If your thinking about selling your house do it before Jan 1, 2013

[Jeff C]

There is a provision in the Obammy-care program, that all real-estate transactions will have a 3.8% fee attached to the federal government.


$200,000 home?

You will get to write a check for $7,600 to help fund Obama-care


WOW!!

That is the case IF this provision is not taken out of the law.......

Write your representatives!

 

[ruffryder]

There is a provision in the Obammy-care program, that all real-estate transactions will have a 3.8% fee attached to the federal government.


$200,000 home?

You will get to write a check for $7,600 to help fund Obama-care


WOW!!

That is the case IF this provision is not taken out of the law.......

Write your representatives!

I thought it was for capital gains over a certain amount you would have to pay sales tax on the amount over the limit.

Much different then what you are talking about...

http://www.factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/

Note you will get taxed on the amount of money that you made on a house sale over 500k in profit (sold - bought price) if you are married. After that, you pay the 3.8% on what profit was over the 500k limit (if married).

 

[swampwater]

Looks like just another tax hike on Capital Gains and guess what it seems to apply to undistributed income, maybe that is how they will begin to attack 401K's. Swampy

House Health Care Bill Includes 3.8% Medicare Tax on Investment Income
Following up on my prior posts (President Obama's Health Care Tax Increases, WSJ: Obama's 'Sneaky' New Tax on Investments, ObamaCare's Worst Tax Hike: For the First Time, Payroll Levies Will Hit Investment Income): the House Health Care bill unveiled today includes a 3.8% Medicare tax on investment income (interest, dividends, capital gains, annuities, rents) earned by those with incomes in excess of $200,000 (single) and $250,000 (joint).
Lets see if Bill Gates portfolio went from $50 billion to $55 billion (up ten percent), he would owe an additional $190 million in taxes. This tax applies to undistributed gains too, so it is a pretty onerous tax. This might require him to sell $190 million in holdings to pay for the tax, which would then be subject to a 20 percent (after 2010) cap gains tax on top of that. Redistribution are the US.

 

[snowman*150*]

All I can say is... They tax the crap out of everything.... They always try to nickle and dime everybody else except themselves. I Hate the government and I truly hate obama ( I will not capitalize the O in his name because he does not deserve it)...

Have any of you seen the plan for the obama care plan? It is the most cluster f***ed plan I have ever seen! And for him to say everybody is to be on this plan and congress and I don't have to be is a crock of sh*t. Ohh change Ill bring change for all of you der der der. Not change for the better thats for sure

 

[milehighassassin]

Listen, we have to pay for this debt in some way. We can't just keep printing money.

As others pointed out, it is only on capital gains over $500k. Meaning it if is your primary home you can sell it for $2.5 million and not pay any additional tax, as long as you buy another home.

It is directed more towards people who own a lot of home and sell them for a living. There are already areas that have a 1-4% transfer tax that goes to the association. This is no worse, that transfer tax/fee is charged if it is your first house, or your 30th home.

 

[Goin For Snow]

its crazy, but i watch my spending at home to control my debt load. I cant imagine the amount of revenue this would generate would put a notch in the 14 trill.

 

[J.Jensen]

At some point the tax load had to go up in countries who struggle with debt. I'm not talking about U.S. in particular, Spain, Portugal, Italy and Greece have the same, if not worse, troubles.

Here in Norway we pay 2.5% transfer tax when buying property. We also pay 28% on profit when selling property.
We hate it, but the hard taxing is probably one of the reasons we don't have serious troubles at the moment...

 

[winter brew]

At some point the tax load had to go up in countries who struggle with debt. I'm not talking about U.S. in particular, Spain, Portugal, Italy and Greece have the same, if not worse, troubles.

Here in Norway we pay 2.5% transfer tax when buying property. We also pay 28% on profit when selling property.
We hate it, but the hard taxing is probably one of the reasons we don't have serious troubles at the moment...

That, and Norway probably doesn't have 20 million Mexicans there illegally, taking jobs for substandard wages, not paying taxes and milking the system. I think our illegal immigrant problem is a major factor in our debt.

 

[tudizzle]

Illegal immigrants do the jobs Americans think they are too good to do.

They held a free seminar here for field labors....come on out learn how to properly harvest crops, guaranteed a job after the training. It was broadcasted on the local and national news.


Less than 5 people showed up.



Isn't this the lowest taxes have been since the 30's? Shoot in the 80's my family paid 70% income tax.

Somehow Americans just feel entitled to our lifestyle yet do not want to pay for it?

 

[winter brew]

Illegal immigrants do the jobs Americans think they are too good to do.

They held a free seminar here for field labors....come on out learn how to properly harvest crops, guaranteed a job after the training. It was broadcasted on the local and national news.


Less than 5 people showed up.



Isn't this the lowest taxes have been since the 30's? Shoot in the 80's my family paid 70% income tax.

Somehow Americans just feel entitled to our lifestyle yet do not want to pay for it?

I believe there would be plenty of Americans that would do these jobs....just not for the substandard wages that they are paying the illegals. Pay a fair wage, employee only legal citizens...pay into the system like other employees do. It would be a deterrant to illegal immigration if they had a hard time finding work because they had to show documentation and pay taxes....and if there were already Americans doing the work.
They could start by employing people from the many homeless shelters....at least those that are not too far "gone" and truly want to work. Kill 2 birds with 1 stone maybe?

 

[tudizzle]

In theory yes...but not the reality.

Fair wages were being offered in this situation...some people feel they are above a job or just plain do not want to work.


Ever told a guy holding the sign on the offramp that you had some work for them...they just turn away...not interested.


Ever see a bunch of out of work US citizens standing outside a home depot willing to take even a days wages to get thru the tough times?

 

[ruffryder]

In theory yes...but not the reality.

Fair wages were being offered in this situation...some people feel they are above a job or just plain do not want to work.


Ever told a guy holding the sign on the offramp that you had some work for them...they just turn away...not interested.


Ever see a bunch of out of work US citizens standing outside a home depot willing to take even a days wages to get thru the tough times?

Excellent points...

 

[winter brew]

I agree that is the norm...but I think it can and needs to be changed. Work ethic of young people today (from what I've seen) stinks....they are getting this entitlement attitude like we are seeing exercised in Britain this week.
If illegal immigration was strongly addressed and there were few illegal workers, the jobs would still get done. It would be good for todays youth to do some of this work...get back some work ethic and be appreciative of how good they have it when they get into the workforce....and get these fat little bastards away from the Xbox...LOL...but I digress

 

[ruffryder]

I agree that is the norm...but I think it can and needs to be changed. Work ethic of young people today (from what I've seen) stinks....they are getting this entitlement attitude like we are seeing exercised in Britain this week.
If illegal immigration was strongly addressed and there were few illegal workers, the jobs would still get done. It would be good for todays youth to do some of this work...get back some work ethic and be appreciative of how good they have it when they get into the workforce....and get these fat little bastards away from the Xbox...LOL...but I digress

I think you put a lot of this on the youth... there are a lot of older fat lazy bastards as well... Those are the ones living off the govt. Kids these days are living off of their parents..

 

[winter brew]

I think you put a lot of this on the youth... there are a lot of older fat lazy bastards as well... Those are the ones living off the govt. Kids these days are living off of their parents..

It would be a good alternative to working at McDonalds....fast food or the shopping mall seems to be the job of choice for todays teens. I would think working the fields, landscaping and construction would be more dignified than that.
Those old people are ruined, no hope for them...they worked at Boeing for too many years.

 

[rmkMatt]

In theory yes...but not the reality.

Fair wages were being offered in this situation...some people feel they are above a job or just plain do not want to work.

I agree 100% if the wages are equal. However I have a friend that is illegal that works for a farmer, he makes 3 bucks an hour and then has to pay $400 a month rent in the winter since he's not working full time for the farmer.

My point is, I don't think there are very many farm jobs out there that pay anything close to a fair wage. This guy works much harder than I do and is happy as can be with what he gets. It is very humbling to talk to him.

 

[diamonddave]

Fair wages were being offered in this situation...some people feel they are above a job or just plain do not want to work.

What is your definition of "fair wages"??

Ever told a guy holding the sign on the offramp that you had some work for them...they just turn away...not interested.

These are the drug addicts living under the freeways. Can you really count them? Their job is scoring cash and drugs. Different world.

 

[WyoBoy1000]

I'll tell my Realtor to stock up on Vaseline

 

[milehighassassin]

That, and Norway probably doesn't have 20 million Mexicans there illegally, taking jobs for substandard wages, not paying taxes and milking the system. I think our illegal immigrant problem is a major factor in our debt.

Statistically Illegal immigration creates more money and growth for this country than it is a burden against it. I think it is a +200 million dollar industry. Don't hold me on the number but I know illegal immigration actually creates, saves and makes the United States more money than it costs us.


Agreed that the jobs most illegals are doing are jobs that most Americans want nothing to do with. I know I have no desire to work in a chicken processing plant.