So in effect does this mean that Obama is going waive taxes on foreign investors’ real estate purchases? Hmmm... I can think of many reasons a Manchurian Candidate might do this to assist our enemies given his track record on betraying America.
This is at the bottom of the article:
WARNING
The FRA predicts that Americans will face significant increases in US property taxes over the next five years starting in 2016. With the change in FIRPTA Americans should additionally expect property values to increase in 2016-2017.
Clearly, foreigners, the “1%” and property owners will all gain from this, but most Americans will simply face significantly increasing property taxes on elevated asset values to fund the ever increasing government debt burden.
Americans owning a house can be expected to initially focus on their net worth being higher, and not that they once again will have even less disposable income. Some will learn painfully why the number one killer of small business is cash flow, not profits..