Posted on 04/19/2010 7:57:53 AM PDT by BobNative
"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."
(Excerpt) Read more at spokesman.com ...
It starts at 3.8%. What do you think it will be raised because, ooops, we underfigured how much soviet style health care was going to cost.
So you won’t be aqble to sell it. It will be better to just burn it...
When does this kick in? I'm buying a home (closing in a few days), looks like we may need to be content staying where we're at for a long time...
1st step of that has begun. In Phoenix, folks that forclosed on have been stripping appliances out of the house and selling them for cash. My buddy’s neighbor sold his A/C unit then skipped town.
Between this and cap and tax, you will not be able to sell your home. Apparently, the house version of cap and tax will force mandatory compliance with new green laws before a home could be sold.
You may not be so far off.
Which will cause homeowner's insurance policies to become pricier......
That's it we need homecare reform. 30 million people in America can't aford policies that will allow them to burn down their house and get reimbursed 100%.....
Have this been confirmed? I have heard it mentioned before, but very few articles (1) about it...
I would really like some confirmation on this information. I am a real estate agent and cannot believe this is true! Although, with this dude in the WH, anything is possible. Just looking for some link to the actual law that mandates this. Thanks.
It is a 3.8% tax on unearned income which covers a lot. It is due to kick in Jan 1 2013. It is probably a tax on the profit from the sale. In any case, you are right, it will seriously dampen home sales because it will start out at 3.8% but will go up quickly.
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“Better to just burn it”
That may apply to the nation itself if Obamacare is not repealed.
We have but two choices: revolution or slavery.
bttt
The list, ping
That new 3.8% Medicare tax applies to many activities:
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The legislation would for the first time apply Medicare taxes to investment income received by these households, beginning in 2013. The 3.8 percent rate would apply to unearned income such as realized capital gains, dividends, interest, rents and royalties. It wouldn’t apply to other income subject to income taxes, including interest from municipal bonds and retirement accounts such as 401(k) plans until funds are withdrawn.
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3.8% tax on rental income is a biggie
That will raise rents by at least 3.8%
I will assume most renters make less than 250K
http://www.bloomberg.com/apps/news?pid=20601087&sid=ake7tOWwUT6E
The flea markets in California will soon be taxed, as will garage and yard sales.
Just watch!
“we need homecare reform”
Don’t forget requiring insurers to provide coverage to those whose houses have already started to burn down. It’s really not fair to “discriminate” against people dealing with such unfortunate circumstances.
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