San Diego Housing Market News and Analysis
Obamacare bill contains 3.8% tax on homes sales capital gains for high income earners
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Submitted by ctr70 on June 30, 2012 - 6:46pm
From the Tax Foundation:
"The bill would impose essentially a capital gains taxes on some home sales made by a limited number of taxpayers. (The health care law contains a new 3.8 percent tax on “unearned income” for high-income taxpayers. Unearned income includes capital gains.) To be hit by the 3.8 percent capital gains tax, you first have to be a married couple making more than $250,000 in adjusted gross income or $200,000 if you are single. The capital gain on the home sale must also exceed $500,000 if this is a primary home and you are a married couple ($250,000 for singles)."
Another socialistic move to punish the financially successful in our society and "DIS-incentivize" any financial success.
Not to mention how this bill could create higher rates of unemployment due to the costs that will be imposed on small business that will "DIS-incentivize" small business from hiring. Could we have "European style" chronic high levels of unemployment in the U.S. on the way?
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