I just received an email from my Dad about a real estate tax that would be part of the Obama Health Care plan.
Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income of “high-income” taxpayers which could apply to proceeds from the sale of single family homes, townhouses, co-ops, condominiums, and even rental income, depending on your individual circumstances and any capital gains tax exclusions. Importantly, the “high income” thresholds are not indexed for inflation so will reach increasing numbers of middle-class taxpayers over time.
I have attached two links to the National Association of Realtors website. One link provides details on the tax with the other providing the position of the National Association of Realtors concerning this subject.
This provision has been discussed since late 2010 but is worth revisiting. Please familiarize yourself with this tax provision.
Bottom line: Regardless of your political views if you want to have a federal program you have to find the money to pay for it!