why didn’t Ted Cruz or anybody else speaking against the obozocare speak of the 3.5% home sales tax that goes into effect Jan 1, 2014? This tax will utterly kill middle class home sales.
I don’t know why Ted Cruz didn’t speak about my ailing Boston Fern.
Oh! I get it! My fern was not coming up under Senate Parliamentary Rules, in a Motion for Cloture.
Poor me, and what about my fern?
Pay no attention to the goofy remarks about your question...it is a good one. Actually, there is no such tax. The 3.5% you refer to applies only to those who sell their homes and have more gain than the free $ 500K allowable. That is, if you sell (married filing joint) and have gain greater than $ 500K, then the amount of gain which exceeds this allowance will be taxed at 3.5%. Most of us ordinary folks will never see such profits.
From what I read that tax is on the home seller and only if their capital gain on the sale of the house is $250,000+. So the main effect would be to discourage a small number of home sellers on the higher end from selling, or encourage them to hike the price up to cover the tax.