Quote:
Originally Posted by nation-x
If it's investment property... yes... but you don't pay the tax on the whole amount of the sale in the case of Capital Gains tax... you only pay tax on the actual profit... at the same time you can offset those taxes with losses (like every investor does). If it's your primary residence and you haven't taken the one time tax exemption... then you won't pay ANY tax.
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Stop to think for just one moment.
Are you better off than you were 8 years ago? Most of the people I see interviewed on TV seem to be doing okay. I have asked my son (24) an ex-g/f (34) and g/f (36) and they are all doing better than they were 8 years ago.
Sure, there are people that got in over their heads because deregulation allowed them to get loans they never would have qualified for before then.
So, is it my job to pull them up by their bootstraps because we tried to give them a chance but they couldn't handle it? Why do we have to pay because someone else bit off more than they can chew?
Lazy people will never succeed, and continuing to fund them is not going to change a thing except to possibly bring us all down to their level.
Hard work should not be punished.