Posted on 09/25/2010 8:54:04 PM PDT by NavyCanDo
If my one of my kids did that, I would never speak to them again. That is a fact and they know it. I don’t have to worry though, they hate him as much as I do.
It is splitting up friendships and families. The I have 2 in my family, not immediate family, but still family, a sister in law and a cousin’s husband that voted for him. They are dead to me, they are not welcome in my home nor do I talk to them and won’t.... ever again until they say they were wrong and apologize.
So if you have a capital gain of $260,000 on a home sale, you will have to pay a tax of about $10,000.
But what if you roll that capital gain into another house purchase?
I’m sure we all need to consult our CPA for more details.
Why wasn’t this little extra tax talked about in the debate on healthcare? Nancy was right when she said we have to pass the bill to see what’s in it.
And what about people selling a house to downsize, or to use a capital gain as retirement money as they downsize to a smaller home or condo? They will be hit with a big tax.
Would this have passed if we could have debated this before it passed? Would this provision have been changed or taken out or revised? We’ll never know, but this is a poster child for the idiocy of Congress. A major tax increase is in there, but nobody knew about it or talked about it until after the legislation has passed.
That’s hope and change for you.
Cap and Trade: A License Required for Your Home
LOL, LOL !
“SIXTEEN THOUSAND (16,000) NEW I.R.S. AGENTS!
I am just guessing here, but I detect a possible little white lie when Obama and the democrats promised no new taxes.”
Yes, this is an absurd number to hire if we allegedly are only raising taxes on the 2% of families who are “rich.” But it also undercuts the administration claim that the higher taxes being imposed on the “rich” are no big deal. If they’re no big deal, why would we hire so many extra agents to enforce the law? Of course, for all we know 15,000 of those new agents are simply to handle the absurd amount of paperwork expected under the new 1099 reporting rules.
And pretty soon those IRS agents will be asking for a bribe to make the tax issue you have to go away.
Won’t this also discourage people from buying at the bottom of this market, because it means when they do sell, they are more likely to have the 250/500K profit on the property in a recovered market AND a higher income bracket when inflation hits?
“This whole obamacare was written to fail in many ways so that when it was “fixed” it would lead to single payer and a complete government take over.”
I’m not sure I agree with that. I believe hellcare was written to create a single payer system. Where I see things differently is that hell care is beng used to evoke “compassion” for the FEW that don’t have health care. I see it as the usual SEDUCTIVE bringing about single payer, government care.
Maybe we are saying the same thing.
I hope every stupid moron SOB who voted for zero gets stung big time by this tax. Unfortunately, people like us who are trying to see so we can move out of third-world shitholes like CA who wouldn’t eat ground glass and crawl over hot coals to not vote for zero will also be negatively impacted. 3.8% is thousands upon thousands of dollars of a home sale.
see=sell, and make that “WOULD eat ground glass.....crawl...”
The real question, of course, is why the hell the Repubs did not make this a major issue during debate over the bill — and why they haven’t made it a major issue since!
Did you bother to actually read the bill?
Health Care [sic] Bill - Reconciliation Act of 2010
Sec. 1411 - Imposition of Tax
a.1. - In the case of an individual, there is hereby imposed (in addition to any other tax imposed by this subtitle) for each taxable year a tax equal to 3.8 percent of the lesser of -(B) the excess (if any) of the modified adjusted gross income for such taxable year over the threshold amount.
(b) THRESHOLD AMOUNT - For the purpose of this chapter, the term 'threshold amount' means in the case of a taxpayer making a joint return under section 6013 or a surviving spouse (as defined in section 2(a)), $250,000.
THX for your pings.
now will this be a talking point of the GOP?
Unearned income would also include money withdrawn from IRA’s that is gain on the amount invested. This is going to be fun boys and girls.
I’m from there and Govt health care is a shambles and now telling my nearly 80 year old mother that she cannot have knee surgery even though her Doc has said sheneeds it because the Govt has decided it is money not well spent due to her age.
I could give you a list on how Govt health care works and it is truly shocking .
Anyone from over there thinking it works has no clue.
in the Uk they have the same problem so they brought in Docs from Pakistan, India etc.
Trouble is that many hardly speak English and some have been found that they never have a medical degree but came tot he country with a forged one.
Now people have died.
Same for nurses. Many hardly speak English, My mother was in Hospital and she said a couple of them were useless and could not understand her at all..
My old Doc form over there wanted to come here until he has now found that the horrible Govt health care is coming here.
My mother said on her last visit that he was shocked that America would implement such a programme which does not work and thinks this admin have lost their heads.
my young kids have already been explained how the left works in shcools, take taxes etc.
For my 9 year old daughter I gave her $5 and then said that is your wages, I then took $2 off her and gave it to her youngest brother.
She replied that’s not fair he never did the work I did.
I told her that is how the left works.
They take from workers and give to those who have their hand out like her brother.
Result , next day she did the same to her friends to explain how obama is.
All her friends now can’t stand obama, her teacher said to ehr well done and that it is good she is understanding this at her age and helping others to understand it.
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