3.8% Sales Tax on Home Sales... This true??

Discussion in 'Economics' started by Scataphagos, Nov 18, 2011.


    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?


    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 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


    Why am I sending you this? The same reason I hope you forward this to every single person in your address book. VOTERS NEED TO KNOW.

    --- Richard Apt
  2. tortoise


    Better this than a Financial Transaction Tax. Sounds like a reasonable idea, in fact. Government does way too much subsidizing of home prices as it is. Glad to hear that there'll be some balance now

    [edit: just read the details: it's a 3.8% surcharge on the capital gains only. So if you bought your house for $100k and sold it for $101k, you'd pay an additional tax of $3.80. and that's only if you're classified as a "high income" earner. Wow. Horrifying]
  3. -----------------------------------------------------------------------------------

    No. All the capital gain up to the $500,000 exempt from this tax. So for your example the $1000.00 capital gain is exempt/no tax.
  4. jsp326


    Ha, if that’s true, good luck collecting revenue in a housing market that will continue to be in a funk for years. Houses in that price range are the hardest ones to sell with a profit.
  5. There's all kind of odd ball shit in the health care bill.

    Just like the wooden arrow tax exemption in TARP.

    If you think there's hokey shit in DC, expect to find the hokey shit in a 10k.

    If it's hokey in the 10k, expect it in the corporate culture, if it's in the corporate culture, well see it in the firms that trade the public companies.

    Show me the man and we'll show you the crime.

    It all boils down to steam.
  6. you must be living in wyoming or something. anyone who bought a house in Calif in the late 90s is sitting on a few hundred thousand dollars in capital gains. and nevermind people who bought in the 70s -- those people can easily sell their $850k house that they paid $150k for.
  7. Hell that's nothing compared to the 6% charged by Realtors, and the percentage based closing cost charged by mortgage lenders.
  8. You can choose to sell without a realtor. Can you choose not to pay a tax? Apples, oranges and stuff...
  9. Didn't take the time to read the actual plan but here's what I found with a quick search.


    If true the the OP got all excited and worried for nothing. Repubs love to get scared and excited.

    And from another site.

  10. Still didn't answer my question. Not that I expected such from an Obama Kool-Aid chugger.
    #10     Nov 18, 2011