You get $1.25 million TAX FREE plus an extra $250k unaffected, if selling today. And they still only pay a net tax rate of about 35% on any dollar above that. That’s not a sad story.
You get $1.25 million TAX FREE plus an extra $250k unaffected, if selling today. And they still only pay a net tax rate of about 35% on any dollar above that. That’s not a sad story.
@tylermeredith No $250K threshold on corporate or trust capital gains. All subject to the 66% inclusion.
@tylermeredith Once again, this is gouging. A lifetime of savings. Are you aware that farms are corporations? Small businesses? Pouring their earnings back into their land and or buildings etc. just to get gouged nearing retirement. Disgusting.
@tylermeredith Tyler would support an allowance tax for children.
@tylermeredith We get nothing in exchange. It is robbery.
@tylermeredith Actually, the tax paid is closer to 23% on each dollar over 250k. You forgot the 66% inclusion rate on that 35% tax.
@tylermeredith Hostage stories can have an element of excitment, this is true
@tylermeredith I am not familiar with the anecdote but people who sell an investment property do not enjoy the $1.25-million lifetime capital gains exemption unless it was part of an eligible small business.