getjustin t1_ivq79oz wrote
Reply to comment by GreenPylons in Who else is surprised Q4 was so close? by 737900ER
Still, only 1% of households make over a million. Either simping for the wealthy or a poor understanding of tax brackets.
hyperside89 t1_ivqmgh4 wrote
The handful of people I know who voted against it were less focused on the income part, and more on the impact on the sale of a small business or home. There are many more people in MA who don't make 1 million annually, but have the potential to have a home or business sale over 1 million in their lifetime.
Still outrageous, if your home or business nets you profit over a million you should rightly pay more tax, but just pointing out where some of the supporters may have come from.
repthe732 t1_ivqt0fr wrote
Just to clarify, it wouldn’t apply to all homes that sell for over $1 million. It would only apply to one’s that have capital gains over $1 million and then it would only apply to every dollar in capital gains after $1 million. I think there was a lot of misleading advertising around this leading up to the election
ahecht t1_ivtzuvy wrote
Gains of $1.5 million thanks to the homestead exemption.
DanieXJ t1_ivrmf5w wrote
So you work and work and work at your small business. You're not rich by any means. All the money goes back into the business. Then you want to retire. So you sell it for 4 million dollars so you can fucking retire. You don't have a cushy union pension, all you have is the blood sweat and money you've put into your restaurant or bed and breakfast or whatever.
Fucks to be you, you're "rich" and deserve to be screwed out of all your hard work and retirement by taxes. And.... it's a double screw because it's now in the fucking constitution you stupid yes on 1 idiots. God almighty the stupidness of this state.
j_allosaurus t1_ivt31at wrote
So let’s say you sell that business for a net $4mil and pay no other taxes except income/have no liabilities reducing your burden. Pre Q1, you’d pay flat 5% income. That’s a 200k burden, leaving you $3,800,000 to fund your retirement.
But now 3million of your 4million are subject to a 4% surtax. 4 percent of 3 million is $120,000. So now you have $3,680,000 for your retirement.
Is that really the margin? “I could retire on 3.8 but I can’t on 3.68?”
I don’t even know why I’m arguing with someone on r/boston about an already-passed question, it’s just funny that there are so many valid questions about the wisdom of doing tax policy by constitutional amendment but the antis seem to have focused their messaging on “I won’t be able to retire because I’ll have to pay slightly more on my millions!!!” when so many people in this state, especially younger people, are struggling to get to a place where they can even think about retirement.
Grig134 t1_ivtnz97 wrote
> you're "rich" and deserve to be screwed out of all your hard work and retirement by taxes
Oh, I didn't realize it was a 100% tax.
getjustin t1_ivtuy9y wrote
> So you sell it for 4 million dollars so you can fucking retire.
Then you pay up an extra $120,000 ONCE to fund the infrastructure and schools that educated your employees and allowed them to get to work, and that allowed you to be successful. Assuming you owned the place for even just 20 years, $6k/year is a fucking steal.
You're not screwed out of anything, you're paying back a very small portion of what you earned not just on this sale, but the decades of ongoing revenue you business provide you.
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