In this April 16, 2012, file photo, Republican presidential candidate, former Massachusetts Gov. Mitt Romney addresses supporters at a Tax Day Tea Summit held at Franklin Institute in Philadelphia.
Jae C. Hong, File, Associated Press
On Black Friday, my son and I were out shopping and we met one of his old friends. As we chatted, he told us that he owned a one-man mortgage business. He told us that in January, people who sell investment property will pay a 3.5 percent tax of the profit made to the federal government. Even those who sell a vacation home will also pay the 3.5 percent sales tax.
He told us he was getting out of the business because of the increased regulations and taxes that will be placed on him come January. It is really nice to know that President Barack Obama and Scott Matheson have a plan to increase business and get people working again. I just wish they would mind their own business and not ours.
David West
South Jordan
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Is it wrong for me to say that I couldn't care less that someone selling investment property has to pay single-digit federal taxes on the profit? Oh, dear, my successful business is now generating marginally less profit, so I guess I'd More..
Your son's friend is not the one who would have to pay the taxes, the person selling the house - if they make a profit of $500,000 or more - has to pay $17,500 in taxes. (The seller still has $482,500 for their own use.)
Your More..
Once again a brilliant decision..someone who is making over 250K a year and sells an investment home for more than 500K is going to get out of the business because he has a 3.8% reduction in his profit. Just brilliant.