Dear chronic_loser,
Nothing "used" gets taxed.
Currently occupied homes sold by their owners (with or without the assistance of a Realtor) will not have the 30% retail tax applied to their sale.
Just new homes.
sitetest
Would that apply to used cars v. new cars as well. Detroit will scream bloody murder over this if that is the case.
Nothing "used" gets taxed.
Understand the definition of "used" under the legislation means tax has previously been collected on the taxable property being sold. Items are only taxed once. If they have been previously sold with taxes collected, they are not taxed again.
Currently occupied homes sold by their owners (with or without the assistance of a Realtor) will not have the 30% retail tax applied to their sale.
Correct, as property and goods not held for business purpose prior to implementation of the national retail sales tax are grandfathered. Tax is presumed to have been paid via income and payroll taxes paid by the owner of the home.
Just new homes.
Which do not consititue inventory qualifying for transitions inventory credit, (again a situation of tax payed under the tax system being replaced by the FairTax legislation)
Thus only homes and goods that are newbuilt after implementation of the FairTax are subject to it.