Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

Health Laws Heavy Impact: Sales Tax on Real Estate Sales
The Spokesman Review ^ | March 28, 2010 | Paul Guppy

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 ...


TOPICS: Government
KEYWORDS: 111th; democrats; obama; obamacare; resirealestate; socialism; taxcheatparty; taxes

1 posted on 04/19/2010 7:57:53 AM PDT by BobNative
[ Post Reply | Private Reply | View Replies]

To: BobNative

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.


2 posted on 04/19/2010 7:59:39 AM PDT by Texas resident (Outlaw fisherman)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Texas resident

So you won’t be aqble to sell it. It will be better to just burn it...


3 posted on 04/19/2010 8:01:19 AM PDT by wastoute (Government cannot redistribute wealth. Government can only redistribute poverty.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: BobNative
Is that 3.8% of the total price (not 3.8% of your profit)?? That is going to be huge. Look for a decline in home ownership (in favor of rentals), and lower general mobility in the population. Another drag in getting anything remotely resembling a vibrant, dynamic economy.

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...

4 posted on 04/19/2010 8:06:36 AM PDT by Liberty1970 (http://www.caringbridge.org/visit/lydiablievernicht)
[ Post Reply | Private Reply | To 1 | View Replies]

To: wastoute

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.


5 posted on 04/19/2010 8:06:41 AM PDT by Texas resident (Outlaw fisherman)
[ Post Reply | Private Reply | To 3 | View Replies]

To: wastoute
So you won’t be aqble to sell it. It will be better to just burn it...

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.

6 posted on 04/19/2010 8:08:04 AM PDT by IYAS9YAS (The townhalls were going great until the oPods showed up.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: wastoute
So you won’t be aqble to sell it. It will be better to just burn it...

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%.....

7 posted on 04/19/2010 8:09:03 AM PDT by Repeat Offender (While the wicked stand confounded, call me with Thy Saints surrounded)
[ Post Reply | Private Reply | To 3 | View Replies]

To: BobNative

Have this been confirmed? I have heard it mentioned before, but very few articles (1) about it...


8 posted on 04/19/2010 8:10:37 AM PDT by jaydubya2
[ Post Reply | Private Reply | To 1 | View Replies]

To: BobNative

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.


9 posted on 04/19/2010 8:10:55 AM PDT by Wonderama Mama (Socialism is great until you run out of someone elses money - Margaret Thatcher)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Wonderama Mama

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.


10 posted on 04/19/2010 8:16:43 AM PDT by Texas resident (Outlaw fisherman)
[ Post Reply | Private Reply | To 9 | View Replies]

To: wastoute

.
“Better to just burn it”

That may apply to the nation itself if Obamacare is not repealed.


11 posted on 04/19/2010 8:22:52 AM PDT by Touch Not the Cat (Where is the light? Wonder if it's weeping somewhere...)
[ Post Reply | Private Reply | To 3 | View Replies]

To: All
ObamaCare Ambulance

Image and video hosting by TinyPic

12 posted on 04/19/2010 8:48:55 AM PDT by patriot08 (TEXAS GAL- born and bred and proud of it!)
[ Post Reply | Private Reply | To 11 | View Replies]

To: Liberty1970
Don't look now, but we are being 'laid waste' as Machiavelli, with advice towards conquering republics, recommended so long ago.

We have but two choices: revolution or slavery.

13 posted on 04/19/2010 8:50:11 AM PDT by Noumenon ("Upon what meat doth this our Caesar feed, that he has grown so great?" - Julius Caesar)
[ Post Reply | Private Reply | To 4 | View Replies]

To: patriot08

bttt


14 posted on 04/19/2010 8:51:57 AM PDT by petercooper (Ignorant Obama Voters: Happy Now?)
[ Post Reply | Private Reply | To 12 | View Replies]

To: BobNative; Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; ...

The list, ping


15 posted on 04/19/2010 9:02:01 AM PDT by Nachum (The complete Obama list at www.nachumlist.com)
[ Post Reply | Private Reply | To 1 | View Replies]

To: BobNative

That new 3.8% Medicare tax applies to many activities:
***********************************
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.
*************************************
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


16 posted on 04/19/2010 9:53:57 AM PDT by libertarian27 (Ingsoc: Department of Life, Department of Liberty, Department of Happiness)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nachum

The flea markets in California will soon be taxed, as will garage and yard sales.

Just watch!


17 posted on 04/19/2010 9:53:59 AM PDT by Loud Mime (initialpoints.net - - The Constitution as the center of politics -- Download the graph)
[ Post Reply | Private Reply | To 15 | View Replies]

To: Repeat Offender

“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.


18 posted on 04/19/2010 1:18:58 PM PDT by DrC
[ Post Reply | Private Reply | To 7 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson