Talk of The Villages Florida - View Single Post - Progress is slow, but going in the right direction
Thread: Progress is slow, but going in the right direction
View Single Post
 
Old 07-18-2023, 08:17 AM
Bay Kid's Avatar
Bay Kid Bay Kid is offline
Sage
Join Date: Feb 2013
Location: The Villages and the Northern Neck on the Chesapeake Bay, VA.
Posts: 6,294
Thanks: 1,709
Thanked 3,557 Times in 1,595 Posts
Default
Quote:
Originally Posted by manaboutown View Post
Just don't sell the family farm, so to speak. IRMAA will max out, AMT will hit hard, section 1250 property unrecaptured gain will be taxed at regular income rates (up to 25% - not 37%, thankfully) and to top it off Obamacare's 3.8% icing on the cake will finish the job of substantially reducing your net worth. So much for loopholes, bah, humbug!
Death Tax is coming back. This is the worse thing possible for family farms/business. Tax on tax until they are no more.