Thursday, November 14, 2013

Home Sellers Discover Hidden New Obamacare Tax...

MypNJ.com reports:
Luxury real estate broker Ron Aioso says there is a tax that is rarely discussed that also helps fund Obamacare. It is a tax on high-income taxpayers when they sell their homes.

Franklin Lakes, N.J. was listed on Forbes.com in 2010 as one of "America's Most Expensive ZIP Codes", with a median home price of $1.3M.

Aioso says homeowners in a neighborhood like this could really be impacted by the Obamacare tax.

“Where we are today in a luxury area, you look and you see this home behind me, somebody like this is really affected,” he said.

If you are single with an adjusted gross income of $200,000 or file jointly with an income of $250,000 or more, you may be impacted. Once you sell your home, any profits over the first $500,000 are already subject to a capital gains tax. And now those profits will have an additional 3.8% tax to fund Obamacare.
Who the hell really knows what else is hidden in the thousands  of pages of regulations surrounding the Affordable Care Act? Be prepared for plenty more surprises like this.

(ht Drudge)

6 comments:

  1. The 2.3% Medical Excise Tax that began on January 1st is supposed to be "hidden" from the consumer,
    but it's been brought to the public's attention by hunting and fishing store Cabela's who have refused to hide it and are showing it as a separate line item tax on their receipts, the email states.

    I did some research and found directly from the IRS's website information that PROVES this to be true and an accurate portrayal of something hidden in Obamacare that I was not aware of! Now being skeptical of this I went to the IRS website and found this!

    Q1. What is the medical device excise tax? A1. Section 4191 of the Internal Revenue Code imposes an
    excise tax on the sale of certain medical devices by the manufacturer or importer of the device.

    Q2. When does the tax go into effect? A2. The tax applies to sales of taxable medical devices after Dec. 31, 2012.

    Q3. How much is the tax? A3. The tax is 2.3 percent of the sale price of the taxable medical device.
    See Chapter 5 of IRS Publication 510, Excise Taxes, and Notice 2012-77 for additional information on the
    determination of sale price. IRS.gov


    Chapter Five http://www.irs.gov/publications/p510/ch05.html


    So being more curious I clicked on "Chapter 5 Of IRS Publication 510."

    And what do I find under "MEDICAL DEVICES" under "MANUFACTURERS TAXES"?

    The following discussion of manufacturers taxes

    Applies to the tax on:

    Sport fishing equipment;

    Fishing rods and fishing poles;

    Electric outboard motors;

    Fishing tackle boxes;

    Bows, quivers, broad heads, and points;

    Arrow shafts;

    Coal;

    Taxable tires;

    Gas guzzler automobiles;

    and Vaccines.

    IRS.gov

    We have been fooled again, if we believe that the Affordable Care Act is all about health care.
    It is a monstrous law that will ration health care while bankrupting the country.
    It also appears to be a law with a whole lot of taxes that we the people have yet to be made aware of.

    It is a political con to gain more control. It is also a method to obtain more taxes for the liberals to buy
    the votes of the ignorant and uninformed and those who want something for nothing.

    I guess it’s just like Nancy Pelosi said, "We have to pass it to see what is in it."
    Well, what is next?
    What else is there we do not know about?
    Where is the press?
    O yes, it's in the tank for Obama.

    ReplyDelete
  2. Outlining the terms and conditions for accepting health insurance through the U.S. government, page 878 begins like this: "After an inspection agent determines the eldest child of the household, and after the parents of said child pay for a health inspection for said child, and after a physician deems said child physically and mentally fit, the parents of said child shall deliver it over to the nearest Post Office, and after paying for packaging and shipping of said child, the parents shall watch in utter horror as said child is shipped to the U.S. government for safekeeping."
    Rumpelstiltskin is Barack Obama. Barack Obama is Rumpelstiltskin.

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  3. That wasn't really hidden, but I guess people forget that anything that produces a capital gain is subject to the tax if your income is over the threshold. Here is one for you that seems to be real hard to find an answer to, are distributions from a Sub S. Technically, these distributions are referred to as dividends. While these dividends do not make it to form 1040, the law does not technically make a cut out for them. My guess is that this is going to end up in tax court and there is a good chance the government will prevail.

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  4. The 3.8% Medicare contribution tax applies to any income over the threshold, not just capital gains on home sales.

    ReplyDelete
  5. Anon @ 11/14 6:34, stop spreading misinformation. Yes, Obamacare is bad, and yes, taxes are bad. But you're misreading the chapter that covers many different excise taxes. http://www.snopes.com/politics/taxes/medicaldevice.asp

    ReplyDelete
  6. Luxury real estate broker Ron Aioso says there is a tax that is rarely discussed that also helps fund Obamacare. It is a tax on high-income taxpayers when they sell their homes. studio di commercialisti

    ReplyDelete