3.8% Tax on your home to fund Obama’s Health Care?

List2Move.com/Rochester NY received this on email….not sure if totally true but….. what do you think?

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 etc.   When did this happen? It’s in the healthcare bill. Just thought you should know.

SALES TAX TO GO INTO EFFECT 2013 (Part of HC Bill)

REAL ESTATE SALES TAX
So, this is “change you can believe in”?

Under the new health care bill – did you know that all real estate transactions will be subject to a 3.8% Sales Tax?  The bulk of these new taxes don’t kick in until 2013  If you sell your $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 stuff make your November and 2012 vote more important?

Oh, you weren’t aware this was in the obama-care bill? Guess what, you aren’t alone. There are more than a few members of Congress that aren’t aware of it either

Check it out at the link below.

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

One Response to 3.8% Tax on your home to fund Obama’s Health Care?

  1. A response by the New York State Association of Realtors…..

    The New York State Association of REALTORS

    Separating Internet myth from reality:
    There is no national 4-percent tax on all home sales

    In recent months numerous e-mails have circulated regarding a national transfer
    tax on home sales. One such e-mail was circulated regarding a “national real
    estate transfer tax,” which contained false information from the Spokane, Washington,
    Spokesman-Review.
    MYTH
    President Barack Obama’s health care bill contains a 4-percent “transfer tax”
    on all home sales.
    FACT
    According to FACTCHECK.org, most home sellers will not have to pay any such
    tax. The health care bill includes a provision that imposes a 3.8-percent Medicare
    tax for some high-income households that have “net investment income.” Revenue
    collected by this tax is dedicated to the Medicare hospital insurance program.

    The tax applies to households with an Adjusted Gross Income (AGI) of more than
    $200,000 for individuals or more than $250,000 for married couples. An additional
    tax obligation may result from the sale of real property because capital gains
    are included in the definition of net investment income.
    Even if the AGI limits are met, the new tax would not be applied to capital
    gains that result from the sale of a home, since the existing home sale capital
    gains exclusion rule still applies – $250,000 (individual)/ $500,000 (couple).
    If the gain from the sale of the primary residence is below that amount, then
    NO Medicare tax will have to be paid. The new Medicare tax would apply only
    to a home sale gain realized in excess of the $250,000/$500,000 that pushes
    the AGI over the $200,000/$250,000 income limits.
    Please keep in mind that the annual median sales price in New York State in
    2009 was $199,000, and only about 6.1% of households in New York State in 2009
    made more than $200,000, according to U.S. Census Bureau data. This means that
    the Medicare tax would likely only affect a very small percentage of New Yorkers
    once it goes into effect on January 1, 2013.

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