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What? Everyone in the individual market is on an Obamacare plan, irrespective of net worth. The only remaining question is does the person qualify for a subsidy or not.
What is an Obamacare Plan?
It is a term the typically means an individual healthcare plan brought off an exchange. Only reason to buy an individual plan off an exchange, is for a subsidy.
ACA complaint Individual Plans can also be purchased directly from insurers and agents. There are many plans available off the exchanges in many regions/ states.
As you implied, those who qualify for a subsidiary via an exchange do not have adjusted gross incomes of $200,000/ $250,000 nor are likely to have a capital gain from the sale of their primary residence in excess of $250,000/$500,000 and therefore this Medicare tax is meaningless.
So the tax applies if the seller is an individual with an income exceeding $200,000 or a couple with an income more than $250,000 after deducting the non-taxed sale profit.
The good news/bad news is that in California if you owned a house for 20 or more years, you probably have so much equity that the sale price will exceed the non-taxed profit and throw the homeowner into paying the 3.8 percent tax.
My nephew was a firefighter and his wife was a teacher. When they retired and sold their house in Huntington Beach, CA, they owed taxes on hundreds of thousands of dollars (after the non-tax profit) even though they never made much money from their jobs.
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Originally Posted by dsjj251
How exactly did they owe those taxes if they didnt meet the income threshold ?????
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Originally Posted by Fox Terrier
It's just a made-up story.
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Originally Posted by middle-aged mom
Who is " that poster"? If you mean the OP, misinformed might be a better term.
Quote:
Originally Posted by Fox Terrier
That story can't be true because, like the poster said, his relatives did not make much money. The threshold for having to pay extra is an income of $250,000.
IDK, maybe the poster thinks that's not a lot of money!
They were claiming pilotpair made up the story = they lied.
An almost 4% tax on the sale or purchase of a home was placed on everyone with property under Obamacare to also try and keep it afloat.
That would be nearly $4000 per every $100000 of home you want to buy or sell.
That's like a minimum $16,000-$20,000 fine here in California and now Hillary wants 65% of your house and estate when you die with her tax plan because you family doesn't need it as much as their big government.
To me this whole thing has become economic cancer to all working people and has to stop. Under liberals all die equally poor unless you are government elites, which is a BS situation for the voters to be in.
Liberals? You really need your whipping boy, eh? Low self esteem bugging you? Liberals want single-payer or Medicare-for-All.... -not Obamacare. Wake up and find your self esteem.
dsjj251 - because the amount beyond the $250,000 non-taxed sales price is taxed as ordinary income. Ask any tax preparer if you want to verify that.
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