The Grendel Report: ObamaCare Flatlines: ObamaCare Taxes Home Sales

Thursday, September 20, 2012

ObamaCare Flatlines: ObamaCare Taxes Home Sales - Clobbers Middle-Class Americans

I have sent this information around before.

Now seems like a good time to do it again.

Amazing how Pelosi and Co. got this into the health care bill.

OTOH, considering virtually no one read the bill before voting,
it really isn't very amazing.

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http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home

ObamaCare Flatlines: ObamaCare Taxes Home Sales - Clobbers Middle-Class Americans

Posted April 8, 2010

“I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes,”
President Obama, September 12, 2008

Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income of “high-income” taxpayers which could apply to proceeds from the sale of single family homes, townhouses, co-ops, condominiums, and even rental income, depending on your individual circumstances and any capital gains tax exclusions. Importantly, the “high income” thresholds are not indexed for inflation so will reach increasing numbers of middle-class taxpayers over time.

In February 2010, 5.02 million homes were sold, according to the National Association of Realtors (NAR). On any given day, the sale of a house, townhome, condominium, co-op, or income from a rental property could slam middle-income families with a new tax they can’t afford.

This new ObamaCare tax is the first time the government will apply a 3.8 percent tax on unearned income. This new tax on home sales and unearned income and other Medicare taxes raise taxes more than $210 billion to pay for ObamaCare. The National Association of Realtors called this new Medicare tax on unearned income “destructive” and “ill-advised” and warned it would hurt job creation.