ObamaCare Flatlines: ObamaCare Taxes Home Sales - Clobbers Middle-Class Americans

GOP.Gov ^ | GOP.GOV

[NavyCanDo]

“I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes,” President Obama, September 12, 2008

Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income, including the sale of single family homes, townhouses, co-ops, condominiums, and even rental income.

In February 2010, 5.02 million homes were sold, according to the National Association of Realtors. On any given day, the sale of a house, townhome, condominium, co-op, or income from a rental property can push middle-income families over the $250,000 threshold and slam them with a new tax they can’t afford.

This new ObamaCare tax is the first time the government will apply a 3.8 percent tax on unearned income. This new tax on home sales and unearned income and other Medicare taxes raise taxes more than $210 billion to pay for ObamaCare. The National Association of Realtors called this new Medicare tax on unearned income “destructive” and “ill-advised” and warned it would hurt job creation.

[Cobra64]

I didn’t know that!

.

Neither did anyone else.

[jaz.357]

“I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes,” President Obama, September 12, 2008

'nuff said!

[no dems]

HEY FREEPERS: Put this on Facebook, Twitter and send it to people in your e-mail address book. I did.

[PROSOUTH]

“Read my lips: no new taxes” is a now-famous phrase spoken by then presidential candidate George H. W. Bush at the 1988 Republican National Convention

Obama probably won’t even get quoted for that...........

[Laur]

This is not entirely accurate,as it suggests that all sales will be subjected to the 3.8% tax. The tax, as I understand it, applies to any amount above the cap gain on a house sale and not just any sale that falls below the allowable gain.

It’s still a crock, as it’s just another hit on so-called high earners and an attack on profit, not to mention that it has no place hidden in a healthcare bill that hardly any pol voting on it even read.

[Nateman]

Q. What has a shorter expiration time, An Obama promise, A Communist promise , or an Islamic promise?

A. Trick question , they are all the same guy.

[spodefly]

If his mouth is moving, he is lying.

[bergmeid]

Is this sales tax levied also when you make a loss on the sale of your home?

[Cobra64]

500k for mfj

What is an "mfj?"

[NavyCanDo]

Part of a letter sent to us by our CEO - exposing more lies about regular folks not being taxed. When they increased my companies tax by 40%, where do they thing that money will come from?

— “The Health Care Reform Law passed earlier this year, while broadening access to health care, could further add to the company’s costs over the next several years – and in 2018, could subject Boeing to a substantial tax on health care plans exceeding a certain threshold.

Today, Boeing pays about 89 percent of total health care costs for employees, far above peer companies such as Lockheed Martin, General Electric and 3M, which pay about 70 percent. The company expects to spend more than $2.4 billion on health care this year, which adds about $2 million to the cost of every airplane we build. Costs could reach $3.1 billion by 2015.

We’ve got to work together to manage these costs. The company will continue to offer excellent health-care benefits and to bear most of the financial burden. But beginning in 2011, nonunion employees will be asked to pay a greater share of their health care costs. Health-care coverage for employees represented by unions is governed by collective bargaining agreements and will be discussed as those contracts are renegotiated. Detailed information about coming changes will be available in October when letters go to the homes of Boeing employees in advance of the 2011 enrollment period.”

[Nateman]

Does it tax commercial real estate too? Anybody know?

[ArmstedFragg]

Married, filing jointly.

[Texas Fossil]

FUNP!

FUBO!

[NavyCanDo]

“this is bs. House sales gains at least up to 500k for mfj are not subject to any obamacare tax. No need to make up things.”

Don't accuse me of making things up. Its from the web site, is you would have spent a second clicking on the link you would have known that. If you have contrary information to share then do so. My issue is its from a April 2010 post, so I don't know if what they were talking about is still in the bill.

[Psalm 144]

What you are describing is what brought communism to a halt in Chile and even eventually the Soviet Union. The productive people go on strike. The drones and parasites find themselves dictators without subjects.

We are going to stop these bastards.

[bobsunshine]

There is a slight misunderstanding in that the tax on home sales only apply to the net profit and only after any exclusion. This is still wrong to include this stupid tax (like the upcoming energy tax if you sell your home under cap and trade). The problem is that the defenders of the bill say it will only effect the "Rich". But ya know, if they take 100% of all the money from the people making over $500K, the gov. would only get about $1.2 Trillion. Once !! - Now what do they do? The tax cut expiring on the "rich" in January will only raise about $70B per year - as if that is going to help a $13 Trillion or so deficit.

Anyway, here is the info from Factcheck.org regarding the sales tax in Obamacare:.

We've been flooded with queries about this one ever since the health care bill became law. At the last minute, Democratic lawmakers decided on a new 3.8 percent tax on the net investment income of high-income persons. But the claim that this would amount to a $15,200 tax on the sale of a typical $400,000 home is utterly false.

The truth is that only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home.

We can understand how this misconception got started. The law itself is couched in highly technical language that only a qualified tax expert can fully grasp. (This provision begins on page 33 of the reconciliation bill that was passed and signed into law.) And it does say the tax falls on "net gain … attributable to the disposition of property." That would include the sale of a home. But the bill also says the tax falls only on that portion of any gain that is "taken into account in computing taxable income" under the existing tax code. And the fact is, the first $250,000 in profit on the sale of a primary residence (or $500,000 in the case of a married couple) is excluded from taxable income already. (That exclusion doesn’t apply to vacation homes or rental properties.)

http://www.factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/

[Psalm 144]

That revenant really needs to sue her taxidermist for malpractice.

[SaraJohnson]

This is why Nazi Pelosi wouldn’t let anyone see the bill before they voted on it. If it had gotten out that they were doing this to the middle class, all hell would have broken lose. Now that they have it, they will keep raising the home sales tax anytime they get power.

[Carling]

You are bs

[celtic gal]

Our middle kid and her husband as well as our youngest and her husband voted for this nightmare in the WH. The middle one and her husband have lost their house...can't pay the mortgage...put hundreds of thousands of dollars in the reno of the 1970something house ( which is on a farm). So now they are moving out of the country..selling what they can, keeping the most meaningful things and off they go..they have a business that they set up several years ago in another country so they will have a living but it makes me feel that here they go...they voted for this creep and all the damage that is being done BECAUSE THEY HAD BUSH DERANGEMENT SYNDROME AND WOULD NOT LISTEN NOR READ ANYTHING ABOUT THIS GUY OR HIS COMMRADES...AND NOW THEY LEAVE THE COUNTRY FOR PARTS ELSEWHERE WHILE THE REST OF US ARE LEFT TO CLEAN UP THIS F§¶√–¢∞ MESS.....IF WE CAN...AND YES I AM SHOUTING...AT THE SITUATION NOT YOU GUYS HERE ON THE SANITY THREAD!!