The Conservative Cave
Current Events => Political Ammunition => Nationalized Health Care and Its Potential Horrors => Topic started by: Chris_ on September 28, 2010, 11:46:01 AM
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“I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes,â€
President Obama, September 12, 2008
Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income, including the sale of single family homes, townhouses, co-ops, condominiums, and even rental income.
In February 2010, 5.02 million homes were sold, according to the National Association of Realtors. On any given day, the sale of a house, townhome, condominium, co-op, or income from a rental property can push middle-income families over the $250,000 threshold and slam them with a new tax they can’t afford.
This new ObamaCare tax is the first time the government will apply a 3.8 percent tax on unearned income. This new tax on home sales and unearned income and other Medicare taxes raise taxes more than $210 billion to pay for ObamaCare. The National Association of Realtors called this new Medicare tax on unearned income “destructive†and “ill-advised†and warned it would hurt job creation.
http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home
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Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income, including the sale of single family homes, townhouses, co-ops, condominiums, and even rental income.
Look, I know the tax regs pretty well and understand why it is phrased that way, but how is that "unearned income"? :banghead:
I predict that if this isn't repealed, it will be challenged by tax lawyers.
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Every time this marxist professor dumbo opens his mouth, I take it with a grain of salt. Talk about disrespecting the people?! Still waiting for that 1 good thing he has done for America since occupying the White House. :bird: :censored:
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Look, I know the tax regs pretty well and understand why it is phrased that way, but how is that "unearned income"? :banghead:
I predict that if this isn't repealed, it will be challenged by tax lawyers.
The dumb ass government officials should use the term investment income which includes capital gains, rental, interest, dividends, etc rather than a confusing term like unearned income.
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When I read this awhile back, I thought it was a way for the government to get back their $8,000 tax credits that they gave first time home buyers. It's still wrong, but really, what do you expect from the government?
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Every time this marxist professor dumbo opens his mouth, I take it with a grain of salt. Talk about disrespecting the people?! Still waiting for that 1 good thing he has done for America since occupying the White House. :bird: :censored:
The only good think this man will EVER do for America will be leaving the White House.
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The only good think this man will EVER do for America will be leaving the White House.
He already leaves it often....and it costs the hell out of us.
Oh, you mean leave it and never come back...... :yahoo:
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The only good think this man will EVER do for America will be leaving the White House.
You said it. He can take all the red diaper doper babies with him and never look back.
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Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?
That's $3,800 on a $100,000 home etc.
When did this happen? It's in the health care bill. Just thought you should know.
SALES TAX TO GO INTO EFFECT 2013 (Part of HC Bill) Why 2013? Could it be to come to light AFTER the 2012 elections?
REAL ESTATE SALES TAX
So, this is "change you can believe in"?
Under the new health care bill - did you know that all real estate transactions will be subject to a 3.8% Sales Tax? The bulk of these new taxes don't kick in until 2013 If you sell your $400,000 home, there will be a $15,200 tax. This bill is set to screw the retiring generation who often downsize their homes. Does this stuff make your November and 2012 vote more important?
Oh, you weren't aware this was in the obamacare bill? Guess what, you aren't alone. There are more than a few members of Congress that aren't aware of it either
Hmmmm, any of your reps tell you about this one? Do ya think they even know it's ther?
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The tax would only apply to those making over $200k (single) or $250k (married). The medicare tax would be based on the Income derived from a sale (sales price less basis). In other words, the profit would be taxed not the sales price. Plus, you would have to go over the dollar threshold to be subject to the tax.
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Here's a link that tries to downplay it as only the rich will suffer.
http://factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/
If y'all believe that, I got a few acres of swamp for sale!
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The tax would only apply to those making over $200k (single) or $250k (married). The medicare tax would be based on the Income derived from a sale (sales price less basis). In other words, the profit would be taxed not the sales price. Plus, you would have to go over the dollar threshold to be subject to the tax.
I believe that is the same damn thing they said about the AMT, is it not? We all know how that worked out! A tax is a tax! Small business owners will be subject to this even if their take home is no larger than mine, which right now sucks! Did I mention I'm a small business proprietor? Do you have any idea what the housing market is right now? Ya think we can give up another 3.8%?
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I believe that is the same damn thing they said about the AMT, is it not? We all know how that worked out! A tax is a tax! Small business owners will be subject to this even if their take home is no larger than mine, which right now sucks! Did I mention I'm a small business proprietor? Do you have any idea what the housing market is right now? Ya think we can give up another 3.8%?
I was only referring to individuals selling their house. This will put a big hit on the real estate market at a time when it is suffering.
If I am not mistaken, the 3.8% medicare tax also effects wages of high earners. They will see their taxes go up. Hopefully, this abomonation will either be ruled unconstitutional or defunded.
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I was only referring to individuals selling their house. This will put a big hit on the real estate market at a time when it is suffering.
If I am not mistaken, the 3.8% medicare tax also effects wages of high earners. They will see their taxes go up. Hopefully, this abomonation will either be ruled unconstitutional or defunded.
Well, we're a third of the way there since the House voted to repeal the damn thing! I have hopes enough DUmbocrats will see the writing on the wall in the senate, but I fear that's wishful thinking. Even then, Obiewan will just veto it, but I'm pretty sure it will sign his death warrant if he does as far as a second term.
The American people tried like hell to tell these elitist bastards we didn't want it as written in the first place! The DomonRats still don't seem to get it, especially Der Fuhrer! The guy's a complete air head! Soros should be proud!
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Here come the people police. :banghead:
April 12, 2011
U.S. Census Bureau request alarms Tulsa County Assessor
Phil Boehmke
Buried deep in the bowels of the Patient Protection and Affordable Care Act is a provision to impose a 3.8% tax on real estate transactions. Proceeding without regard to Federal Judge Roger Vinson’s ruling that the health care law is unconstitutional the Obama administration appears to be pushing ahead with implementation of the real estate tax scheme.
The Tulsa World reports that County Assessor Ken Yazel has come under fire for comments made last month during the Tulsa County Republican Convention. Mr. Yazel told the convention that the U.S. Census Bureau had asked his office for information that he believed could be used to help create a data base for collection of a 3.8% real estate sales tax. The steadfast assessor isn’t backing down from his statement.
Mining the census for info. (http://www.americanthinker.com/blog/2011/04/us_census_bureau_request_alarm.html)
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According to FactCheck.org ( if they are to be believed) the 3.8% real estate transaction tax would only apply to individuals earning more than $200,000 per year or couples earning $250,000 per year,
WTF? Two families buy identical houses right next to each other , both have one person making $240k/year, but in one family the spouse works part time and makes $10,001, putting that family over the limit. They will screwed by that 3.8% real estate tax. Say the houses cost $500K, the tax would be 19K or so.
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The small business owners would also be affected, since most of those owners pay their employees and benefits from their total gross income.
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WTF? Two families buy identical houses right next to each other , both have one person making $240k/year, but in one family the spouse works part time and makes $10,001, putting that family over the limit. They will screwed by that 3.8% real estate tax. Say the houses cost $500K, the tax would be 19K or so.
WRONG, WRONG, WRONG. I can not believe where people dig up this bit of misinformation.
First things first. This is a Capital Gains Tax on SELLING YOUR HOUSE. It is not a tax on your income. If you never sell your house there will be no Capital Gains and therefore no TAX.
Secondly. Let's say you are married and sell your house and have zero mortgage for $500,000. You owe no Tax because the threshold is $500k for married and $250k for single.
Let's say you are married and sell your house for $1,000,000, have a $300,000 mortgage. You would compute your tax as follows: $1,000,000-$300,000=$700,000-$500,000(threshold for a married couple)=$200,000 which is subject to the tax at 3.8%=$7,600.
Hope this helps.
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Just about everyone sells the house sometime.
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Just about everyone sells the house sometime.
Does not make any difference if you do meet the threshold explained in my post above. .
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Does not make any difference if you do meet the threshold explained in my post above. .
What this looks like to me is a federal version of the real estate transfer tax. It was a bit of a surprise to me the first time I encountered.
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What this looks like to me is a federal version of the real estate transfer tax. It was a bit of a surprise to me the first time I encountered.
I'd go farther than that. It's almost a double-tap version of the Capital Gains tax.
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I'd go farther than that. It's almost a double-tap version of the Capital Gains tax.
That's exactly what it is for those that sell their homes for more than the $250k & $500k threshold.
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We don't meet about ANY threshold!! :lmao:
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That's exactly what it is for those that sell their homes for more than the $250k & $500k threshold.
Doesn't matter, "mut", what the hell is a real estate tax doing in a healthcare bill? It's double taxation and a spread the wealth mentality! Shouldn't be there in the first ****in place! Until we are taxed at a 90% rate libs won't be happy!
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Doesn't matter, "mut", what the hell is a real estate tax doing in a healthcare bill? It's double taxation and a spread the wealth mentality! Shouldn't be there in the first ****in place! Until we are taxed at a 90% rate libs won't be happy!
Libs will never be happy until Big Brother does all the thinkin', all the stinkin', and all the drinkin', uh, blinkin', oh, to hell with it -- you know what I mean.....
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Doesn't matter, "mut", what the hell is a real estate tax doing in a healthcare bill? It's double taxation and a spread the wealth mentality! Shouldn't be there in the first ****in place! Until we are taxed at a 90% rate libs won't be happy!
Did I say I liked it "mut". I was just explaining it cause so many people have misconceptions of the law. The whole health care bill should be repealled. Got it. Next time, I will just let ignorant people believe what they want.
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Did I say I liked it "mut". I was just explaining it cause so many people have misconceptions of the law. The whole health care bill should be repealled. Got it. Next time, I will just let ignorant people believe what they want.
Easy big fella, I meant no disrespect. I shorten everyone's name. What the hell is a "LacarMut", anyway? You chose your name, not me!
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Easy big fella, I meant no disrespect. I shorten everyone's name. What the hell is a "LacarMut", anyway? You chose your name, not me!
It is LA car nut not mut.
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It is LA car nut not mut.
Hehehehehehehe!! What can I say, I'm gettin' old and my eyes ain't as good as they used be! Ya have to admit "mut" sounds better! Sure as hell funnier!
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ObamaCare Flatlines: ObamaCare Taxes Home Sales - Clobbers Middle-Class Americans
Posted April 8, 2010
“I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes,â€
President Obama, September 12, 2008
Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income, including the sale of single family homes, townhouses, co-ops, condominiums, and even rental income.
....sigh..... yet another obastard knife in the back.
Never, NEVER Stop Taxing People! (http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home)
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Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income, including the sale of single family homes, townhouses, co-ops, condominiums, and even rental income.
A good tax lawyer will fight this tooth & nail before it takes effect, if someone hasn't already started the process.