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ObamaCare's Tax On The Sale of YOUR home.

Torchmanner ~PWCM~JLA 2012/07/08 18:15:46
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Last week, the U.S. Supreme Court affirmed the Affordable Care Act as
valid law. One of the funding mechanisms of the Act is a 3.8 percent
tax on investment income for individuals with adjusted gross income
above $250,000.


At first blush, this sounds as if this tax will only affect the wealthy. Why would anyone object?


Here’s the problem: how do you define “investment income?” Without
specificity in the statute, the Internal Revenue Service will determine
what is “investment income” for the purposes of the Act via
regulations. (There’s a scary thought.) While the IRS has yet to issue
either temporary or permanent regulations on the subject, many believe
the IRS will include a number of items that are generally not thought of
as “investment income.”


The two biggies are the sale of your primary residence and the sale
of a vacation home. Neither of these does the average individual think
of as an investment. But, the likelihood is that they will be
considered an investment and subject to the tax.


Consider an elderly widow who lives in San Jose,
California. Let’s say her husband – a firefighter – passed away 25
years ago. She receives her husband’s pension of $35,000 per year and
Social Security income of $25,000 per year.


Due to her declining health, she sells her modest San Jose home for
net proceeds of $500,000. At her husband’s death, the basis of her home
was adjusted to $100,000. She has a capital gain of $400,000. Of
this, minus the exclusion of $250,000, the taxable portion of the gain
is $150,000. She also sells the family cabin for net proceeds of
$100,000. At her husband’s death, the basis of the cabin was adjusted
to $30,000. She has a capital gain of $70,000. None of the gain is
excluded and the entire $70,000 is subject to tax.


In this scenario, the widow – who most would consider middle class –
would have an adjusted gross income of about $280,000 and thus would be
subject to the surtax imposed by the Act.

Read More: http://www.forbes.com/sites/toddganos/2012/07/06/h...

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Top Opinion

  • Maddog 2012/07/08 21:07:11
    Yep, there's way more than health care involved...
    Maddog
    +4
    Yet another way for the overreaching federal government to legally rob the taxpayer!

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  • Pedro Doller ~Inc. 2012/07/09 11:41:47
    Yep, there's way more than health care involved...
    Pedro Doller ~Inc.
    +2
    Just another tax that is so distant from healthcare, Nobody will ever know how much health care really costs. Organized crime sees this law as a windfall. Two of their biggest profit centers, healthcare fraud and tax fraud are now combined into a one stop shopping candy store.
  • wildbill Pedro D... 2012/07/21 01:28:13
    wildbill
    FactCheck.org

    Q: Does the new health care law impose a 3.8 percent tax on profits from selling your home?

    A: No, with very few exceptions. The first $250,000 in profit from the sale of a personal residence won’t be taxed, or the first $500,000 in the case of a married couple. The tax falls on relatively few — those with high incomes from other sources.

    read more
    http://www.factcheck.org/2010...
  • Pedro D... wildbill 2012/07/21 03:31:08
    Pedro Doller ~Inc.
    So what does that have to do with my comment about Organized Crime and taxes that are not directly connected to the program?

    Fact Check this: Organized Crime and Health Care Fraud, Organized Crime and Tax Fraud
  • wildbill Pedro D... 2012/07/24 23:29:49 (edited)
    wildbill
    +1
    The example above does not even come close to any additional taxes except for taxes already in the tax code. She is obvioulsy not one of the top 1% of tax payers that the new tax law would affect.
  • Pedro D... wildbill 2012/07/25 01:37:02
    Pedro Doller ~Inc.
    This thing is going paralize the economy. Already some estimates of organized crime fraud in Medicare put it as high as as 30% of their payouts. Now give them access to info for bank access and identity theft and all hell breaks loose. Organized crime has many federal employees under thumb. Even if everything was clean and on the up and up taxes are going through the roof. Add the crime and nothing is going to work.
  • wildbill Pedro D... 2012/07/25 22:19:37 (edited)
    wildbill
    Increasingly American language of contempt for all noncommercial public spheres and a chilling indifference to the plight of others that is increasingly expressed in vicious tirades against big government and health care reform. There is a growing element of scorn on the part of the American public for those human beings caught in the web of misfortune, human suffering, dependency and deprivation.
  • Pedro D... wildbill 2012/07/26 05:17:25 (edited)
    Pedro Doller ~Inc.
    Here's a clue...do your own research, here is an entry level point for you to begin your research.

    http://www.google.com/search?...

    I'm all for a good health care system, not a mob extortion racket.

    0care is the worst of all worlds. Reading propaganda briefs don't change that.

    Making personal attacks on anyone that is not on the same payroll as you indicates you have no opinions and are hired to assault anyone that is not a player on your team.

    "sinister attitude", personal attacks indicate that you are sisnister in much more than attitude. If you don't work for DNC, Inc, then maybe you work for the Russian Mafia.
  • wildbill Pedro D... 2012/07/26 23:39:38 (edited)
    wildbill
    RankingData from 2000 was used in the report.

    Ranking Country Expenditure Per Capita
    1 France 4 The number to the right of the country is how the country
    2 Italy 11 ranks in health care expenditures.
    3 San Marino 21
    4 Andorra 23
    5 Malta 37
    6 Singapore 38
    7 Spain 24
    8 Oman 62
    9 Austria 6
    10 Japan 13
    11 Norway 16
    12 Portugal 28
    13 Monaco 12
    14 Greece 30
    15 Iceland 14
    16 Luxembourg 5
    17 Netherlands 9
    18 United Kingdom 26
    19 Ireland 25
    20 Switzerland 2
    21 Belgium 15
    22 Colombia 49
    23 Sweden 7
    24 Cyprus 39
    25 Germany 3
    26 Saudi Arabia 63
    27 United Arab Emirates 35
    28 Israel 19
    29 Morocco 99
    30 Canada 10
    31 Finland 18
    32 Australia 17
    33 Chile 44
    34 Denmark 8
    35 Dominica 70
    36 Costa Rica 50
    37 United States 1 US ranks number 1 in health care costs.
    38 Slovenia 29
    39 Cuba

    MethodologyThe rankings are based on an index of five factors:[1]

    Health (50%) : disability-adjusted life expectancy
    Overall or average : 25%
    Distribution or equality : 25%
    Responsiveness (25%) : speed of service, protection of privacy, and quality of amenities
    Overall or average : 12.5%
    Distribution or equality : 12.5%
    Fair financial contribution : 25%
  • wildbill Pedro D... 2012/07/27 00:02:49 (edited)
    wildbill
    Fraudulent claims are NOT an indication of governmental criminal activity.

    That would be like saying that the US Postal Service is a criminal operation because mail fraud accures, or that churches are criminal operations because people have stolen money from the collection plate.

    Mafia controlled businesses are just that. PRIVATE BUSINESSES They don't run the Agriculture Department, the Justice Department, or the Department of Health and Human Services.
    Medicare and Medicaid are opperated at both the Federal level (Congress) and each State operates their own programs (Legislatures). At least 20 million people work for federal programs and 15 million work for state programs. Tell me what crime organization would be powerful enough to control the operations of programs, with that many people watching, without being detected. NADA
  • Pedro D... wildbill 2012/07/27 04:36:58
    Pedro Doller ~Inc.
    Yes I'm telling you that. Just like 3rd world countries. Someone on the inside processes and approves claims for Medicare for example. Other agencies have people that let contracts and make payments. Corruption is rampant. Organized Crime does not operate in a void. The Russian mafia is quite different than old school mafias, they are well educated, some with PhDs. They have people through out wall street and banking also. Billions are embezzled.

    Organized crime has moved from selling illegal drugs to health care fraud because they make a lot more money and it is much safer for them. They have many in the team and requires insiders...Government Employees. Government Employees should require some kind of background check and something like a security clearance.

    That my opinion, if you don't like it move on.
  • wildbill Pedro D... 2012/07/27 17:22:25
    wildbill
    Like you say, "That is my opinion." You are claiming massive fraud INSIDE the United States Government by organized crime without documentation.

    Anyone can have an opinion, but if anyone fuels their journey on peoples opinions they soon run out of gas.
  • Pedro D... wildbill 2012/07/27 17:48:24
    Pedro Doller ~Inc.
    I gave you some links, many pages of them...you didn't even look at them.

    I don't prove anything on this site, I have given you enough info for you to do your own research. I am confident in my oppinion.

    Based on your answers and seeing almost verbatim from others, it appears you are operating from a boiler room and it's just a job for you. Kind of like a telemarketer.
  • wildbill Pedro D... 2012/07/29 01:03:15
    wildbill
    I read your links. The only way you know about these frauds are because the FBI is charging and convicting them.
    http://www.fbi.gov/news/stori...

    But here is the problem. We pay more for health care than any other nation on earth but we are NOT getting our monies worth. Plus you are also insisting that the whole system is a fraud. What is your solution?
  • Pedro D... wildbill 2012/07/29 05:35:52
    Pedro Doller ~Inc.
    I agree, we get not much for the money. In my case, I have to buy my own insurance. No company that pays part of it. Thats gone up a good 15% in the last year. My bill is a lot higher than any company pays for group coverage also. I work overseas a lot and just pay health costs out of pocket when not insured overseas. I get the same treatment overseas for a tenth of the cost in the US.

    Part of the problem is employers providing insurance, the costs are escalated and escalated. Doctors, insurance companies, labs, hospitals all maximizing the cost and passing it along. Better the employer gives the cash in wages, everybody buys their own insurance and gets a tax deduction. Allows people to change jobs too. It would put everyone on a level plane.

    I don't like the new bill because it forces people into the very arms of those that made the problem. Now I read that insurance companies are outsourcing "treatment approval" to India and the Philippines. Wonderful. And then it's still a problem if you move from one state to another.

    A single payer makes sense in theory, but using Medicare as a go by, that won't work because it is too dirty. Plus Medicare doesn't process anything anyways. That is all outsourced to insurance companies that then outsource it to India and the Philippi...





    I agree, we get not much for the money. In my case, I have to buy my own insurance. No company that pays part of it. Thats gone up a good 15% in the last year. My bill is a lot higher than any company pays for group coverage also. I work overseas a lot and just pay health costs out of pocket when not insured overseas. I get the same treatment overseas for a tenth of the cost in the US.

    Part of the problem is employers providing insurance, the costs are escalated and escalated. Doctors, insurance companies, labs, hospitals all maximizing the cost and passing it along. Better the employer gives the cash in wages, everybody buys their own insurance and gets a tax deduction. Allows people to change jobs too. It would put everyone on a level plane.

    I don't like the new bill because it forces people into the very arms of those that made the problem. Now I read that insurance companies are outsourcing "treatment approval" to India and the Philippines. Wonderful. And then it's still a problem if you move from one state to another.

    A single payer makes sense in theory, but using Medicare as a go by, that won't work because it is too dirty. Plus Medicare doesn't process anything anyways. That is all outsourced to insurance companies that then outsource it to India and the Philippines. Maybe hire Canada to run it. Or do a treaty so Americans can buy into that system. I have no confidence in a functional single payer system being set up in the US.

    If nobody had any insurance, the costs would come down to real value, like they used to be. People would just pay their bills and would have incentive to take care of themselves. Something would have to be set up for low income.

    Allow pharmacies to sell medicine without a prescription. I know some down and outs that go to pet stores and farm supply stores to buy antibiotics.

    There is no easy answer, I am very against the new bill though. I think it is the worst of all worlds. Forces everybody to buy from an extortionist. If we have to buy, then let anyone be able to buy into the insurance plans of any of the 1200 exempted companies or the Senate's insurance plan, at the same cost they pay. The number one thing, corruption and fraud make up a lot of the cost and that needs to be cleaned up from top to bottom in the Medical Industrial Complex.
    (more)
  • wildbill Pedro D... 2012/07/29 00:44:55 (edited)
    wildbill
    No one EVER goes to work for the Federal Government WITHOUT a background check.

    "There are several categories that the FBI uses when carrying out a background check. These include verification of educational, employment and credit histories. FBI background checks are used before you are able to be hired as a government employee or if you are being investigated for a criminal offense."

    Read more: What Is Involved in an FBI Background Check? | eHow.com http://www.ehow.com/about_467...
  • Pedro D... wildbill 2012/07/29 05:40:21
    Pedro Doller ~Inc.
    That doesn't apply to all jobs, it doesn't apply to temp workers, it doesn't apply to subcontractors. Medicare fraud has someone on the inside, otherwise it couldn't exist.
  • wildbill Pedro D... 2012/07/25 22:38:25
    wildbill
    You demonstrate the sinister attitude that insures Americans will continue to have a health care system that ranks number 37th in the world, just above Slovenia. That's the REAL CRIME.

    Americans are increasingly obsessed by a language of contempt for all noncommercial public spheres and a chilling indifference to the plight of others that is increasingly expressed in vicious tirades against big government and health care reform. There is a growing element of scorn on the part of the American public for those human beings caught in the web of misfortune, human suffering, dependency and deprivation.
  • TheTruth1313 2012/07/09 07:10:11
    Yep, there's way more than health care involved...
    TheTruth1313
    +3
    Seems like more and more is being discovered on just how badly we are screwed if the ovomit care tax doesn't get repealed.
  • SickOfBigGov 2012/07/09 03:38:40
    Yep, there's way more than health care involved...
    SickOfBigGov
    +3
    And it gets worse. The HHS will be writing the rules as we go...how long before they adjust the rules to apply to over $150,000 ? $100,000? Their power is endless. You won't be able to keep your doctor, you won't be able to keep your insurance...the people of American just got majorly screwed by this administration.
  • wildbill SickOfB... 2012/07/21 01:28:53
    wildbill
    FactCheck.org

    Q: Does the new health care law impose a 3.8 percent tax on profits from selling your home?

    A: No, with very few exceptions. The first $250,000 in profit from the sale of a personal residence won’t be taxed, or the first $500,000 in the case of a married couple. The tax falls on relatively few — those with high incomes from other sources.

    read more
    http://www.factcheck.org/2010...
  • none 2012/07/09 02:02:36
    Undecided
    none
    +2
    Stop now, the lying SOB said there will be no new taxes for anyone earning under $250,ooo. You're making this up to make the disgraceful failure look bad.
  • historian 2012/07/09 01:09:44
    Yep, there's way more than health care involved...
    historian
    +3
    This whole thing is not about Healthcare. It's another money-making scheme by a government that has already fleeced We the People down to the skin, borrowed from other countries until they got tired and stopped answering the door, sacked and sold several countries, etc. What are the American people going to do about it? Probably nothing. The same people finance the candidates of the so-called two major parties, comfortable in the knowledge that regardless of which wins the one who pulls the strings remains the same.
  • Zuggi 2012/07/08 21:17:48
    Undecided
    Zuggi
    +3
    http://www.factcheck.org/2010...

    You won't be taxed on the sale of your home. The first $250k in profit (500k for married couples) is exempted. And remember, it's profit. So if you sell a house you bought for $150k for $400k, you'll still be exempted. It will only affect vacation homes and the most wealthy (as a house would have to be worth a hell of a lot in order to accrue $250k/500k in value).
  • Arel Zuggi 2012/07/08 22:46:38
    Arel
    +3
    Regardless of who is or is not exempt it has no place in the Affordable Health Care Act it is just another tax on what those that are leading our country deem rich and is just more wealth distribution..........taking from Peter to pay Paul.
  • Nexwork Zuggi 2012/07/09 09:19:36
    Nexwork
    +3
    Continue to appreciate those like you for pointing this out. This topic is one of my pet peeves. I am so tired of hearing and reading misinformation/disinformation on this bogus claim of 3.8% tax on the full sale price of everyone's home. It started with my own father forwarding me and dozens of others a political spam email he received. Millions of brainwashed people are oblivious of the fact this 3.8% tax is only applicable to net capital gain after exclusions, deductions, etc. At least, Torchmanner mentions the exclusion. Not that an additional 17% increase in gains tax (21.2%+3.8%) is a good thing but it is far less than what many claim.
  • Maddog 2012/07/08 21:07:11
    Yep, there's way more than health care involved...
    Maddog
    +4
    Yet another way for the overreaching federal government to legally rob the taxpayer!
  • wildbill Maddog 2012/07/21 01:27:35
    wildbill
    FactCheck.org

    Q: Does the new health care law impose a 3.8 percent tax on profits from selling your home?

    A: No, with very few exceptions. The first $250,000 in profit from the sale of a personal residence won’t be taxed, or the first $500,000 in the case of a married couple. The tax falls on relatively few — those with high incomes from other sources.

    read more
    http://www.factcheck.org/2010...
  • Maddog wildbill 2012/07/21 18:34:39
    Maddog
    Oh, by all means, lets punish the "evil rich"!
  • wildbill Maddog 2012/08/10 18:07:21
    wildbill
    Rich people buy stop loss health insurance to protect their assets. So how are they punished?
  • Southern Man 2012/07/08 20:08:16
    Yep, there's way more than health care involved...
    Southern Man
    +2
    Yep and it will get worst as time goes by more and more hidden tax will be found this guy is a butt munch
  • TruBluTopaz 2012/07/08 19:54:20
    Yep, there's way more than health care involved...
    TruBluTopaz
    +3
    Yep....it's all about healthcare. Liars.
  • mwg0735 2012/07/08 18:39:49
  • NPC 2012/07/08 18:19:21
    Yep, there's way more than health care involved...
    NPC
    +4
    You have to pay a commission tax to the Government when you sell your home under OweBlamerCare. Barack, Pelosi and Reid forgot to tell all you homeowners ! Vote all these Democrat SOB's out on November 6th.
  • uncle r... NPC 2012/07/08 18:34:06
  • Kat ♪ ~ ♪ 2012/07/08 18:18:53
    The 1% just happens to be MIDDLE class working people...
    Kat ♪ ~ ♪
    +4
    The tip of the iceberg, no-one knows the full impact of this POS.

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