ObamaCare and Home Sales Tax

Discussion in 'Healthcare/Insurance/Govt Healthcare' started by PoliticalChic, Aug 16, 2012.

  1. PoliticalChic
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    PoliticalChic Diamond Member

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    1. The following came in one of those email....

    "HOME SALES TAX

    I thought you might find this interesting.

    The National Association of Realtors is all over this and working to get it repealed, -- before it takes effect. But, I am very pleased we aren't the only ones who know about this ploy to steal billions from unsuspecting homeowners. How many realtors do you think will vote Democratic in 2012?

    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? Guess what; you aren't alone! There are more than a few members of Congress that weren't aware of it either.

    You can check this out for yourself at:

    ObamaCare Flatlines: ObamaCare Taxes Home Sales - Clobbers Middle-Class Americans - Blog - GOP.gov



    2. “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




    3. A quick research came up with a more truthful 'appraisal'...
    The first $250,000 in profit from the sale of a personal residence won’t be taxed, or the first $500,000 in the case of a married couple. The tax falls on relatively few — those with high incomes from other sources. The truth is that only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home.
    FactCheck.org : A 3.8 Percent “Sales Tax” on Your Home?



    So, there is a Republican spin about this tax...and a Democrat (FactCheck leans Left) spin...

    4. So, the question is....if your income is less than $250,000....could you have a home, the sale of which, could expose you to the 3.8% 'Healthcare tax'?



    The terms ‘the rich’ and ‘the poor’ are seldom defined. Thus, there are mistakes in understanding the difference between the flow of income during a given year, and what has been accumulated. Similarly, the poor are usually defined in terms of current income, rather than how much they have or have not accumulated. Income and wealth are not the same thing.

    a. Some who have low income, but are hardly poor are the spouse of a rich or affluent husband or wife.

    b. Affluent or wealthy speculators, investors, or business owners having an off year.

    c. Students who graduate in the middle of the year, and, therefore, earn half of what they would have.

    d. Doctors or other professionals just starting out.

    e. Those still living at home with folks who are wealthy or affluent. Or retirees in the reverse situation.
    Sowell, "Economic Facts and Fallacies."



    Seems that income and the value of your real estate could be unrelated....

    ....if the number caught by the tax was insignificant....why would the Democrats put it in there?


    Any guesses on the numbers involved?
     
  2. Mr. H.
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    Mr. H. Diamond Member

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    An immediate, across the board 3.8% reduction in all home values. Lovely.
     
  3. chanel
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    chanel Silver Member

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    The median home price in my county is $334,000. Many of these are summer homes and rental properties which are NOT excluded from the $250K threshold. This tax could be devastating to the already distressed market.

    It's a good thing the rich have all these tax loopholes. What are they again?
     
  4. PoliticalChic
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    PoliticalChic Diamond Member

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    "...summer homes and rental properties which are NOT excluded from the $250K threshold."

    Now, that is interesting.... I didn't find that in my perusal....

    ...but it brings me closer to the question in the OP: what are the numbers of individuals who may very well be impacted by this well camouflaged tax.
     
  5. chanel
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    chanel Silver Member

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    From the factcheck link:

    It's another case of federal rules hurting taxpayers in areas where there is a much higher cost of living. As I stated on another thread, $250K is not the same in WV, as it is in NJ, NY, or CA.

    I am going to look for how many new taxes are going to hit the "rich" next year. Income tax may turn out to be the least of people's worries.
     

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