OBAMACARE home sales tax.

[kid4dinar]

Sent: Mon, August 13, 2012 11:41:38 PM

Subject: Fw: Real Estate Sales Tax - sell before 2013

Real Estate Sales Tax - sell before 2013

HOME SALES TAX

When did your home become part of your health care?After 2012! Your vote counts big time in 2012,make sure you and all your friends and family know this! It is critical!

HOME SALES TAX

I thought you might find this interesting,maybe even SICKENING!The National Association of Realtors is all over this and working to get it repealed,before it takes effect.But,I am very pleased we aren't the only ones who know about this ploy to steal billions from unsuspecting homeowners. How many realtors do you think will vote Democratic in 2012?Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?That's $3,800 on a $100,000 home.

When did this happen?It's in the health care bill,and it goes into effect in 2013.Why 2013?Could it be so that it doesn’t come to light until after the 2012 elections?So,this is change you can believe in’?

Under the new health care bill all real estate transactions will be subject to a 3.8% sales tax.If you sell a $400,000 home,there will be a $15,200 tax.This bill is set to screw the retiring generation,who often downsize their homes. Does this make your November,2012 vote more important?

Oh,you weren't aware that this was in the ObamaCare bill?Guess what;you aren't alone!There are more than a few members of Congress that weren't aware of it either.You can check this out for yourself at:

http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home

VOTERS NEED TO KNOW!

[Elixirbaby]

From factcheck. Org

A 3.8 Percent “Sales Tax” on Your Home?

Posted on April 22, 2010

Q: Does the new health care law impose a 3.8 percent tax on profits from selling your home?

A: No, with very few exceptions. The first $250,000 in profit from the sale of a personal residence won’t be taxed, or the first $500,000 in the case of a married couple. The tax falls on relatively few — those with high incomes from other sources.

FULL QUESTION

I received this e-mail:

This should help stimulate the Real Estate market!

UNDER THE NEW HEALTH CARE BILL – DID YOU KNOW THAT ALL REAL ESTATE TRANSACTIONS ARE SUBJECT TO A 3.8% “SALES TAX”?

YOU CAN THANK NANCY, HARRY & BARACK (AND YOUR LOCAL CONGRESSMAN) FOR THIS ONE.

IF YOU SELL YOUR $400,000 HOME, THIS WILL BE A $15,200 TAX.

Verified

Higher taxes on real estate investments. The 3.8% Medicare surtax would hit average, middle-class investors in real estate. A middle-class taxpayer who happens to sell real estate for a gain in a particular year would be liable for this new tax, regardless of how low her income might be in other, more typical years.

FULL ANSWER

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.)

The Joint Committee on Taxation, the group of nonpartisan tax experts that Congress relies on to analyze tax proposals, underscores this in a footnote on page 135 of its report on the bill. The note states: "Gross income does not include … excluded gain from the sale of a principal residence."

And just to be sure, we checked with William Ahern, director of policy and communications for the nonprofit, pro-business Tax Foundation. "Some home sales would see a tax increase under this bill," Ahern told us, "but it would have to be a second home or a principal residence generating [a gain of] more than $250,000 ($500,000 for a couple)."

So there you have it. The sort of people who would have to pay the tax might include, for example:

A single executive making $210,000 a year who sells his $300,000 ski condo for a $50,000 profit. His tax on the sale of that vacation home would amount to $1,900, in addition to the capital gains tax he would have paid anyway.

An "empty nester" couple with combined income of over $250,000 a year who sell their $1 million primary residence to move to smaller quarters. If they cleared $600,000 on the sale, they would be taxed on $100,000 of the profit (the amount over the half-million-dollar exclusion). Their health care tax on the sale would amount to $3,800 over and above the usual capital gains levy.

However, a typical home sale would not incur any tax. In March, for example, half of all existing homes sold for $170,700 or less, according to the National Association of Realtors. Obviously, none of those sales could possibly generate a $250,000 profit, and so none would be subject to the tax.

Thus, for the vast majority, the 3.8 percent tax won’t apply. The Tax Foundation, in a report released April 15, said the new tax on investment income (including real estate) "will hit approximately the top-earning two percent of families" when it takes effect in 2013.

Footnote: Some of the chain e-mails that claim ordinary home sales will be taxed include a copy of an article written by Paul Guppy, a policy analyst with the conservative Washington Policy Institute (that’s Washington state, not Washington, D.C.). The article appeared March 28 as an op-ed in the Spokane, Wash., Spokesman-Review, and Guppy claimed that "[m]iddle-income people must pay the full tax even if they are ‘rich’ for only one day." That brought a quick rebuttal from Sara Orrange, the government affairs director of the local Realtors association. She wrote a letter to the newspaper calling Guppy’s article "inaccurate" and saying, "Most people who sell their homes will not be impacted by these new regulations. This is not a new tax on every seller, and that correction needs to be made." In a news article the next day, business reporter Bert Caldwell confirmed that only "a very few" home sellers would pay the 3.8 percent tax.

The Internal Revenue Service says that to qualify for the $250,000/$500,000 exclusion, a seller must have owned the home and lived there as the seller’s "main home" for at least two years out of the five years prior to the sale.

– Brooks Jackson

Correction, Sept. 2: We originally said that the footnote of the JCT report appeared on page 139. It’s on page 135.

Sources

Joint Committee on Taxation. "Technical Explanation of the Revenue Provisions of the ‘Reconciliation Act of 2010,’ As Amended, In Combination with the ‘Patient Protection and Affordable Care Act.’" 21 Mar 2010.

Ahern, William. E-mail to FactCheck.org, 22 Apr 2010.

National Association of Realtors. "Existing-Home Sales Rise on Home Buyer Tax Credit and Favorable Market Conditions." Press release. 22 Apr 2010.

Fleenor, Patrick and Gerald Prante. "Health Care Reform: How Much Does It Redistribute Income?" The Tax Foundation. 15 Apr 2010.

Guppy, Paul. "Health Law’s Heavy Impact." Spokesman-Review. 28 Mar 2010.

Orrange, Sara. "Home sales tax clarified." Letter. Spokesman-Review. 1 Apr 2010.

Caldwell, Bert. "Realtors take aim at health care tax claim." Spokesman-Review. 4 Apr 2010. 

[64jaguar]

All of you might be curious to know that you don't even own your house, even if it's supposedly paid for. It's another gift from the Guberment way back in 1933 when they went Bankrupt. They stole the titles to ALL Property in the U.S. Here's a little tidbit as to why they, the Guberment, does whatever it pleases!

No. 3: Senate Document # 43; SENATE RESOLUTION NO. 62

(Pg 9, Para 2) April 17, 1933: “The ultimate ownership of ownership of all

property is in the State; individual so-called “ownership” is only by virtue of

Government, i.e., law, reducing the individual to a mere user; and use must be in

accordance with law and subordinate to the necessities of the STATE.”

All this freedom and Liberty garbage in this country is just another lie, IMO, More evidence we've all been had. Yes that's right "Your a Tenant". The U.S. Corporation will do whatever it pleases.

[R2D2]

Sent: Mon, August 13, 2012 11:41:38 PM

Subject: Fw: Real Estate Sales Tax - sell before 2013

Real Estate Sales Tax - sell before 2013

HOME SALES TAX

When did your home become part of your health care?After 2012! Your vote counts big time in 2012,make sure you and all your friends and family know this! It is critical!

HOME SALES TAX

I thought you might find this interesting,maybe even SICKENING!The National Association of Realtors is all over this and working to get it repealed,before it takes effect.But,I am very pleased we aren't the only ones who know about this ploy to steal billions from unsuspecting homeowners. How many realtors do you think will vote Democratic in 2012?Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?That's $3,800 on a $100,000 home.

When did this happen?It's in the health care bill,and it goes into effect in 2013.Why 2013?Could it be so that it doesn’t come to light until after the 2012 elections?So,this is change you can believe in’?

Under the new health care bill all real estate transactions will be subject to a 3.8% sales tax.If you sell a $400,000 home,there will be a $15,200 tax.This bill is set to screw the retiring generation,who often downsize their homes. Does this make your November,2012 vote more important?

Oh,you weren't aware that this was in the ObamaCare bill?Guess what;you aren't alone!There are more than a few members of Congress that weren't aware of it either.You can check this out for yourself at:

http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home

VOTERS NEED TO KNOW!

Would that be the bill that queen pelosi said"we have to pass the bill so we can see what is in it"? Does that say anything about the mentality of this do nothing congress and imposter president? Just asking.

[kiteman]

Would that be the bill that queen pelosi said"we have to pass the bill so we can see what is in it"? Does that say anything about the mentality of this do nothing congress and imposter president? Just asking.

NO, it says more about the people that can't do 5 minutes of internet research to figure out that this doesn't apply to about 99.5% of the people selling their homes. Unless you have over $250,000 single or $500,000 married in AGI AND sell your house for a profit of over $250,000 single or $500,000 married, this tax has nothing to do with you.

[tommy17]

Would that be the bill that queen pelosi said"we have to pass the bill so we can see what is in it"? Does that say anything about the mentality of this do nothing congress and imposter president? Just asking.

Your giving pelosi and the president to much credit We need term limits in the senate and house and make sure the next president is a american citizen with a valid college degree.

[cris]

NO, it says more about the people that can't do 5 minutes of internet research to figure out that this doesn't apply to about 99.5% of the people selling their homes. Unless you have over $250,000 single or $500,000 married in AGI AND sell your house for a profit of over $250,000 single or $500,000 married, this tax has nothing to do with you.

25% of the US population is middle class, and thanks to O'blah,

and his policies that number is shrinking.

He is lying when he says he is trying to help the middle class by

taxing the rich....And it is a lie to say that this new tax wont affect

anyone but the rich.....

I happen to be single and have a home worth well more than 250k

I am by no means 'rich'.....I can pay the mortgage & pay the bills &

save some money for the future and retirement. Since I own my

business, I must think of my retirement myself. Every little increase

in costs affects not only me, but the folks that work for me.

I'll give you a little scenario....

Your boss, who's business Nets more than 250k per year gets taxed

at a higher rate, because he is supposedly 'rich'....Thats Net not Gross.

All other costs come out of that net including your salary. At a higher

tax level, whatever product or service you provide through your boss

gets passed on to the consumer.

Meaning, there will be less consuming. There will be less money to pay

your wage. Your salary and maybe your job are at risk.

At a higher tax level the incentive is to outsource your job. You dont

get to blame the company, the people at fault are the policy makers.

In this case, the Libs and O'blah.

This Socialist plan has already been shown to be a failure in Europe.

Each time a new tax burden is laid on the job producers, there are

less jobs.

Each new tax burden does not help workers or the poor, they actually

hurt them....Money will leave an area where the tax burden is too high.

But, O'blah and the Libs already know that, and they are liars when they

use these class warfare tactics.

Go ahead and keep believing his lies.....It only matters to me in the sense

that I would like to stay in the US.....but I dont have to.

One more thing....Your boss knows exactly what I know,

and what Im talking about. which puts your salary and job,

and consequently your home at risk.

[Muleslayer]

25% of the US population is middle class, and thanks to O'blah,

and his policies that number is shrinking.

He is lying when he says he is trying to help the middle class by

taxing the rich....And it is a lie to say that this new tax wont affect

anyone but the rich.....

I happen to be single and have a home worth well more than 250k

I am by no means 'rich'.....I can pay the mortgage & pay the bills &

save some money for the future and retirement. Since I own my

business, I must think of my retirement myself. Every little increase

in costs affects not only me, but the folks that work for me.

I'll give you a little scenario....

Your boss, who's business Nets more than 250k per year gets taxed

at a higher rate, because he is supposedly 'rich'....Thats Net not Gross.

All other costs come out of that net including your salary. At a higher

tax level, whatever product or service you provide through your boss

gets passed on to the consumer.

Meaning, there will be less consuming. There will be less money to pay

your wage. Your salary and maybe your job are at risk.

At a higher tax level the incentive is to outsource your job. You dont

get to blame the company, the people at fault are the policy makers.

In this case, the Libs and O'blah.

This Socialist plan has already been shown to be a failure in Europe.

Each time a new tax burden is laid on the job producers, there are

less jobs.

Each new tax burden does not help workers or the poor, they actually

hurt them....Money will leave an area where the tax burden is too high.

But, O'blah and the Libs already know that, and they are liars when they

use these class warfare tactics.

Go ahead and keep believing his lies.....It only matters to me in the sense

that I would like to stay in the US.....but I dont have to.

One more thing....Your boss knows exactly what I know,

and what Im talking about. which puts your salary and job,

and consequently your home at risk.

Financial slavery in incremental steps!

I also own my own biz. There are days I wonder why.