Did you know that once the Health Care Law goes into effect in 2013, you will pay a federal tax of 3.8% on the sales price of your home? Pull out your calculator, but first take some aspirin (or maybe a glass of something much stronger), because on the sale of a $350,000 home, that’s a whopping tax of $13,300 on top of all your other closing costs and the already 1.78% state and local excise tax, which is a sales tax disguised as an “excise tax.” Sell a home for $750,000, and you will pay Uncle Sam $28,500 in sales tax. To all my liberal friends out there, I would ask how liberal are you feeling now?
Paul Guppy wrote this article, which was published in the Spokesman Review in Spokane, Washington on March 28, 2010. You can read the full text of Paul’s article at Health Care Tax on Real Estate Sales.
UPDATE: I received a comment from a money manager who is probably one of the best in the country, and he wrote this, “That sales tax effects only a very small % of sales . . . the tax is only on the capital gain of the homes capital gain above $500,000 . . . thus, if you paid $500,000 for the house and sold it for $700,000 . . . the tax is computed only on the $200,000 gain x 3.8%x= $7,600.” See Health Care Law on Sales of Real Estate.
So the Spokesman-Review “professional journalist” and the editorial staff of this great print newspaper is wrong and the bloggers are right? That’s a sweet turn on the traditional media, isn’t it? I say that because of all the criticism so-called professional journalists have been throwing at the rest of us “unprofessionals.”
Last Updated on August 9, 2010 by Chuck Marunde
the fact is your article leaves out the FACTS about this tax. You make it seem as if everyone has to pay this tax. More bullshit lies from an obvious Trump supporter. I will never use your office for spreading disinformation.
Richard, why are you so angry? And why doth thou so outrageously attack me when I clearly write the article to lay out what journalists are reporting, even by exposing some for not getting it right? You jump to some pretty big conclusions yourself, like the one that I’m a Trump supporter. Really? May I propose you first work on debating without angry and personal attacks, and secondly learn the skills of research to back up your arguments, and thirdly, learn to be diplomatically persuasive, and fourthly, don’t say, “I will never use your office for spreading disinformation,” which is not only inaccurate, but it’s a bit like a kindergartener saying, “I’m not playing this stupid game. I’m taking my marbles and going home. So there.” Lastly, may I suggest ever so humbly that you learn to love people and extend grace and mercy, instead of hate and anger? Is all that unreasonable?