Do you like surprises? Better sit down for this one. 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!
This is in addition to all your other closing costs, including your transfer tax, errr, I mean fee.
When did this happen? Remember that health care bill Obama said will save 24 million uninsured
Americans from the fate of no insurance?
The one that really only reaches about 8 million of these people?
The one that Pelosi said, "We won't know everything that's in it until it's passed!"? The one that's
going to bankrupt America as well as our grandchildren?
Well, it's in that same health care bill. Just thought you should know.
This Sales Tax will only go into effect in 2013, as part of the new Health Care Bill. Why 2013?
OMG, could it be so that it only comes to light AFTER the 2012 elections?
So, this is "the 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? If you sell your $300,000 home, you will be paying an $11,400 tax.
And that this is only one of the new taxes? The bulk of these new taxes won't kick in until 2013 and later.
This bill is set to really hurt the retiring baby boomer generation who so often downsize their homes and use this money to fund their retirements.
Now, doesn't this stuff make your November 2012 vote just a bit more important? You better believe it.
Oh, I'm sorry, 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 weren't aware of it either.
So much for the promise that every bill passed by this administration would be given
ample time to be read and discussed.
This rush through the system for passage was done for just these reasons.
Wait til we find out what else has been hidden from US. (Read United States Citizens)
I beg you to get educated and use the one vote you are presently guaranteed;
before you don't have that vote anymore.
Comments
I saw this post and since it goes into effect on January 1, 2013 (quite soon), I thought I'd clarify a bit for some of the misinformation out there. The tax was set forth in the health care bill as a way to fund the health care overhaul. The tax DOES NOT apply to any and all real estate transactions after 2012, contrary to popular belief. It applies only to individuals with AGI (adjusted gross income) above $200,000 or married couples filing jointly with AG above $250,000. Moreover, it applies to interest, dividends, rents (less expenses -- this means NET) and capital gains BUT NOT the whole amount -- only to that amount which is the LESSER of either (1) investment income, or (2) excess AGI over $200,000 ($250,000 married filing jointly). I agree it hits investors fairly hard, but the gains have to be fairly substantial, too, for it to kick in with any brute force. For more info and practical examples of how the tax will impact real estate transactions, please read http://www.realtor.org/small_business_health_coverage.nsf/docfiles/...
Al Thanks for the insight.
Truly a tragedy for the American People, whose independence was fought the levied taxation from the British. Truly tragic.
I only recently read this post and was alarmed to hear about this . But, I also checked for the info afterwards. Not the way it will go. Check out the info. If you are not sure of how to get info, you can always check www.snopes.com
I hadn't heard about this, either. Will check on Active Rain (real estate network) to see if this has been talked about -- if not, I'll post about it as well. Very upsetting, and it will definitely hurt a lot of people. Thanks for sharing this info!
AL,
Thanks for sharing this with us! - Great article. Its sad how this country isn't even in the hands of the Amercian people anymore.
Best,
DM
NO! It's meant to stifle business.
Hey did you know that taxes are only half the problem with this bill?
It also exempts muslims from participating!!
So if it's supposed to cover everyone, and it has so many exemptions for special classes of people, why is it going to cost so much???
Al,
Great article!
Not exactly helping investors is it?
Peter Toth