This is decidedly not a 1% problem. This is a broad tax which will hit a large percentage. $500k deduction is quite low for the inflated values a house carries.
How is this mythical sale going to be valued? At current market rate, surely that's a joke. What if there's an existing mortgage which is conveying? Anyone inhereting a house in many areas will be forced to sell it under this plan. In my opinion, to force someone to sell their home is twisted.
How is this mythical sale going to be valued? At current market rate, surely that's a joke. What if there's an existing mortgage which is conveying? Anyone inhereting a house in many areas will be forced to sell it under this plan. In my opinion, to force someone to sell their home is twisted.