2+ / 0-)
    Recommended by:
    wbr, RandomNonviolence

    E.g. selling one's home after years of living in it. We don't want to force people to live longer in their homes than they want to, and discourage a healthy level of turnover in available housing stock. Or, retired people selling off assets to live on. But definitely, capital gains as everyday business activity, be it flipping houses or trading, should be taxed higher. Enough of this free ride.

    "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

    by kovie on Mon Nov 26, 2012 at 08:39:05 PM PST

    [ Parent ]

    •  There is already a limit to cap gains taxed (1+ / 0-)
      Recommended by:
      RandomNonviolence

      on the sale of a residence.  Last I heard I think it was the first $200K on the sale price was exempt, although it may be more now.

      "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

      by SueDe on Mon Nov 26, 2012 at 09:17:52 PM PST

      [ Parent ]

      •  IRS has the answer (2+ / 0-)
        Recommended by:
        howd, SueDe

        in Publication 523:

        ...You can exclude up to $250,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home ...

        ...You may be able to exclude up to $500,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons...

        •  Ah, it has gone up. (0+ / 0-)

          Thanks Random.  I didn't have time to look it up this morning.

          "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

          by SueDe on Tue Nov 27, 2012 at 02:08:11 PM PST

          [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site