[Harmless Drudge]

One of the provisions in the alleged "Health Care" law is a new 3.8% tax on home sales. I previously made my living fixing and selling houses. There goes my profit.

 

[Silver Survivor]

One of the provisions in the alleged "Health Care" law is a new 3.8% tax on home sales. I previously made my living fixing and selling houses. There goes my profit.

Wow, that's $ 3,800 on a $100,000 dollar house. That'll really goof up the real estate market now.

 

[aramchek]

There's another thread here about the stealth 1099-K form that was snuck into the health care bill. It'll require an enormous amount of extra paperwork from small businesses and even start taxing people who are selling on eBay/Amazon/etc. for a little extra cash. 200 transactions at $20K and you're paying lotsa taxes. The question is how do you deduct your expenses -- what if you got the stuff at a garage or rummage sale and have no receipts? What if it's from your own personal estate, and you're actually selling it at a loss?

"Stealth IRS changes mean millions of new tax forms"
http://money.cnn.com/2010/05/21/smallbusiness/1099_deluge/index.htm

"The rule comes with a floor to weed out the most casual retailers: The 1099-K is only required when a merchant has at least 200 payment transactions a year totaling more than $20,000. But it applies to all payment processors, including Paypal, Amazon.com, and others that service very small businesses."

$20K isn't that much money, basically poverty level, if anyone's trying to make a living at it. This is one of the reasons I went independent/third party a decade ago -- and never looked back. The Democrats talk a good talk about representing the little guy, but talk is cheap. Evidently they want to rob from the middle-class to help the poor. The problem is that there's probably not much of a middle-class being generated in this country.

They should start taxing the Indians, Chinese and Mexicans who've taken our jobs.

 

[EdD270]

$20K isn't that much money, basically poverty level, if anyone's trying to make a living at it. This is one of the reasons I went independent/third party a decade ago -- and never looked back. The Democrats talk a good talk about representing the little guy, but talk is cheap. Evidently they want to rob from the middle-class to help the poor. The problem is that there's probably not much of a middle-class being generated in this country.

They should start taxing the Indians, Chinese and Mexicans who've taken our jobs.

I don't want to hijack the thread, but I just can't let this slide.
I, too have been disillusioned with both the major parties for many years. I was a registered Libetrtarian for over 14 years, got disgusted with them, too.
I was an Independent for years, then a "unaffiliated" for a few more.
I finally realized that the only way to make a change was not to drop out, but to get more involved.
Now, I'm a Precinct Committeeman and am working to recruit true conservatives to come back to the Republican party and take it over again. It is a long term project, and an uphill battle, but it can be done. There is realistically no other way to do it. Until conservatives take back one or the other of the major parties, nothing will change. Third parties aren't going to do squat.
So, please, jump on the bandwagon and take back the party from the liberals.

 

[Deadmeat99]

One of the provisions in the alleged "Health Care" law is a new 3.8% tax on home sales. I previously made my living fixing and selling houses. There goes my profit.

So does anyone have an actual reference to the section in the law that says this?

 

[Randall Flagg]

yes please, facts first!

 

[Deadmeat99]

Is this what the OP is referring to?

http://www.businessweek.com/news/2010-03-22/new-taxes-for-health-care-help-obama-spread-the-wealth-around-.html

The legislation would for the first time apply Medicare taxes to investment income received by these households beginning in 2013. The 3.8 percent rate would apply to unearned income such as realized capital gains, dividends, interest, rents, and royalties. It wouldn’t apply to other income subject to income taxes, including interest from municipal bonds and retirement accounts such as 401(k) plans until funds are withdrawn.

Obama’s budget proposes to allow the existing 15 percent tax rate on dividends and capital gains to rise to 20 percent in 2011 for the same high-earners. Layering a 3.8 percent Medicare tax on top of that would mean a new top rate on dividends and capital gains of 23.8 percent. The top tax rates on interest and rental income would rise to as high as about 44 percent, assuming other Obama tax increases on high-earners are enacted.

If so, that's not exactly a "tax on home sales", especially since it appears to only apply to (according to the article) "about 1 million individuals earning more than $200,000 and about 4 million couples filing jointly who make more than $250,000."

Maybe I'm looking at the wrong thing, but I keyed in on the 3.8% mentioned in the first post.

 

[Sage0925]

Well, did or did not Pelosi the Supreme Harridan say "we'll have to pass ObamaCare so you'll know what's in it"?

 

[McLovin]

So it's 3.8% of the profit, not 3.8% of the gross sale of the house.

Another thing,
if someone makes money via e-bay why should they get to do it tax free? If I have to pay taxes off of my income why should they get to free load? Now how high taxes should be is another topic altogether but if I have to chip into the pot to keep the roads paved and the bad guys in jail so should the next guy.



McLOVIN

 

[Ice Axe]

Is this what the OP is referring to?

http://www.businessweek.com/news/2010-03-22/new-taxes-for-health-care-help-obama-spread-the-wealth-around-.html



If so, that's not exactly a "tax on home sales", especially since it appears to only apply to (according to the article) "about 1 million individuals earning more than $200,000 and about 4 million couples filing jointly who make more than $250,000."

Maybe I'm looking at the wrong thing, but I keyed in on the 3.8% mentioned in the first post.

Yep, that's it. Snopes has a good article on it.

http://www.snopes.com/politics/taxes/realestate.asp

 

[Tucsonlover]

Come on you guys, you didn't really think something GOOD would come out of a bill sponsored by and voted by ONLY DEMOCRATS did you?

 

[Enscheff]

People, please read the Snopes article. The bottom of it has a nice example that describes how the tax works.

Quick summary:

1. You must make over $250k per year.
2. You must sell your home at a profit of more than $500k.
3. You will be taxed 3.8% on the profit you make over the $500k.

Considering that none of the posters here make $250k per year, nor do they live in a house that they could sell for any profit, much less $500k in profit, I don't think anyone here has anything to worry about.

And if you are worried about the uber rich taking a bit of a tax hit to help pay for the nations's healthcare then your brainwashing by the Republican party is complete.

Why can't people do some research before they just post this crap?

 

[Vergeltung]

guess we can't all be as smart as the resident perpetual optimist and 0-bot.

(By crikey, you got the **** stamp; an Ice Axe approval. ha ha, now THAT's funny!).

 

[Deadmeat99]

guess we can't all be as smart as the resident perpetual optimist and 0-bot.

(By crikey, you got the **** stamp; an Ice Axe approval. ha ha, now THAT's funny!).

So what you're saying is that we'd all be better off believing false information derived from forwarded emails without investigating the actual facts.

That's a GREAT survival strategy.:thumb:

 

[Enscheff]

guess we can't all be as smart as the resident perpetual optimist and 0-bot.

(By crikey, you got the **** stamp; an Ice Axe approval. ha ha, now THAT's funny!).

Are you really trying to criticize fact checking?

How in the world can you call anyone else a "sheeple" while blindly believing any Conservative mass email that is posted?

 

[metalbill]

Come on you guys, you didn't really think something GOOD would come out of a bill sponsored by and voted by Federal government did you?

There, Fixed it for you.

 

[aramchek]

I'm a hardcore conservative in some areas, a progressive in others, a libertarian in some, a green in others, a constitutionalist in the rest. There is no singular party for me. I pretty much go by issues. For example, I support the NRA & GOA and the ACLU.

The corporate parties are largely indistinguishable. Bush supporters got the biggest expansion of federal government (Homeland Security, Patriot) arguably since FDR -- and massive deficit spending. Liberals voting for Obama got a third term of Bush. The only corporate party candidate I'm currently supporting is a Republican at the state level (who happens to be a mayor of a nearby small town -- and is my cousin).

It's not so much that I've dropped out, but these parties have totally lost touch with America. I hate to say it, but I support certain conservative positions (small govt., personal responsibility, traditional family, etc.), as well as Marxist positions (power to the people). It's really liberalism that I have little use for. Their job is to whitewash the excesses of run-amok capitalists, no more.

I don't want to hijack the thread, but I just can't let this slide.
I, too have been disillusioned with both the major parties for many years. I was a registered Libetrtarian for over 14 years, got disgusted with them, too.
I was an Independent for years, then a "unaffiliated" for a few more.
I finally realized that the only way to make a change was not to drop out, but to get more involved.
Now, I'm a Precinct Committeeman and am working to recruit true conservatives to come back to the Republican party and take it over again. It is a long term project, and an uphill battle, but it can be done. There is realistically no other way to do it. Until conservatives take back one or the other of the major parties, nothing will change. Third parties aren't going to do squat.
So, please, jump on the bandwagon and take back the party from the liberals.

 

[jesse_d]

People, please read the Snopes article. The bottom of it has a nice example that describes how the tax works.

Quick summary:

1. You must make over $250k per year.
2. You must sell your home at a profit of more than $500k.
3. You will be taxed 3.8% on the profit you make over the $500k.

Considering that none of the posters here make $250k per year, nor do they live in a house that they could sell for any profit, much less $500k in profit, I don't think anyone here has anything to worry about.

And if you are worried about the uber rich taking a bit of a tax hit to help pay for the nations's healthcare then your brainwashing by the Republican party is complete.

Why can't people do some research before they just post this crap?

how else can we get the worms to come out of the woodwork?

 

[Buffy]

People, please read the Snopes article. The bottom of it has a nice example that describes how the tax works.

Quick summary:

1. You must make over $250k per year.
2. You must sell your home at a profit of more than $500k.
3. You will be taxed 3.8% on the profit you make over the $500k.

Considering that none of the posters here make $250k per year, nor do they live in a house that they could sell for any profit, much less $500k in profit, I don't think anyone here has anything to worry about.

And if you are worried about the uber rich taking a bit of a tax hit to help pay for the nations's healthcare then your brainwashing by the Republican party is complete.

Why can't people do some research before they just post this crap?

Why do you assume that no one here makes over 250K and that they could not make 500K profit when selling their home?

Why do you describe people who would fit that description as uber rich?

Why do you feel that only a few people should be required to pay for the nation's healthcare?

 

[skypig53]

People, please read the Snopes article. The bottom of it has a nice example that describes how the tax works.

Quick summary:

1. You must make over $250k per year.
2. You must sell your home at a profit of more than $500k.
3. You will be taxed 3.8% on the profit you make over the $500k.

Considering that none of the posters here make $250k per year, nor do they live in a house that they could sell for any profit, much less $500k in profit, I don't think anyone here has anything to worry about.

And if you are worried about the uber rich taking a bit of a tax hit to help pay for the nations's healthcare then your brainwashing by the Republican party is complete.

Why can't people do some research before they just post this crap?

Are you really trying to criticize fact checking?

How in the world can you call anyone else a "sheeple" while blindly believing any Conservative mass email that is posted?

Your info is good to know and you are correct that fact checking is important but your comment (in red) is your own brainwashed opinion. If readers choose to take a jab at you for your post, it probably has more to do with your "spread the wealth" drivel, and less to do with them being sheeple and not wanting to fact check.