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Health law’s heavy impact (3.8% tax on home sales)
The Spokesman Review ^ | 3/28/2010 | Paul Guppy

Posted on 04/29/2010 7:17:22 AM PDT by GailA

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IF YOU INTEND to sell your house you better do it this year! Tax on Home Sales. Imposes a 3.8 percent tax on home sales and other real estate transactions. Middle-income people must pay the full tax even if they are “rich” for only one day – the day they sell their house and buy a new one.
1 posted on 04/29/2010 7:17:22 AM PDT by GailA
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To: GailA

holy smokes


2 posted on 04/29/2010 7:21:43 AM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: GailA

I would love to see additional confirmation of this. If this is true, it will kill the housing market, once and for all. There will be no recovery.


3 posted on 04/29/2010 7:26:53 AM PDT by Haiku Guy (Gov. Chris Christie (R) won the NJ-6 held by Rep. Frank Pallone (D) by a 15.5% margin!)
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To: driftdiver

People keep digging and finding new taxes in that sucker.


4 posted on 04/29/2010 7:27:01 AM PDT by GailA (obamacare paid for by cuts & taxes on most vulnerable Veterans, retired Military, disabled & Seniors)
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To: Haiku Guy

http://www.washingtonpolicy.org contact them see what they are saying.


5 posted on 04/29/2010 7:28:28 AM PDT by GailA (obamacare paid for by cuts & taxes on most vulnerable Veterans, retired Military, disabled & Seniors)
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To: GailA
Imposes a 3.8 percent tax on home sales ...
Add in a 5% or 6% realtor fee and you're looking at losing almost 10% of your home's value.
Taxes have become a tool not only to redistribute the wealth, but also a way to control the population.
No money - no freedom.
6 posted on 04/29/2010 7:29:22 AM PDT by oh8eleven (RVN '67-'68)
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To: GailA

Heh. Wait till the “limousine liberals” get a whiff of THIS next time they sell their “country house”.


7 posted on 04/29/2010 7:31:17 AM PDT by Wonder Warthog
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To: GailA
IF YOU INTEND to sell your house you better do it this year!

There's going to be another "tax" on housing sales. If everyone tries to sell between now and the end of the year, the prices of homes will be further depressed and sellers will not only have the loss due to tax but a true loss in sales price.

Maybe waiting a year, house values might go back up a bit and cancel some of the tax hit. Who knows, though?

8 posted on 04/29/2010 7:31:38 AM PDT by Right Wing Assault (The Obama magic is <strike>fading</strike>gone.)
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To: oh8eleven; All
Correct me if wrong but my understanding is that it is on capital gains over a certain thresh hold: $250k or something close to that.

Still bad enough. It'll really hit retirees who seek to downsize or sell a home they've long since paid for.

9 posted on 04/29/2010 7:31:42 AM PDT by riri
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To: Haiku Guy

http://www.freerepublic.com/focus/bloggers/2478380/posts

http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home

http://www.cprights.org/2010/04/obamacare-taxes-home-sales.php

http://localhealthguideonline.com/view-obamacare-taxes-now-services-later/


10 posted on 04/29/2010 7:33:30 AM PDT by GailA (obamacare paid for by cuts & taxes on most vulnerable Veterans, retired Military, disabled & Seniors)
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To: GailA
...the Congressional Budget Office estimates that under ObamaCare 8 million to 9 million people will lose their employer-provided coverage.

Wrong. EVERYONE will lose their employer-provided coverage. Employers have a financial incentive to discontinue their plans and dump their employees on public coverage.

Every employee in this country is going to find out in the next few years, just what this socialist takeover means to them. New taxes will be the least of our problems.

11 posted on 04/29/2010 7:33:54 AM PDT by Emile ("Facts do not cease to exist because they are ignored." -- A. Huxley)
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To: GailA
Watch how "funny" it gets when employers have to report the value of your health care plan on your W-2 Forms.

How does limiting your Flexible Spending Account election to $2500 a year, disallowing over the counter medication from being eligible for FSA reimbursements, and increasing the threshold for medical write-offs from 7% to 10% on your Federal Income Tax actually decrease the cost of heath care for the average American?

12 posted on 04/29/2010 7:37:56 AM PDT by frogjerk
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To: GailA

Thanks for the links! I’ll follow them up.

I have told some of my still-supporting-Obama friends about this tax, and they did not believe me. This should help!


13 posted on 04/29/2010 7:39:18 AM PDT by Haiku Guy (Gov. Chris Christie (R) won the NJ-6 held by Rep. Frank Pallone (D) by a 15.5% margin!)
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To: GailA

REPEAL this piece of statist crap!!


14 posted on 04/29/2010 7:41:15 AM PDT by beethovenfan (If Islam is the solution, the "problem" must be freedom.)
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To: All

thanks to those in Wash state to those that helped elect the Zero. Here is your hope and change that you were promised


15 posted on 04/29/2010 7:45:43 AM PDT by Gasshog (going to get what all those libs asked for, but its not what they expected.)
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To: oh8eleven

Unreal. The public is so stupid. Keep watching them NCAA ball games and reality TV.


16 posted on 04/29/2010 7:52:09 AM PDT by Frantzie (McCain=Obama's friend. McCain & Graham = La Raza's favorite Senators)
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To: GailA

This raises the price of the house by 3.8% when houses aren’t selling because people don’t qualify. This will not only affect the appraisal but the monthly payment as well.

Here’s another poke in the eye that’s coming soon. The current “rule” is the seller can pay all of the closing costs (4% on V.A. loans). That is being decreased to a total of $3,000 in June. June is also the last month the tax rebate will be paid. In Texas closing costs on a house priced at $150,000 will run around $6,000 including escrows. The FHA down payment will be around $5,250. As of now the seller can pay the closing costs so the buyer would need $5,250. Under the new rule a buyer would need $8,250 to purchase this house.

It appears to me islamabama is doing everything he can to completely destroy the housing market and to destroy the country.


17 posted on 04/29/2010 7:56:10 AM PDT by Terry Mross (an)
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To: GailA

I would really like more information about this. Is this 3.8% tax on “unearned income” essentially a capital gains tax or is it a tax on the gross sale price of the house? If it’s the latter, then that will kill the housing market stone cold dead. There are tons of people with negative equity in their house. They consider themselves lucky if they can short sale their house. Now, that would be a curse. If this is indeed the case, I would expect the amount of people walking away from their houses to skyrocket (to borrow a turn of phrase from Buraq).


18 posted on 04/29/2010 7:58:50 AM PDT by thecabal (Destroy Progressivism)
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To: riri
Correct me if wrong ...
No, you're probably right and I say probably because I don't know if the proposed legislation eliminates or decrease that threshold.
Anyway, I'm SURE as long as it's only the "rich" getting boned, it'll NEVER happen to little ole' me.
19 posted on 04/29/2010 8:01:15 AM PDT by oh8eleven (RVN '67-'68)
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To: GailA

In the HELLthControl Bill?

Well, as long as I don’t have to share my sister’s dentures...geez oh petes.


20 posted on 04/29/2010 8:01:20 AM PDT by Voter62vb
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