Biden targets a tax break for rich real estate investors that allows them to avoid ever paying capital gains tax bloomberg.com/news/articles/…
Folks may not know this, but real estate investors can often flip their profits into new properties without paying tax through this tax break. And when they die, all their accumulated cap gains winnings die with them.
So Biden would nix the tax break on real estate gains above $500K, and then, when you die, unrealized cap gains >$1M would be taxed.

Smaller-time investors wouldn't see a change.
Basically, if you want to avoid taxes, you'd buy real estate in an up-and-coming area, depreciate it to lower your income even though it is appreciating, roll over any profits into a new property to avoid cap gains tax, and so on.

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Steven Dennis

Steven Dennis Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @StevenTDennis

2 May
I haven't heard this complaint about Fox News before.
Apparently a senator getting his news from Fox News ... chyrons? That is if I'm reading this tweet correctly. Not 💯% sure.
Also, I think if Google had been named Goggle we still would all be using it and we'd all be Goggling everything. "What have you Goggled today" and so on.
Read 4 tweets
1 May
One proposal with few visible opponents among the voting public but never seems to get anywhere in Congress:

A la carte cable.
There are conservatives who would love to stop paying MSNBC every month and liberals who would love to stop paying for Fox; people who wonder why their bill includes a massive payment to some billionaire team owners for a local sports network they never watch, and on and on.
You can cut the cord, but streaming services don't yet offer rifle shot a la carte subscriptions to each of the channels you want.
Read 4 tweets
29 Apr
Biden tax plan expands marriage penalty for some wealthier two-income couples on combined income north of $509K bloomberg.com/news/articles/…
Admin says tax hike will hit ~1% highest earning taxpayers + corps. The big cap gains hike is limited to taxpayers with income exceeding $1M/Year - about 0.3% of taxpayers.
There's an existing marriage penalty for some very high-income couples written into Trump's tax law.
Read 6 tweets
29 Apr
This viral tweet is fake. Senator Ernst's poster had "TAX INCREASE" not "SEX BLIMPS" on her Liberal Fantasy Island poster. Several of the other items are doctored too.
The Green New Deal and Expand the Court weren't changed.
A *lot* of people appear to be thinking this satirical fake pic is the real thing.
Read 4 tweets
27 Apr
"Bait and switch" would imply Biden didn't propose all these things during his campaign for president. But...
Biden wanted a massive COVID relief package; it was a selling point in the GA Senate races. He proposed massive infrastructure, carbon, health, etc plans.

They were on his campaign website.
He telegraphed tax hikes on people making >$400K and corporations.
Read 4 tweets
25 Apr
This tweet is broken, aka, incorrect.
Gallup's latest poll has Biden at 57%, still lower than Obama and many others, but higher than Trump, Ford...
Read 4 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!