Few things are starting to emerge from the

[DaveHawk]

HC bill. Thinking of selling your home :
Will you ever sell your house?

Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? That's $3,800 on a $100,000 home etc. When did this happen? It's in the health care bill. Just thought you should know. SALES TAX TO GO INTO EFFECT 2013 (Part of HC Bill) Why 2013? Could it be to come to light AFTER the 2012 elections? REAL ESTATE SALES TAX So, this is "change you can believe in"? Under the new health care bill - did you know that all real estate transactions will be subject to a 3.8% Sales Tax? The bulk of these new taxes don't kick in until2013 If you sell your $400,000 home, there will be a $15,200 tax. This bill is set to screw the retiring generation who often downsize their homes. Does this stuff make your November and 2012 vote more important? Oh, you weren't aware this was in the obamacare bill? Guess what, you aren't alone. There are more than a few members of Congress that aren't aware of it either http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home

Why am I posting this? The same reason I hope you forward this to every single person in your address book. VOTERS NEED TO KNOW. =

 

[mtmiller]

http://www.snopes.com/politics/taxes/realestate.asp

 

[Dinkshooter]

Mtmiller=Party pooper

 

[mtmiller]

I just think it is funny to see people receive some questionable email and then forward to the masses without checking for accuracy at all.

http://www.snopes.com/photos/animals/bearhunt.asp

 

[DaveHawk]

Mt snoops is a lib org. I have a friend who works with one of the big named lenders and it is going to happen. The question is , who is going to get the money ? This is a major argument with both sides. The plan fact is . No one Give Rat's Ass anymore about the country. They all want there piece of the pie and the pie has been divied up and gone for a long time.

 

[Ben Lamb]

"I have a friend who knows a guy", that's a great source.

 

[mtmiller]

Hey Dave, could you point out what was incorrect in the article. If you really believe there will be a 3.8% tax on all home sales you are.....well, intitled to you opinion. Not a very educated opinion, but an opinion none-the-less.

If you have additional, accurate information other than a mass email and I know a guy theories, I would be interested to hear it. I am sure your buddy, being a big lender guy, must have something better than an a bs email. Waiting with baited breath.

 

[Khunter]

amazing the crap guys will believe and then pass off as 'proven fact' . Seriously, it does not even make sense, at all, so why swallow it hook, line and sinker. But perhaps DaveHawk is wealthy enouth with enough taxable income and a mansin that would get hooked by the law. The average OYO hunter is likely exempt by a mile. Maybe the following is non-liberal-sourced enough

http://www.factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/


"snopes is liberal" Dang another great mystery to try to solve...

 

[A-con]

The truth, from the Snopes link;

A 3.8% tax WILL be imposed on the profit above capital gains threshold.

So to a point, it is true. Anyone who has been diligently working to increase their equity and wants to sell their house for a profit will be penalized.

 

[mtmiller]

Anyone who has been diligently working to increase their equity and wants to sell their house for a profit will be penalized.

Completely wrong. Do a little research and if you feel all the info on the web is liberal based, google Fox and the 3.8% tax. Even they said the said email and statement was bs.

What a joke.

 

[onpoint]

fear is a great tool.....millions of tools have been manipulated by it.

 

[A-con]

if you feel all the info on the web is liberal based,

First, do you think you could point out where I said that ?
No ?, I didn't think so.

Second, I was simply quoting "Snopes".
My statement was faculty accurate, making your accusation faculty wrong.

What nobody pointed out was this new "tax" to support Obama care only applies to people who make more than what the administration fells is the threshold to being "Rich". Incomes over 200K/250K (single/families).

 

[mtmiller]

Acon, you said all people will be pentalized for profits on a house sale. That is "factulty" incorrect.

I purchased my house in 2002 and paid $150K. If I sell it tomorrow for $300K how much in health care tax will I be paying?

 

[Big Fin]

I have received this email warning so many times in the last month, from CPA clients, that I am to the point of not even responding any more.

It does provide for cause to discuss tax policy issues in this country. We have the most complicated tax code in the world. Our cost of compliance and administration is astronomical. The income tax is inherently the most expensive to enforce and comply.

If this country was serious about real tax reform, we would start talking about getting rid of the myriad of specific handouts and benefits that have grown like lampreys on this tax code. I say lampreys, as like the parasitic fish, these programs take life from the system and are very had to removed once they latch on.

Most in the CPA world call these tax handouts to be "Tax Expenditures." In other words, deductions and credits intended to reduce the effective tax rate for the specific beneficiaries.

Here is an article issued by the Nation Taxpayer Advocate office about such things. About 14 pages, but if you read it all, and try to understand it, the points are pretty glaring.

http://www.irs.gov/pub/irs-utl/2010arcmsp1_taxreform.pdf

If the USA would decide to get rid of all these handout programs, credits, itemized deductions, tax exclusions, etc. the tax rate could be reduced to something below 15%, depending upon whose research you read.

What would a 15% tax rate do to this economy? Evidently a lot, given we have decided that Wall Street needed such beneficial rates on preferred dividends and capital gain rates. Why that did not also apply to interest, rents, and other forms of investment is another discussion, but I think Wall Street has made a case that a 15% tax rate is a good thing.

The problem comes in that as we continue to lower rates, the tax expenditures targeted to certain groups, ages, industries, etc. continue to grow. Thus, to keep receipts the same, the tax rate on net taxable income needs to increase.

We complain when rates are increased on "the rich" or when government decides on some threshold of who is "rich." Yet, we do not complain when we have tax expenditures that are primarily utilized by, and thus benefiting "the rich." The average tax expenditure in the US is $32,000.

We complain when a tax bill causes those who pay negative tax to now get less benefit from "negative tax." Can we ever have tax reform when the tax code has become a windfall for the 45% who get more out of the system than they put in? In other words, they make money off the tax code. Doubtful.

The hypocrisy on both sides would be laughable, if not so serious to the future generations.

I am all about low tax rates and reduced government spending. The easiest way to start fixing this problem is the get rid of the tax expenditures that keep getting brought into the tax code, costing a trillion+ dollars and further complicating the process.

You would hear the realtors scream, the investment folks, the charitable groups, those paying negative tax, retirees, and everyone else who is now sucking at the teat of tax expenditures. But, we would have one of the lowest tax rates in the entire world, reducing the benefits of non-compliance, and if Wall Street is correct about lower tax rates, creating an tax environment that should put the economy into high gear.

So long as we keep the trough of tax expenditures filled and are afraid of true tax reform, we really have three choices:

1. Continue to incur ridiculous and unsustainable deficits.

2. Continue to raise the tax rates on other income sources.

3. Reduce spending, even though we know the portion of the Federal budget that is discretionary is very small. Even if all discretionary spending was eliminated (which will never happen), the Federal government will continue to incur deficits.

We can get all wrapped up in these kind of topics, defending or promoting each new issue brought up by talking heads on the left or the right. But, those folks have no interest in real reform, rather continuing to promote conflict and partisanship, making the likelihood of meaningful change impossible. Intentionally incorrect emails and comments that come from the fringe talking heads of both sides, such as the one that started this post, are nothing more than ways for the talking heads to increase viewership, at the expense of actual reform.

Congress is so far removed from the idea of what needs to be done, and so hell bent on re-election, that I fear they will never solve the problem.

With continued denial, the problem will eventually be solved, but not in a way we want or like. The markets will not continue to allow the US Treasury to print money to cover the ever increasing deficit limit that Congress increases every time.

When the US Treasury market falls apart, interest rates and inflation will make the late '70s and early '80s look like the good old days.

All sides are to blame. There is not one group who has come forward to solve the problem when given the power and control to do so.

If the R's were committed to solving the problem, they had control of the entire system from 2000-2006. They did nothing other than spend more than the next guys and add more tax expenditures to the tax code.

The D's had the entire system in their grasp from 2008-2010. They did nothing to fix it and only put their foot on the spending accelator.

This is not rocket science. Every report issued in the last fifteen years has pointed out the obvious. But, no one in DC has the kahunas to do anything about it.

It is not just a function of spending or just a function of tax rates. It is a combination of all. It is not that difficult of a problem to solve, just going to gore some oxen along the way.

The US people have bought into the BS spewed by the radicals on each side, fighting and arguing to protect their "tax treats," to the detriment of the whole. I guess in some respects, so long as we citizens continue to make this a blame game and not get serious about fixing the problem and getting to lower tax rates and a less complicated tax system, we will get what we have coming.

Bad deal for our kids. We might argue about lots of things related to tax policy, but hard to argue the fact of how bad we are screwing over our kids.

 

[mtmiller]

Come on Fin, you are no fun.

Keep this thread to what it is....a joke.

 

[onpoint]

Big fin is right.."no one is interested in real reform". Lewis Black says we have a two party system-republicans the party of bad ideas & democrats the party of no ideas. I had a good idea today...my girl and I got on some huns. Fear is a great tool....it makes me get out every single chance I get. I'll twist 'Fin's quote a bit - "hunt while you can, because you need to".