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Politics : President Barack Obama
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To: Jim McMannis who wrote (105002)11/30/2011 11:07:21 PM
From: Sr K  Read Replies (1) of 149317
 
Re: One of the biggest ones were under Bill Clinton. re. up to $500k cap gains exemption on sale of a home.

That actually worked the other way. Previously, you could sell a home and buy a new one for more than the one you sold and pay no tax, no matter what the price. People had been encouraged to get bigger and bigger houses. With that change in about 1997 you could downsize and take the cash tax-free to fund retirement. It was a baby boomer tax plan tax change.
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