Well, actually, the break - being able to exchange one property for another without incurring immediate capital gains tax liability - is available to folks such as li'l ol' me, despite my not being a multimillionaire.
If we posit that any tax code short of outright confiscation will not really affect the super-rich (and even outright confiscation will only keep the government running for about 8 months until the well runs most uncomfortably dry thereafter), then the current setup - as far as this particular tactic is concerned - is weighed the way it is not so much as to disfavor the common Joe or Jane as it is to favor the government, in the proud tradition of tax codes dating back to when my ancestors lived in caves.
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Date: 2005-06-04 09:32 am (UTC)If we posit that any tax code short of outright confiscation will not really affect the super-rich (and even outright confiscation will only keep the government running for about 8 months until the well runs most uncomfortably dry thereafter), then the current setup - as far as this particular tactic is concerned - is weighed the way it is not so much as to disfavor the common Joe or Jane as it is to favor the government, in the proud tradition of tax codes dating back to when my ancestors lived in caves.
Cheers...