The Conservative Cave
Current Events => Politics => Topic started by: Linda on May 21, 2012, 12:08:04 PM
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http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home
ObamaCare Flatlines: ObamaCare Taxes Home Sales - Clobbers Middle-Class Americans
“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,†President Obama, September 12, 2008
Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income of “high-income†taxpayers which could apply to proceeds from the sale of single family homes, townhouses, co-ops, condominiums, and even rental income, depending on your individual circumstances and any capital gains tax exclusions. Importantly, the “high income†thresholds are not indexed for inflation so will reach increasing numbers of middle-class taxpayers over time.
In February 2010, 5.02 million homes were sold, according to the National Association of Realtors (NAR). On any given day, the sale of a house, townhome, condominium, co-op, or income from a rental property could slam middle-income families 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.
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, -- and it goes into effect in 2013.
Why 2013? Could it be so that it doesn?t come to light until after the 2012 elections? So, this is ?change you can believe in??
Under the new health care bill all real estate transactions will be subject to a 3.8% sales tax. If you sell a $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 make your November, 2012 vote more important? Oh, you weren't aware that this was in the ObamaCare bill?
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It was 2,000+ pages, no one knew what was in it. A lot of people correctly assumed the contents would screw the American taxpayer, and redistribute wealth, though.
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This doesn't directly concern me or my family because nobody who owns a home is moving for the foreseeable future, but the math sounds shaky:
One, the gain on which you are taxed (all exclusions, exemption, credits, etc. aside) is the sales price minus the basis, so if you bought it for 90K and you sell for 100K, normally only the 10K net gain would be what you would be taxed on, and;
Two, it mentions an amount above which it applies and then does the math as if there is no such floor.
I'm not in favor of the tax, but I don't like getting drawn into supporting flawed claims, either.
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Understand that this tax WILL NOT be imposed on all real estate transactions,
a common misconception. Rather, when the legislation becomes eff ective in 2013,
it may impose a 3.8% tax on some (but not all) income from interest, dividends,
rents (less expenses) and capital gains (less capital losses). h e tax will fall only
on individuals with an adjusted gross income (AGI) above $200,000 and couples
ï¬ ling a joint return with more than $250,000 AGI.
realtor.org pdf file (http://www.realtor.org/small_business_health_coverage.nsf/docfiles/government_affairs_invest_inc_tax_broch.pdf/$FILE/government_affairs_invest_inc_tax_broch.pdf)
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But to be fair, Euph--let's say I make $100K now, and will 1--get married, 2--keep my house for a decade, 3--this figure is NOT indexed for inflation. Not hard to see where my $100K income could easily grow to well over $250K before I sell my home in 10-15 years.
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But to be fair, Euph--let's say I make $100K now, and will 1--get married, 2--keep my house for a decade, 3--this figure is NOT indexed for inflation. Not hard to see where my $100K income could easily grow to well over $250K before I sell my home in 10-15 years.
That's true -- and in high cost areas like the Left/Least Coasts, that can most definitely happen.
But the picture that's being painted is that ALL SALES on homes are subjected to the 3.8% tax. Not true.
Believe me, I've got one more move to make. I'm going to have to sell my house. I shudder to think at the tax hit I'm likely going to have. Scares the hell out of me only because paying anything more than commission and closing costs, etc., etc., etc., isn't in the budget....
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But to be fair, Euph--let's say I make $100K now, and will 1--get married, 2--keep my house for a decade, 3--this figure is NOT indexed for inflation. Not hard to see where my $100K income could easily grow to well over $250K before I sell my home in 10-15 years.
Hopefully in 15 years an even as soon as next month Obamacare and the taxes that go with it wont be a problem
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Every single member of Congress that voted Yea on that bill needs to marched to the nearest brick wall and..........
:banghead: :banghead: :banghead:
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Every single member of Congress that voted Yea on that bill needs to marched to the nearest brick wall and..........
:banghead: :banghead: :banghead:
A lot of them got shown the door in 2010, including my (thank God) former Congresscritter, Carol Che-Pelosi. A lot retired that year, a lot more are retiring or face very difficult battles this year.