Via Say Anything Blog comes this article from Paul Guppy at Spokesman.com. He’s written a great article detailing the impact the health care bill will have on Americans. One of the new taxes is a 3.8 percent tax on new home sales:
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.
I guess these are the things Pelosi wanted us to be so happy about finding after the bill was passed.
Time for “Fun with Math!”
You are like me and make well below $250,000. President Obama told us he wouldn’t raise our taxes one cent. Any taxes.
So you have a nice house and are able to unload it for $250,000. The new health care bill takes $9,500.
YOINK!
Thank you, says the new home buyer who bought your house. You just gave him an $8,000 tax credit.
I’m sure the other $1500 will be spent well.
I'm not one to defend the lefties or taxes, but my quick research would take issue with this characterization.
Apparently the tax doesn't kick in until you've reached $250,000 (single) or $500,000 (married) in *gains* on the sale of your principal home. So if you sold a house for $250,000 you wouldn't pay the 3.8%, even if you had bought it for a penny.
I'm not one to defend the lefties or taxes, but my quick research would take issue with this characterization.
Apparently the tax doesn't kick in until you've reached $250,000 (single) or $500,000 (married) in *gains* on the sale of your principal home. So if you sold a house for $250,000 you wouldn't pay the 3.8%, even if you had bought it for a penny.
Hey moron….
Check your facts before you post crap like this. The 3.8% is an additional capital gains tax and only affects a single person receiving more than $250,000.00 from the sale of his/her home ( in which case the 3.8% tax would apply towards amounts exceeding $250,000.00 only) and for a couple receiving more than $500,000.00 (in which case the 3.8% tax would apply towards amounts exceeding $500,000.00 only).