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holy smokes
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.
Heh. Wait till the “limousine liberals” get a whiff of THIS next time they sell their “country house”.
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?
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.
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?
REPEAL this piece of statist crap!!
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.
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).
In the HELLthControl Bill?
Well, as long as I don’t have to share my sister’s dentures...geez oh petes.
Say WA? Evergreen State ping The wealthy can afford this tax but it is a big FU to the middle class !
I feel a little bit better after reading this:
http://www.factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/
How many of those members of Congress who voted for this monstrosity are aware of this tax buried in its bowels? We should all be pounding the tables in our Congressional offices to get this tax repealed. I doubt the MSM media will report this or call out Obama on his lie not to increase taxes on the middle class.
This was never a real health care bill. NEVER! It is a power grab and taxes bill. They need money, LOTS of it, to pay for the rest of the agenda. The coup might actually be complete by 2010.