103 replies to this topic

[camay2327]

HOME SALES TAX TO FUND OBAMACARE

When does 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 about this !

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The National Association of Realtors is all over this and working to get it repealed, -- before it takes effect.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, etc. 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/b...care-taxes-home

I hope you forward this to every single person in your address book.

VOTERS NEED TO KNOW..

[cw68]

This isn't exactly true. It doesn't impose a 3.8% transaction tax on all home sales. There is a 3.8% transaction tax on investment income over the capital gains threshold for individuals earning more than $200,000 per year or couples earning more than $250,000.

http://www.snopes.co.../realestate.asp

[mac_convert]

Whether it is true or not I don't want to pay any more in taxes or "fees" for illegals and the poor to have free health care that I will have to pay for! If you want heath care, get a job and pay for it! People are only entitled to the air they breath. We need to get OBummer out of office before our country really spirals down even faster than it already is. The upper and middle class folks are going to be the ones who are affected by all of this CRAP!

This isn't exactly true. It doesn't impose a 3.8% transaction tax on all home sales. There is a 3.8% transaction tax on investment income over the capital gains threshold for individuals earning more than $200,000 per year or couples earning more than $250,000.

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

[cw68]

Whether it is true or not I don't want to pay any more in taxes or "fees" for illegals and the poor to have free health care that I will have to pay for! If you want heath care, get a job and pay for it! People are only entitled to the air they breath. We need to get OBummer out of office before our country really spirals down even faster than it already is. The upper and middle class folks are going to be the ones who are affected by all of this CRAP!

You are definitely entitled to have that opinion. I just want people to have opinions on truths, not untruths.

[Steve Heard]

The problem is, this story isn't true, and it's been posted here before.

As has been explained the last 2 times this BS was posted, rather than a 3.8% tax on all home sales, there is a 3.8% capital gains tax on investment income on high-income earners.

For homeowners, if an individual makes more than $250,000 profit on the sale of their home, or $500,000 for a married couple, the profit over that amount would be subject to a 3.8% tax.

For those who hate Obama, it doesn't matter if the story is true or not, or if the tax is 3.8% or a nickel, it is worth spreading.

Ridiculous that after 2 years, this is still being spread and believed without anyone taking the time to see if it is even true.

[Chris]

So it is true if you're over the 250K in income. The money YOU made in profit will get taxed at 3.8%. Even if it's not true for me (yet) it's true for somebody else. It's still not right and government does not deserve that money. Chris

[folsombound]

So it is true if you're over the 250K in income. The money YOU made in profit will get taxed at 3.8%. Even if it's not true for me (yet) it's true for somebody else. It's still not right and government does not deserve that money. Chris

NOT INCOME, capital gain. There is a difference.

[Steve Heard]

So it is true if you're over the 250K in income. The money YOU made in profit will get taxed at 3.8%. Even if it's not true for me (yet) it's true for somebody else. It's still not right and government does not deserve that money. Chris

No, it's not true.

The fraudulent email states that there will be a 3.8% tax on the sale of a home. Not true.

It also states that the Association of Realtors is 'all over' it trying to get it repealed. Also untrue. Instead, the National Association of Realtors (NAR) is spending time and money explaining to scared sellers that it is untrue.

From the NAR brochure on the matter:

"Understand that this tax WILL NOT be imposed on all real estate transactions, a common misconception. Rather, when the legislation becomes effective in 2013, it may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses).

Formula: The new tax applies to the LESSER of Investment income amount and Excess of AGI over the $200,000 or $250,000 amount

Using the example of John and Mary, a couple with a $325,000 Adjusted Gross Income:

If John and Mary had a gain of less than $500,000 on the sale of their residence, none of that gain would be subject to the 3.8% tax.

Let's say that they had gain of $525,000 on the sale of their home. With home prices where they are, not many folks are in that position, but let's say John and Mary are fortunate enough to be.

The tax applies as follows:

Adjusted Gross Income Before Taxable Gain $325,000

Gain on Sale of Residence $525,000

Taxable Gain (Added to AGI )$25,000 ($525,000 less the $500,000 exlusion for married couples)

New AGI $350,000 ($325,000 + $25,000 taxable gain)

Excess of AGI over $250,000 is $100,000 ($350,000 – $250,000)

Lesser Amount (Taxable) $25,000 (Taxable gain)

Tax Due $950 ($25,000 x 0.038)

So on a gain, not a sale, but a gain of $525,000, the tax would be $950, not the 3.8% of the price of the home, which if the fraudulent email were true, would be at least $19950 ($525,000 x 3.8%, assuming that $525K was the sale price and that there were no loan payoffs, commissions or closing costs on the sale).

Now, you can argue that John and Mary worked hard for their $525,000 gain and shouldn't have to give one dollar, let alone 950 of them to support our national Affordable Care Act, and you'd at least have an honest argument, but you see, the authors of the fraud know that the truth wouldn't have the desired effect. They know that most Americans:

a) Won't bother to seek the truth, but rather, will believe the lie and spread it

and

b) Wouldn't be upset if a couple who makes in excess of $250,000 per year realized a profit of an additional $525,000 on the sale of their home, for a total of at least $750,000 had to pay $950 in tax.

So, they make up a lie and it spreads.

To paraphrase Average Joe; 'if you hate Obama, there are plenty of reasons without having to make any up'.

[The Average Joe]

Thanks for the shout out! LOL I guess I better come up with some new, improved material now that I'm being paraphrased!

[Chris]

So let me restate, it is true that any profit over 250K if single and 500K if married is taxed an additional 3.8% in addition to the normal taxes if over 250K/500K on the sale of a house....? Right now we are tax exempt on the first 250/500K profit as I understand it and in the future they will add 3.8% tax in addition to the normal taxes we pay now on anything above that. Correct...? And what is this "may" stuff...? I think they (the dem/libs) want more money from us so I take it as a "will". And along the same lines there is no way government should be taking 3.8% more tax on my good stock picking profit....! 15% capital gains is enough.....! Go ahead, keep raising taxes and you will get less revenue, works every time you dems try it....! Chris

[Steve Heard]

So let me restate, it is true that any profit over 250K if single and 500K if married is taxed an additional 3.8% in addition to the normal taxes if over 250K/500K on the sale of a house....? Right now we are tax exempt on the first 250/500K profit as I understand it and in the future they will add 3.8% tax in addition to the normal taxes we pay now on anything above that. Correct...? And what is this "may" stuff...? I think they (the dem/libs) want more money from us so I take it as a "will". And along the same lines there is no way government should be taking 3.8% more tax on my good stock picking profit....! 15% capital gains is enough.....! Go ahead, keep raising taxes and you will get less revenue, works every time you dems try it....! Chris

Again, you can argue about the issues of taxation without having a lie written and spread, and I am one of those who if making more than $250K per year and if my wife and made a $500,000+ profit, I would not object to the additional tax of $950. It just wouln't be significant to me.

[Chris]

Again, you can argue about the issues of taxation without having a lie written and spread, and I am one of those who if making more than $250K per year and if my wife and made a $500,000+ profit, I would not object to the additional tax of $950. It just wouln't be significant to me.

So I was right in my above summation that there will be now an extra tax of 3.8% coming on any profit above 250/500K in addition to the existing taxes that we already pay. No lie there, is there...? When does it end Steve...? A nickle here, a dime there.... They don't deserve any more of our money. Correct me if I am wrong but doesn't the top 10 percent of earners pay like 70% of the federal taxes already....? Why tax them even more. These are probably the people we are talking about here. You dems are going to kill the Golden Goose. Please don't fall for the class warfare thing your man in the White House keeps pushing on us. How about we tax all licensed real estate agents an extra 3.8% on gross income above 50K and spread that around to first time home buyers to stimulate the economy....? We could also add an "excise" tax of 25% on any real estate commission fees above 4.5% and use that money to fund new programs at HUD....? How would you like that...? A lot of people seem not to like the rich and want to tax them more. A lot of people don't like paying 6% on the sale of their home to real estate agents..... Be careful what minority group you single out for more taxation, it may come back to bite you....! Chris

[Steve Heard]

So I was right in my above summation that there will be now an extra tax of 3.8% coming on any profit above 250/500K in addition to the existing taxes that we already pay. No lie there, is there...?

I am not a taxation expert, so I don't know how it will be applied to every individual. The lie was that there was a new 3.8% tax on real estate sales. There isn't.

When does it end Steve...? A nickle here, a dime there.... They don't deserve any more of our money. Correct me if I am wrong but doesn't the top 10 percent of earners pay like 70% of the federal taxes already....? Why tax them even more. These are probably the people we are talking about here. You dems are going to kill the Golden Goose. Please don't fall for the class warfare thing your man in the White House keeps pushing on us.

See, there's your legitimate argument. Argue about something real, not something made up to make the President look bad. There are so many bs emails out there and it makes me sick that lies are okay as long as they are lies about Barrack Obama.

How about we tax all licensed real estate agents an extra 3.8% on gross income above 50K and spread that around to first time home buyers to stimulate the economy....? We could also add an "excise" tax of 25% on any real estate commission fees above 4.5% and use that money to fund new programs at HUD....? How would you like that...? A lot of people seem not to like the rich and want to tax them more. A lot of people don't like paying 6% on the sale of their home to real estate agents..... Be careful what minority group you single out for more taxation, it may come back to bite you....! Chris

Chris, as a Realtor, I am subject to the same taxes as you are. This isn't a tax for people who work in a specific industry, it is based on income. If I am fortunate one day to make enough to be subject to that tax, I guess I'll have to pay it.

Personally, I am in favor of tax reform and am open to a flat tax, or even something like the 9 9 9 plan proposed by Herman Cain.

[camay2327]

I am not a taxation expert, so I don't know how it will be applied to every individual. The lie was that there was a new 3.8% tax on real estate sales. There isn't.



See, there's your legitimate argument. Argue about something real, not something made up to make the President look bad. There are so many bs emails out there and it makes me sick that lies are okay as long as they are lies about Barrack Obama.



Chris, as a Realtor, I am subject to the same taxes as you are. This isn't a tax for people who work in a specific industry, it is based on income. If I am fortunate one day to make enough to be subject to that tax, I guess I'll have to pay it.

Personally, I am in favor of tax reform and am open to a flat tax, or even something like the 9 9 9 plan proposed by Herman Cain.

Steve the lying thing works both ways, the Dems are spreading them too, ref your:

See, there's your legitimate argument. Argue about something real, not something made up to make the President look bad. There are so many bs emails out there and it makes me sick that lies are okay as long as they are lies about Barrack Obama.

[Steve Heard]

Steve the lying thing works both ways, the Dems are spreading them too, ref your:

See, there's your legitimate argument. Argue about something real, not something made up to make the President look bad. There are so many bs emails out there and it makes me sick that lies are okay as long as they are lies about Barrack Obama.

OK, so lies are okay to spread as truth to raise anger and fear. I get it now. Why post the truth when a lie will do so much more harm?