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I CLEARLY stated that there was going to be a new tax of 3.8%.
I CLEARLY stated that this would apply to those making at or over $250,000
It's a NEW TAX...that's a FACT.
Say you are married and make $300k a year and you sell your home and make a profit of $600k. The first $500k is excluded from tax so you will only pay tax on $100k of the profit. Because you make $300k/year, the extra 3.8% will apply to this so you will pay $3,800 more in tax.
And yet another Friend of the Clintons has removed her filthy rich rear-end from the USA and won't be paying these taxes. Funny how liberals are. Such hypocrits.
Wealthy socialite and Grammy-nominated songwriter Denise Rich has renounced her U.S. citizenship and resides in London, her spokeswoman Judy Smith said Tuesday.
Seems like the UK would be one of the last places one would go to beat taxes.
It's news when a newly rich Brit does NOT expatriate...J K Rowling comes to mind.
So the fact that income tax and all other taxes started out low when instituted, and now consume a huge portion of many Working Class family's budgets, is "not logical"?
Have to agree with you there.
Unfortunately, I've seen the slippery slope work a million times, and I've never seen it fail to work as a tactic to make government bigger and taxes higher. The denial that it exists--like your unsupported claim that it is a logical fallacy--simply makes it easier to slip tax increases past the citizenry.
OMG....so you didn't READ what I typed OR the link that said ALL of that????
That's YOUR MISTAKE, not mine.
In post 3 you disputed that in your response to Zimar stating its only on the profit above $250,000 if single and only on the profit above $500,000 if married. So it IS your mistake.
So lets recap...
The only ones who will be impacted by this are those whose incomes are over $200,000 if single and over $250,000 if married. The only way they will be impacted by it is if they are in that income threshold AND the profit of their home sale is above $250,000 if single or the profit of the home sale is above $500,000 if married AND only the portions of the profit above $250,000 and $500,000 would be subject to the tax.
A single person making less than $200,000 would not be impacted no matter how large the profit of their home sale is.
A married couple making less than $250,000 would not be impacted no matter how large the profit of their home sale is.
A single person making over $200,000 would not be impacted if the profit of their home sale is less than $250,000
A married couple making over $250,000 would not be impacted if the profit of their home sale was less than $500,000.
A single person making over $200,000 with a profit on their home sale of $300,000 would be subject to the tax. They would pay 3.8% on the portion of the profit above $250,000, so they would pay 3.8% on $50,000 for a total of $1,900.
A married couple making over $250,000 with a profit on their home sale of $600,000 would be subject to the tax. They would be subject to 3.8% on the portion of the profit above $500,000, so the 3.8% tax would apply to $100,000 which would be a tax of $3,800.
So you have six potential categories, the vast majority of Americans fall into the first two, the vast majority of those who do not fall into the 1st two categories would fall into the next two categories. Very very few would be impacted by this, and they sure as hell aren't middle class.
In post 3 you disputed that in your response to Zimar stating its only on the profit above $250,000 if single and only on the profit above $500,000 if married. So it IS your mistake.
So lets recap...
The only ones who will be impacted by this are those whose incomes are over $200,000 if single and over $250,000 if married. The only way they will be impacted by it is if they are in that income threshold AND the profit of their home sale is above $250,000 if single or the profit of the home sale is above $500,000 if married AND only the portions of the profit above $250,000 and $500,000 would be subject to the tax.
A single person making less than $200,000 would not be impacted no matter how large the profit of their home sale is.
A married couple making less than $250,000 would not be impacted no matter how large the profit of their home sale is.
A single person making over $200,000 would not be impacted if the profit of their home sale is less than $250,000
A married couple making over $250,000 would not be impacted if the profit of their home sale was less than $500,000.
A single person making over $200,000 with a profit on their home sale of $300,000 would be subject to the tax. They would pay 3.8% on the portion of the profit above $250,000, so they would pay 3.8% on $50,000 for a total of $1,900.
A married couple making over $250,000 with a profit on their home sale of $600,000 would be subject to the tax. They would be subject to 3.8% on the portion of the profit above $500,000, so the 3.8% tax would apply to $100,000 which would be a tax of $3,800.
So you have six potential categories, the vast majority of Americans fall into the first two, the vast majority of those who do not fall into the 1st two categories would fall into the next two categories. Very very few would be impacted by this, and they sure as hell aren't middle class.
Someone later made the very good point that with inflation, eventually more and more people would be affected by this tax. However, there is currently no movement to do what would make sense- i.e., to have these tax rates move with inflation. There is a very strong movement to just not have any new taxes ever, not make our current tax rates sensible.
Someone later made the very good point that with inflation, eventually more and more people would be affected by this tax. However, there is currently no movement to do what would make sense- i.e., to have these tax rates move with inflation. There is a very strong movement to just not have any new taxes ever, not make our current tax rates sensible.
Doubt it, keep in mind that in order to be impacted not only to you need to be in the $200k/$250k threshold, but you need to be profiting over $250k/$500k on the sale of the home. Even during the boom times of the market, those walking away with that large of a profit on the sale of the home were few and far between.
So while over time more people might fit into the $200k/$250k threshold if it does not get indexed for inflation, those profiting over $250k/$500k on the sale of the home will remain few and very far between.
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