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Not true for most folks. It is amazing that GOP article left out the important details, trying to scare middle class folks into thinking it affects them. It doesn't.
It's only for higher earners, which are defined as: Married Filing Jointly $250,000 per year income Single Filers $200,000 year income
AND ...
the first $500k profit if married ($250k profit if single) from the home sale is tax free. The remainder of the PROFITSabove $500k/$250k is taxed at 3.8% only for the above high earners .
Not true for most folks. It is amazing that GOP article left out the important details, trying to scare middle class folks into thinking it affects them. It doesn't.
It's only for higher earners, which are defined as: Married Filing Jointly $250,000 per year income Single Filers $200,000 year income
AND ...
the first $500k profit if married ($250k profit if single) from the home sale is tax free. The remainder of the PROFITSabove $500k/$250k is taxed at 3.8% only for the above high earners .
Are you unable to understand "could apply" and "depending on your individual circumstances " or do you just enjoy running around crying "The Sky Is Falling " ?
Not true for most folks. It is amazing that GOP article left out the important details, trying to scare middle class folks into thinking it affects them. It doesn't.
It's only for higher earners, which are defined as: Married Filing Jointly $250,000 per year income Single Filers $200,000 year income
AND ...
the first $500k profit if married ($250k profit if single) from the home sale is tax free. The remainder of the PROFITSabove $500k/$250k is taxed at 3.8% only for the above high earners .
I must agree with you regarding "just for a few"...because hardly anyone would fall into this category of earning that much per year AND making more than $500k profit on a home sale.
Those same few likely use all kinds of tax loopholes/credits(usually used by "just for a few") that most others don't use. Why, because they make so much money they can afford tax accountants that know all the loopholes in tax law and they plan their income, investments, spending, charity giving accordingly.
In all likelihood, they will use loopholes/losses/charity givings/credits/deductions, etc to avoid the new 3.8% tax on home sales as well.
I think there are lots of taxes and lots of deductions and credits that are for some and not others. Why is there a tax credit for folks with children under 18 but not for children over 18 or no children? Why is there a deduction for a home mortgage but what about folks that already paid off their home? Why is there a credit for farms, and losses on businesses when only some folks have them?
Why can commuter miles for a tempy job that lasts 12 months or less be deducted in some cases, but not over 12 months?
Why is investment income taxed lower than earned income? Why is FICA deducted only for the 1st 100k or so of earned income?
So many differences in tax laws and qualifiecations and criteria and not everyone meets all criteria. This is why some items are for "only a few". Because only a few meet that criteria.
Not true for most folks. It is amazing that GOP article left out the important details, trying to scare middle class folks into thinking it affects them. It doesn't.
It's only for higher earners, which are defined as: Married Filing Jointly $250,000 per year income Single Filers $200,000 year income
AND ...
the first $500k profit if married ($250k profit if single) from the home sale is tax free. The remainder of the PROFITSabove $500k/$250k is taxed at 3.8% only for the above high earners .
I guess the real question becomes what is this doing in healthcare legislation?
Calling this legislation healthcare is misleading as it seems a trojan horse that brings along all sort of strange taxes, obscure regs and rules yet to be discovered.
If we are to believe Pelosi, who said, "WE have to pass it to see what is int it" validates no one who passed thsi legislation knew the details. Having my elected representative agrre to impose national legislation without knowing what they were agreeing to, should invalidate this legislation before any discussion would take palce. This is like a trial where evidence was collected illegally and voids the guilt of the accused no matter the crime.
Again if we take Pelosi at ther word, she is saying WE will pass it and then WE, you me, her and all the politicians will then see what was passed and make a decision as to whether it is agreeable. Well we have begun to get a glimpse and we reject the Obamacare legislation.
Ask anyone who supports Obamacare to name page, paragraph and verse to support their position. the legal implications and cascade of interdependent regs make this legislation an embarassment as new rules seem to ooze out as a symptom of this great democratic infection..
So if I read this right, If I own a business regardless of how much I make I pay 3.8%.. Nothing in there indicates a limit on self-employed.
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