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Politics : Sioux Nation
DJT 13.47+2.9%10:35 AM EST
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To: Wharf Rat who wrote (66241)5/4/2006 6:29:49 PM
From: CalculatedRisk  Read Replies (1) of 360968
 
Actually there is already a "windfall" property tax on housing! In '97 (see: Tax Relief Act of 1997) the law was changed.

Under the old law, gains could be rolled over into a new home, as long as the home was of equal or greater value than the old home. Once a homeowner (or their spouse) reached the age of 55, they could take a one time exclusion up to $125,000 of the profit from the sale of their residence to "step down" and buy a smaller home.

Under the new law, homeowners receive a $250K (single) or $500K (married) tax exclusion when they sell their home. They can use this exclusion every two years. The old "rollover" and 55+ year old rules no longer apply.

So people with large gains are paying taxes they wouldn't have under the old system. This is one of the reasons tax revenue surges every April - the US economy has become asset based - in the last '90s it was stocks that fueled tax revenue, now it is housing.
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