Let's play the rich get everything. The rules are the rich get everything. participation is mandatory. - eviltoast

Did I say mandatory? I meant optional! You’re “free” to die in a cardboard box under a freeway as a market capitalist scarecrow warning to the other ants so they keep showing up to make us more!

  • hesusingthespiritbomb@lemmy.worldEnglish
    3·
    2 months ago

    Okay but you can just apply the same logic to a HELOC. If you get a 30k HELOC for a bedroom renovation then it does not count towards capital gains tax.

    Even normal capital gains taxes have brackets.

    • partial_accumen@lemmy.worldEnglish
      11·
      2 months ago

      Okay but you can just apply the same logic to a HELOC. If you get a 30k HELOC for a bedroom renovation then it does not count towards capital gains tax.

      Wouldn’t this be a double standard if we’re applying @bastion@feddit.nl 's logic? The rich would get taxed on loaned money but the middle class wouldn’t?

      • hesusingthespiritbomb@lemmy.worldEnglish
        4·
        2 months ago

        That’s generally how progressive tax brackets work, yes. Technically speaking if I rich person wants to take out a 30k HELOC they’d also not get taxed on it.

      • orrk@lemmy.worldEnglish
        4·
        2 months ago

        that’s like the point of the entire system? I mean, I don’t want to go back to the 1800s corporate baronies that defined most industry at that point in time

      • julietOscarEcho@sh.itjust.worksEnglish
        2·
        2 months ago

        This is how… EVERYTHING works… Income tax brackets, 401k limits. I thought this was pretty obvious, from each according their ability and all.