February 12, 2025
There is talk in the Missouri legislature about eliminating the capital gains tax. Let’s move on from the part where wealthy people and corporations would pay less tax while the state already has a huge budget problem; and let’s not concern ourselves with the fact that separate legislation is being floated that would give the General Assembly the power to tax services that ordinary people use: HVAC work, lawn care, dog grooming…I hope that doesn’t include haircuts.
No, the real losers in the deal will be the Real Estate brokers, who routinely try to talk people into buying more expensive houses when they sell their current ones. “You don’t want to pay that Capital Gains tax,” they say, as if paying the tax is worse than paying a ton of interest over the next 15-30 years on the more expensive home that you don’t need. Now what leverage will they use in order to upsell?
I wonder if Missouri realtors will rally to protect their interests?
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