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Hidden Real Estate Tax in Health Care Bill?

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posted on Jan, 17 2011 @ 11:59 AM
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I want to start off by saying that this article is from Sept. 14 2010, so I apologize if it has been posted before I did a search and found nothing on it so far. So now we can look forward to having to pay a 3.8% sales tax on top of any other costs to sell a house. Like the article states this will certainly effect people up in age trying to downsize and for me just another reason to be disgusted at the whole package and all the hidden contents.


Hidden Real Estate Sales tax in Health care bill – Surprise!There are already at least 20 hidden taxes in the Obama Health care plan coming down upon us the next few years. So, along with rationed care for seniors and forced health insurance, we now find there is a Real Estate Tax snuck into the Health care plan. You may ask, what in God’s green earth does health care have to do with Real Estate taxes??? Absolutely nothing, that is precisely why one got snuck in there. There has never been any rhyme or reason to this administration other than redistribution of wealth, socialism and inserting cradle-to-grave control. Using Health care as an excuse for seizing control of accounts and businesses is just one strategy. Obama has also planned all along to use the ‘environment’ i.e. Cap and Trade to take even more. This will do more than take. It will flatten American business and destroy our sick economy. Who cares what the American people think and what the constitution says! We are just in the way…..take, take, take.



Starting in 2013, not only will you pay the closing costs and real estate fee when you sell your house but now you will pay a 3.8% Sales Tax. So, if you sell your home for $400,000, perhaps wanting to down size if you are a senior you will pay $15,200 in Tax.


www.canadafreepress.com...
njretoday.com...




posted on Jan, 17 2011 @ 01:51 PM
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Rumors are circulating on the net about a 3.8% federal sales tax on real estate transactions as part of the Obama health care bill.

The new tax is a 3.8% medicare tax on certain types of unearned income and will apply to certain types of real estate transactions. For example, if someone has to pay capital gains on a sale of real estate, this will be an extra 3.8% tax. For a primary residence, this would be after the first $250k of gain ($500k) for married couple.

For a second home or investment property, there is no $250/$500k capital gains exclusion. Also, the Obama Health Care Plan Real Estate Sales Tax only applies if the taxpayer(s) total income exceeds $200k.

Another interesting point, the capital gains tax is now 15%. In 2011, the capital gains tax will go up to 20%. In 2013, with this Medicare tax, the total will be 23.8% for some real estate sellers. This is a big change. 15% now to possibly 23.8% on some real estate sales transactions in 2013



njretoday.com...


This is quoted from your link, it is always good to tell the whole story, for a primary residence there is $250K exemption, $500k if married. Your post makes it look like the tax would be applied without any exemption.

There are also exemptions on capital gain tax when you sell a home.



posted on Jan, 17 2011 @ 02:09 PM
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Lets say you own a piece of land and live on it, no income. Happy home, own garden , some cattle, some hunting.

Now you do not make money, but that is no problem, you take care of yourself.

Now comes taxbill: You own property, WE value this at $$$$$$ and you have to pay!

Problem, no income, still taxes.. So you are forced to sell something.. at the end it will be your land..



posted on Jan, 17 2011 @ 02:56 PM
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reply to post by Aquarius1
 


See this is what confuses me with the whole situation, thats kinda why I posted this so I could get some feedback from some people more knowledgeable in this area. The first article I linked says it will be a 3.8% tax added to the sale of a house no matter what the income it also states this later in the article which pretty much agrees with the point you pulled out of the second link:

Other special taxes and fees: Investment income: Anyone making $200,000 or over gets to pay 3.8% of their annual investment income. Start adding up them apples, folks. If you have a fancy health care plan and pay as an individual, $10,200 or $27,800 for a family, you get to pay a 40% annual tax on those health care plans. Medical aid devices have gotten hit hard as well. They will see a 2.9% tax hike. Sorry if you have an artificial limb….you are screwed. Medicare gets more money because if you earn $200,000 or more you pay a special Medicare tax of 3.9.% Then there is the 10% tax on tanning….on and on. Perhaps you should consider an ‘Albino’ beauty treatment.


For me that causes a bit of confusion also, for I see it as being an 3.8% tax across the board no matter what the income, reread the first article from Canadafreepress as that one mentions nothing about income to do with it, income doesn't come into play until later in the article when dealing with the cost of the healthcare plans.



posted on Jan, 17 2011 @ 03:07 PM
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reply to post by EartOccupant
 


Yeah it's a sick little vicious circle isn't it? No matter what you try to do to further yourself the tax man always cometh. But our fault we let them do it.



posted on Jan, 17 2011 @ 03:47 PM
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Total redistribution of wealth with a twist. The tax structure has been designed to "cap" the abillity of the vast majority of people from ever reach truly wealthy status. Thus the couple hundred grand caps on most taxes. There's a glass ceiling that has formed in the US at the magic number of $200,000 dollars per year ($250 K for a family). A man making $200,001 a year will walk away from tax day with far less money in his pocket than a man making $199,999 a year will have. This formula hold steady until you reach the magical number of a million dollars plus per year, at which point the wonderful world of tax shelters & investment breaks opens up to you and you can actually begin to amass true economic wealth. This gap between $200,001 and $1,000,000 is becoming virtually unbridgable for most people aside from winning the lottery or hitting some other pivot point which pole vaults you completely across the gap (ie: professional athlete, hollywood elite, etc). Just a scant several decades ago, a man had an albeit slim, but still atainable shot at going from a basic working man's pay to the status of wealthy purely through personal drive, initiative, and possession of some intangible which set them apart from the rest of the people. I'm not sure that's even remotely realistic anymore. It seems like the traditional paths to wealth are quickly squashed by corporations and/or government policies today. If you invent something, a corporation will either leverage it away from you for a modest amount or, if you refuse their advances, get a court decision to claim it from you and if you invest your pittance in hopes of building wealth one day, new taxes are quickly formulated to ensure you stay below the dotted line demarcating the haves from the have-nots.

Oh well, there's always the Powerball...



posted on Jan, 17 2011 @ 04:14 PM
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reply to post by burdman30ott6
 


See, this is one of the things that I have always considered to be the madness behind the tax structure.

The tax structure is really not about funding the government per se, it is about keeping the rich the rich and everyone else down below the ability to maintain a lifestyle.

What I mean, if they allow people to get to a point that they do not have to work any longer, where they can just live, the government does not get their production out of the serf.

Just an observation I made a long time ago. Wealth and the prosperity of a society is not truly created by it's mineral holdings, but it's ability to steal the labor and production from it's people.

Look backward, when was the US able to build such a huge government infrastructure? When they were taxing the people at unfathomable rates. 90% tax rates. What is up with that?



posted on Jan, 17 2011 @ 05:49 PM
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Wanted to add to your thread an article I found breaking down just a few of the taxes that are in the Obama Care job killing bill.


Comprehensive list of tax hikes due to the job killing Obama Care legislation



posted on Jan, 17 2011 @ 05:59 PM
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reply to post by saltheart foamfollower
 


Thanks for the input I will have to have a read of that in a little bit. Took a quick glance and saw many things on that page , seems to be a lot of info!!



posted on Jan, 18 2011 @ 11:05 AM
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reply to post by saltheart foamfollower
 


Wow after reading that breakdown of just some of the increases and additions I think they forgot the tax for the hell of it tax!! Which reminds me of how many taxes upon taxes we do pay in the real life.



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