I was told that as of Jan 1st, 2013 a FOUR PERCENT tax will be imposed thru Obamacaretax on the seller on the total sale price of their house or property.
Any other FReepers heard of this??
I think I remember hearing about the RE sale tax. Hello, houses just got 4% cheaper!
http://spectator.org/blog/2009/11/16/obama-administration-actuaries
One of President Obama's primary justifications for pushing health care legislation has been that the status quo is "unsustainable" because of the skyrocketing cost of medical care in the United States. The way to rein in costs, he argues, is to do adopt the policies that he and his fellow Democrats are proposing. But a new report by the government actuary at the Centers for Medicare and Medicaid Services, a branch of the Obama administration's Department of Health and Human Services, has found that the exact opposite is true. CMS took a close look at the health care bill that was passed by House Democrats and endorsed by the White House, and it found that not only would the bill not reduce health care costs -- it would increase them. Time and again, we have been reminded that the United States spends a higher percentage of its GDP on health care than any other nation -- about 16 percent. As Obama but it in his June speech to the American Medical Association, "If we fail to act, one out of every five dollars we earn will be spent on health care within a decade." Yet if we adopt the legislation supported by Obama -- which finances expanded coverage through tax increases and Medicare cuts -- health care spending will actually rise to 21.1 percent of GDP, according to CMS, compared to 20.8 percent if we simply do nothing.
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The two reasons they gave for the "overhaul" to healthcare: "to cut costs" - NOPE ,costs will go up actually. "to insure everyone" - NOPE, 10’s of millions will still be uninsured. In other words, the plan is a total failure. This is about power and control.
A little known fact of the Obamacare Law (among many other unpleasant surprises in the fine print you can be sure) is a 3.8% tax to be imposed when you sell your home--most people's greatest or only asset. 3.8% to Uncle Sam right off the bat. So how will that tax impact those who are involved in distress sales, who are underwater on their homes?
http://online.wsj.com/article/SB10001424052748704113504575264513748386610.html
Yes, the health law will impose a 3.8 percent tax on investment profits and other non-wage income starting in 2013. But that tax applies only to couples with adjusted gross income of $250,000 (or individuals with AGI of $200,000). About 95 percent of households make less than that, and will be exempt from the law no matter what. In addition, couples who sell a personal residence can exclude the first $500,000 in profit from tax ($250,000 for singles). That would be profit from a home sale, not proceeds. So a couple that bought a house for $100,000 and sold it for $599,000 would owe no tax, even under the health law.
http://www.forbes.com/sites/beltway/2012/04/02/there-is-no-obamacare-tax-on-most-home-sales-really/