After 33 years and four children, Baby Boomers Marta and Octavian Dragos say they feel trapped in what was once their dream home in El Cerrito, California.
However, if those same $100,000 homebuyers lived for 37 years in an area that has seen enormous growth in home values — as is the case for many parts of California — and their home now sells for $2 million dollars, that’s nearly $1.9 million in profit, of which only $500,000 is excluded from taxes.
The taxable gain of $1.4 million at 20% would mean those homeowners are facing a $280,000 tax bill. In a state like California with additional tax, the overall payment would be over $450,000.
Oh woe is me, I only get to keep one million dollars of the money I made doing absolutely nothing except sitting on some capital. This is unfair and I am being oppressed.
Oh woe is me, I only get to keep one million dollars of the money I made doing absolutely nothing except sitting on some capital. This is unfair and I am being oppressed.
Get fucked.
I'm sure they'll tell anyone who listened how hard they worked for it, too.