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Of course. Look at all those houses in foreclosure with more on the way.
The difference between the sale price at the sheriff's auction what you owed on the house gets written off to you and that is unearned income and you must report it and pay taxes on it, which will apparently include 3.8% in addition to what you'll already be paying.
That's very interesting. Nice observation. I guess he'll just have to throw out more stimulating money to fund those shovel-projects that would have been funded by bonds if there hadn't been a tax on it.
You will only be paying that 3.8% tax if you are single making over $200,000 with a $250,000 profit on the sale of the house, or if you are married making over $250,000 with a profit of $500,000 on the sale of the house.
Why is it 2% they've decided to use and not 1% or 3%?
The majority of people are out of college and in the workforce by the time they're 26.
Its the top two brackets.
Some go off to grad school, others might take a bit longer to graduate since they go to school part-time because its all they can afford, or take time off to help pay for college. In other cases some entry level jobs offer none or very limited insurance. Regardless, it doesn't force anything, it gives parents the OPTION to keep their kids on their insurance until 26. I think most would be glad to know they actually have that option if its needed.
Some go off to grad school, others might take a bit longer to graduate since they go to school part-time because its all they can afford, or take time off to help pay for college. In other cases some entry level jobs offer none or very limited insurance. Regardless, it doesn't force anything, it gives parents the OPTION to keep their kids on their insurance until 26. I think most would be glad to know they actually have that option if its needed.
In some cases it might take till they're 30 or longer so what?
Usually when I hear about these new taxes, liberals and government-lovers insist that they only apply to the rich. Then, years later (usually when doing my taxes), I find out wording of the tax language has been modified without press coverage (often by government administrator/bureaucrats) to make it subject to everyone, rich and poor alike.
Once a tax is on the books, it is incredibly simple and totally invisible to the public when bureaucrats make it more expansive, more expensive, and without the "exceptions" that made it fly politically in the first place.
Those of you who are still young need to listen to the experience of those of us who had the same ideas as you when we were young, but learned the hard way that Government WILL become bigger, more expensive, more powerful and more abusive every single year it exists--with absolutely no corresponding benefit to the taxpayers. Government bureaucrats will seek to maximize the amount of money confiscated by the government from the Working Class, and the system is set up to allow them to do this out of the public eye.
If a senior citizen with income consisting of social security and maybe a pension decides to sell a piece of property they bought 20 years ago for $3500 and sells it on Jan 2 2013 for $35000, in addition to paying the capital gains tax [what ever the rate when congress decides] the limited income senior will also have to pay an additional $1197 medicare tax on the sale. YES THE OBAMACARE 3.8% MEDICARE UNEARNED INCOME TAX. [3.8% on $31500 gain]
Bill and Mary, both working with a combined income of $80,000 Things are getting tough and they decide to sell stock they bought for $30,000 seven years ago. They sell the stock on Jan 2, 2013 for $65,000 It's a $35,000 gain. Besides paying the capital gains tax at what ever rate the congress decides it will be, THEY WILL ALSO OWE $1330 FOR THE OBAMACARE MEDICARE TAX ON UNEARNED INCOME.
Charley bought gold coins as an investment 4 years ago when gold was $800 an ounce. On Jan 2, 2013 his income was $75,000 a year but he decides to sell one coin. The price of gold on that day is $1800 an once. Besides paying the capital gain tax on $1000 HE WILL ALSO PAY THE OBAMACARE 3.8% MEDICARE UNEARNED INCOME TAX, $38.00 ON IT.
And no, he can't hide the sale because the gold dealer must now send a 1099 to the IRS.
No matter what your income, when your financial services sends you the 1099-DIV on Feb 1 to report on your 1040 form, YOU WILL HAVE TO PAY, AN ADDITIONAL 3.8% OBAMACARE MEDICARE UNEARNED INCOME TAX ON IT. THE TAX IS NOT ONLY FOR PEOPLE MAKING OVER $250,00 SELLING THEIR MANSION.
If a senior citizen with income consisting of social security and maybe a pension decides to sell a piece of property they bought 20 years ago for $3500 and sells it on Jan 2 2013 for $35000, in addition to paying the capital gains tax [what ever the rate when congress decides] the limited income senior will also have to pay an additional $1197 medicare tax on the sale. YES THE OBAMACARE 3.8% MEDICARE UNEARNED INCOME TAX. [3.8% on $31500 gain]
Bill and Mary, both working with a combined income of $80,000 Things are getting tough and they decide to sell stock they bought for $30,000 seven years ago. They sell the stock on Jan 2, 2013 for $65,000 It's a $35,000 gain. Besides paying the capital gains tax at what ever rate the congress decides it will be, THEY WILL ALSO OWE $1330 FOR THE OBAMACARE MEDICARE TAX ON UNEARNED INCOME.
Charley bought gold coins as an investment 4 years ago when gold was $800 an ounce. On Jan 2, 2013 his income was $75,000 a year but he decides to sell one coin. The price of gold on that day is $1800 an once. Besides paying the capital gain tax on $1000 HE WILL ALSO PAY THE OBAMACARE 3.8% MEDICARE UNEARNED INCOME TAX, $38.00 ON IT.
And no, he can't hide the sale because the gold dealer must now send a 1099 to the IRS.
No matter what your income, when your financial services sends you the 1099-DIV on Feb 1 to report on your 1040 form, YOU WILL HAVE TO PAY, AN ADDITIONAL 3.8% OBAMACARE MEDICARE UNEARNED INCOME TAX ON IT. THE TAX IS NOT ONLY FOR PEOPLE MAKING OVER $250,00 SELLING THEIR MANSION.
Bald faced lie. It is ONLY for those making over $250,000 ($200,000 for singles)
Usually when I hear about these new taxes, liberals and government-lovers insist that they only apply to the rich. Then, years later (usually when doing my taxes), I find out wording of the tax language has been modified without press coverage (often by government administrator/bureaucrats) to make it subject to everyone, rich and poor alike.
Once a tax is on the books, it is incredibly simple and totally invisible to the public when bureaucrats make it more expansive, more expensive, and without the "exceptions" that made it fly politically in the first place.
Those of you who are still young need to listen to the experience of those of us who had the same ideas as you when we were young, but learned the hard way that Government WILL become bigger, more expensive, more powerful and more abusive every single year it exists--with absolutely no corresponding benefit to the taxpayers. Government bureaucrats will seek to maximize the amount of money confiscated by the government from the Working Class, and the system is set up to allow them to do this out of the public eye.
First off, this has no impact on small businesses.
Secondly, what does it have to do with the OP telling a lie?? The OP tried to suggest this tax will be levied against those who are making less than $250,000 when the very legislation says the exact opposite.
Ok, so why should these people pay more money, out of their pockets, so you can healthcare? Why should they pay more for some low life, worthless transient in the street can have healthcare?
These people work for a living and its THEIR money. Why do you and Obama want to take money away from people and give it to people who do NOTHING to improve this country? These people do not contribute to society in any way, shape, or form. They are leeches who take, take, take and NEVER give.
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