Our Need to Educate the Public

I'm very aware a vocal about it...  Everyone needs to stomp they feet and say enough. Get out and vote is very important.

Under the new health care bill all real estate transactions will be subject to a 3.8% sales tax.

WRONG! TAX is ONLY on the profits OVER the capital gains threshold.....like the 1099 HOAX that had to be removed by Congress BECAUSE IT WAS ALREADY in the IRS regs, this is something that NAR needs to be working to REPEAL

NAR! SPEND our money where it counts!

Hi Karl,

Our managing Broker has been sending emails to be sure we all know the truth......at least once a week he receives emails from an uninformed Agent and has to calm the waters.

wahoo! nothing like helping folks save even more on their home sale!

As long as we can tax only the rich to provide a service for the poor, it is somehow OK. Still not right in my book for the following reasons:

1. It is not the role of the Federal government to provide health care. At the time of the Constitution, there were people who were sick, hungry, without horse, without education, without land or home, yet the founders never mentioned that the federal government had to provide for them. The purpose of the federal government was to provide protection for the states and to protect the individual liberty and freedom of the people. Even with their struggles with the slaves (as they knew the idea of personal liberty and freedom must apply to all humans) they didn't mention any assistance to provide deportation, education or assistance. Instead, they made provisions that will allow them the same protections of those who chose to immigrate to the states and fought the tyranny of a king.

2. The Federal government's involvement in the health care system might be the cause of costs we are experiencing now.

3. Instead of fixing the health care system, they are adding and/or extending the layer of federal government on top of it. Let's look at finding ways for people with pre-existing conditions to be able to afford health care, keep cost low, etc.

4. If Americans want to be taxed in order to provide a federal service, then the tax should be applied to ALL Americans, not just those who are wealthy.

just my 2 cents

My apologies as I didn't think your facts gave any positive credence to an extension or addition to another federally mandated health care plan.  Furthermore, based on your replies to other blogs, I thought you would be receptative to tangible commentary on such an inane concept. Again, my apologies for your lack of discourse. ;)

The Taxpayer Relief Act of 1997 - signed into law by President Bill Clinton is probably the most significant change in recent times affecting real estate. This law simplified taxes for 99% of Homes sold in the U.S.

Since 1997 Home sellers are eligible to exclude up to $250,000 if single or up to $500,000 if married, of the capital gain on the sale of the residence.

Prior to the Taxpayer Relief Act of 1997, the previous tax reform signed into law by President Ronald Reagan allowed rollover that required reinvestment in a home of greater or equal value. The previous law also allowed a one-time capital gain exclusion of $125,000 for taxpayers over age 55 who sold their homes.

So an additional 3.8% tax above the $250/$500K cap gain exemption for those with incomes above $200K is still far less of a tax burden on real estate capital gains than prior to 1997.

Let's all hope that a future Congress doesn't lower the threshold, it would seem a simple thing to do to get more money for the gov.

Well, you can polish a turd any way you like, but in the end, it still looks and smells bad.

I would submit that with so many pages in the "bill," and agencies created to administer it, there is crap hidden all over the place that will not come out until it comes out!

But, a tax is a tax!  They never grow smaller or encompass fewer people as time goes on.  Expect to it capture more and more people as time goes on, with lower incomes and more than just "investment" properties.

Did you know Bush 41 eliminated the Spanish American War phone tax?  When started, few people had phones, so it affected few people.  But over time, well, it affected everyone!  And for how long???

Do some of these people even read the post?

Unreal.

@Jason - I know I do, but whether pink elephants pop out of your ass or not regarding a subject that you don't agree with, then it doesn't matter if the information is factual or not. In this case, it is even worse as there is a tax imposed (pink elephants do exists, just the rate of speed is in question!).

Perhaps I wasn't clear Buddy, but I agree with you.  It is said that news agencies begin approaching the facts about the 4th or 5th production of the news story.  And when an agency gets ahold of a portion of it, as you say, and then run with it for their own ends, they do so for their own reasons.

My comment in 19 was the common sense view of a tax, any tax, and how pervasive it can be.

I agree with you Karl, I also think that Congress will not leave money on the table.  I expect the threshold to be reduced soon.