Due to health issues, Mrs. T and myself are now making WELL under the level where the President-Elect has promised there would be no increase in taxes. As a result of these same health issues we are attempting to sell our home (10 years away from paid for) in favor of a smaller, less expensive domecile that we have planned to purchase with the equity we have gained from making our mortgage payments (on time, I might add) for the past 15 years, as well as the increase in the home's value over that time.
Imagine my shock, surprise, and disgust when I discovered (at
www.change.gov) that President-Elect Obama's tax plan would require us to hand over 28 cents of ever equity dollar to the gummint in the form of capital gains taxes. (Currently there is no capital gains tax on home sales under $500,000.)
So much for
cutting taxes for all but the wealthiest.