Off-Topic: Sigh......GF is right about one thing

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	Name:	MartiniMan -
	Subject:	Sigh......GF is right about one thing
	Date:	6/18/2010 9:36:54 AM

My math prior to 1997 was wrong in that it assumed the entire amount was used to buy another home and was exempt from taxes. Any of the profits that they held onto and did not put into another home would be subject to taxes. I also give him one more area of credit. He has gotten us off track on whether the increased tax on long-term capital gains is a good thing or a bad thing. Way to go GF! While you argue the nuances of a hypothetical home sale we have completely lost the original intent of the discussion which was how increased taxes on the productive will only harm the economy and will not in the long run increase revenues to the Treasury. Its never worked any time its been tried but why let historical facts get in the way of a good class envy argument?

As for Grandma no longer being middle class with $1.2M I beg to differ. If she retires at age 65 and lives to age 85 then that $1.2M nets her around $60K per year (I know I am ignoring the 1.5% interest she could earn on that money). I suppose that is rich to you but I think most Americans would consider that middle class. I suppose if she were lucky maybe she would cooperate and just die in 2 or 3 years so we could all call her rich for that short period of time. Unfortunately for her if you look at life expectancy for those that live to age 65 it is over 83 years for all Americans and if poor Grandma happens to be really unlucky and be a white woman it is almost 85 years. Nice try though.......