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In Reply to: Selling Your Home Will Be Taxed @ 3.8% To Support Maobamacare posted by thetubeguy1954 on August 20, 2012 at 06:37:52:
The tax is on unearned income. This would include capital gains on a house (sale price minus purchase price minus improvements).
This is not the same as a sales tax on the entire selling price, so your numbers are all wrong.
It applies to "wealthy" earners, individuals making over 200K, married couples making over 250K.
It's a new tax for sure, so you've got that part right. I personally don't find it SICKENING. It seems like an OK idea to start bringing Medicare into a solvent state to serve the large group of aging baby boomers.
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Follow Ups
- there is a kernel of truth to this - tunenut 08/20/1207:06:37 08/20/12 (1)
- RE: "...minus improvements..." - cdb 09:26:33 08/20/12 (0)