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Did you know they stuck this in...

Old 04-22-2011, 07:29 PM
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Default Did you know they stuck this in...

the healthcare bill?

@#$%^&*( citizen milking



Will you ever sell your house?

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.
Just thought you should know.

SALES TAX TO GO INTO EFFECT 2013 (Part of HC Bill) Why 2013? Could it
be to come to light AFTER the 2012 elections?

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 obamacare bill? Guess what, you aren't alone. There are more than a few members of Congress that aren't aware of it either
Old 04-22-2011, 07:36 PM
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Actually not true. I hate the bill and there is plenty to complain about but there is no 3.8% tax on real estate in the bill. There is a hidden new tax of 3.8% on investment income a certain threshold which I think is above $250K for an individual or $500K for a couple.
Old 04-22-2011, 07:47 PM
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http://www.cato-at-liberty.org/it-de...ing-of-tax-is/

The Health Care and Education Reconciliation Act of 2010, which President Obama signed into law March 30, is comprehensive and complex. Section 1402, “Unearned Income Medicare Contribution,” imposes a 3.8 percent tax on profits from the sale of real estate — residential or investment.

But the levy is aimed at high-income taxpayers, leaving most people untouched. And it will not take effect until Jan. 1, 2013.

Let’s look at the facts of this new law.

First, it is not a sales tax, nor does it impose any transfer or recordation tax. It is called a Medicare tax because the money received will be allocated to the Medicare Trust Fund, which is part of the Social Security system.

Next, if your adjusted gross income is less than $200,000, you are home free….

How is the tax calculated? Through a complex formula that could be called “the accountants’ protection act.” As a taxpayer, you (or your financial adviser) must determine which is less: the gain you have made on the sale of your house, or the amount by which your income exceeds the appropriate threshold.
Old 04-22-2011, 08:07 PM
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$200k individual or joint? I wouldn't call a family that makes $200k high income earners. Should have been pegged at $1MM. This is another slap in the face to the small business owner/entrepreneur.
Old 04-23-2011, 07:40 PM
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You can bet that when the taxes are increased on the "rich", conveniently, anyone who actually works hard to get ahead is suddenly rich.
Old 04-23-2011, 07:43 PM
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Originally Posted by KismetLRC View Post
$200k individual or joint? I wouldn't call a family that makes $200k high income earners.
You wouldn't, but the gubment would.
Old 04-24-2011, 04:34 AM
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That email is very misleading.

The first $500,000 (joint) of gain from the sale of a personal residence is not taxable, thus not subject to the 3.8% medicare tax. The excess over $500,000 is treated as long term capital gain. Given the current real estate market, I don't know that many couples who this would apply to.

What's sad is how many people read this propoganda and go nuts without fully understanding what the law actually is.
Old 04-24-2011, 06:48 AM
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Isn't it only a capital gain if: you have owned it for less than two years and not reinvested in a new primary residence ;?
Old 04-24-2011, 09:04 AM
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Originally Posted by davidkuhlmann View Post
Isn't it only a capital gain if: you have owned it for less than two years and not reinvested in a new primary residence ;?
It does not matter whether you reinvest any more. There is a list of requirements to exclude up to $500K. I don't have them handy, but just about everyone who has lived in their home 2 years will qualify.
Old 04-24-2011, 10:04 AM
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Bottom line, it's yet another new tax.

Our taxes are going up, yet so is the defict.

The government is out of touch and out of control.
Old 04-24-2011, 01:08 PM
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Originally Posted by Sprockets View Post
That email is very misleading.

The first $500,000 (joint) of gain from the sale of a personal residence is not taxable, thus not subject to the 3.8% medicare tax. The excess over $500,000 is treated as long term capital gain. Given the current real estate market, I don't know that many couples who this would apply to.

What's sad is how many people read this propoganda and go nuts without fully understanding what the law actually is.
Old 04-24-2011, 01:29 PM
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Originally Posted by racencase View Post
Yup... support away guys... it's only taxing the rich... but cry like school girls when in a decade or 2, inflation has dwindle this down to your bracket.

Who remembers when the AMT was only effecting the richest of the rich...

Some will never learn...
Old 04-24-2011, 01:37 PM
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OK, how about this-the bill is a piece of shit and anyone who supports it needs to be gone.If you need to steal even more money from those of us who produce in society then it is garbage! Fark obummer and fark this asinine takeover of 1/6 of the economy...

CMP
Old 04-24-2011, 01:45 PM
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If the government came up with it, I am against it.
I trust NO ONE in our government, got it, NOBODY!!!!!!!!

They have NEVER worked to help the workin man.


.
Old 04-24-2011, 03:16 PM
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I like the 1099 requirement on Gold transactions....

Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.

Starting Jan. 1, 2012, Form 1099s will become a means of reporting to the Internal Revenue Service the purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year. Precious metals such as coins and bullion fall into this category and coin dealers have been among those most rankled by the change.

So every time a member of the public sells more than $600 worth of gold to a dealer, Piret said, the transaction will have to be reported to the government by the buyer.

Old 04-24-2011, 04:01 PM
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Originally Posted by Mardi-Gras View Post
I like the 1099 requirement on Gold transactions....

Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.

Starting Jan. 1, 2012, Form 1099s will become a means of reporting to the Internal Revenue Service the purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year. Precious metals such as coins and bullion fall into this category and coin dealers have been among those most rankled by the change.

So every time a member of the public sells more than $600 worth of gold to a dealer, Piret said, the transaction will have to be reported to the government by the buyer.
I'm 99.9% sure this provision has already been revoked.
Old 04-24-2011, 04:12 PM
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Whether you are strongly against or in favor of these tax rules, I have a real problem with the misinformation that is put out by both sides. The issue with the tax on real estate transactions above is completely twisted from the reality of the situation yet emails like the OP posted are everywhere and the ignorent take it as the truth.

I'm not a real fan of the 3.8% medicare surtax that may come into play in 2013, but just like everything, there are ways around it.
Old 04-24-2011, 04:30 PM
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Originally Posted by Sprockets View Post
I'm 99.9% sure this provision has already been revoked.
Nice try by the "rational thinking" government though

Ding Dong! The 1099 Expansion is Dead
Old 04-25-2011, 02:46 AM
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I'm glad to hear that the facts in the e-mail are incorrect. As Mike Tyson would say, "that's ludachrwis".
Old 04-25-2011, 01:12 PM
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The ridiculous part is that our tax laws are so complex nobody understand them anymore. I wonder how much money we would save by just enacting a flat tax across the board regardless of what you earn so everyone and eliminate all the deductions for the special interests who have lobbied (read bribed) politicians to write the tax code for their interests. You realize that 48% of Americans don't pay any tax at all!! That is ridiculous.

I get pissed off every time I pull up the daycare in my 2000 Mazda Protege and drop my kid off along with the check for $1200 a month for daycare when the lady behind me pulls up in her Escalade and drops her kid off while the govt. pays for her daycare and foodstamps! Complete BS!

Sorry about the rant but this govt. just pisses me off.

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