powsandwich t1_iud6eu5 wrote on October 30, 2022 at 1:07 PM

Reply to comment by escapefromelba in The face of opposition to Question 1 admits proposed tax wouldn’t hurt him much: ‘I’m not struggling’ - The Boston Globe by petepont

Yup, and they say it will “double” your taxes but if you sell for $1,000,001 you’re only paying 9% on that $1 and the existing flat 5% on the rest. The dishonesty in these ads is incredible

[deleted] t1_iuddl8g wrote on October 30, 2022 at 2:07 PM

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tacknosaddle t1_iudgjjp wrote on October 30, 2022 at 2:29 PM

You get to deduct the sales price, but there's also another deduction that is $500k for a couple (the linked article explains). Basically you'd most likely have to be selling a $2m home to even pay the higher rate on just small percentage of the home sale price.

PavlovaoftheParallel t1_iue2i2b wrote on October 30, 2022 at 5:03 PM

And all the major repairs and improvements are deductible as well.

They have literally just jumped on the house thing because they have nothing else to sell the “no” vote on.

MrRMNB t1_iuhw5q6 wrote on October 31, 2022 at 1:41 PM

But that's assuming the seller made $0 other income for the year, i.e. they'd pay a lot more in taxes for their regular job that year.