Yes, the Summit County real estate market is still bananas. Yes, we are selling homes like crazy- the number of sales is up 63% Y-T-D over last year. Yes, the buyer demand is still strong and Yes, inventory is still at record lows.
Have you heard about the Biden administration’s proposal to raise the capital gains tax from 20% to 39.5% for high income earners to fund education and child care? Now, this may or may not take effect – and if it does, it likely won’t be until the 2022 tax season.
In talking to Summit County property owners, several people have mentioned to me that they don’t want to sell now because of the capital gains taxes they will have to pay. I get that. I do. AND it’s not likely that even if the capital gains tax doesn’t go up, it is unlikely to be any less than it is right now any time soon.
Biden to propose capital gains tax of 39.6% to fund education and child care, reports say
- Biden will seek to raise taxes on millionaire investors to fund education and other spending priorities as part of an effort to overhaul the U.S. economy.
- Biden will seek an increase in the tax on capital gains to 39.6% for those Americans earning more than $1 million, according to reports.
- Reports said the president is expected to release the proposal formally next week as a way to fund spending in the upcoming American Families Plan.
- Read full CNBC article here