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TX Real Estate: Obama Care and the new Real Estate Tax--the REAL deal

By Mari Montgomery

Real Estate Broker/Owner with Mari Realty 9000937

March 06, 2012 03:29 AM

Our legislative branch of government speaks in circles at best most of the time. It's not a surprise that so much confusion surrounds this issue.

Re: OBAMA-CARE as it pertains to the new Real Estate Tax that will become effective in 2013. Although this is a piece of legislation from March 30, 2010, it just made it to my email box the other day from a client. I bet you've received it too. My clients wrote to me to ask, "Mari, is this true??"

Basically, the email that is circulating says that starting in 2013 a 3.8% tax will be levied on ALL Real Estate transactions. What is the truth? For the answer, I went directly to the "Public Law 111-152 H R. 4872" dated March 30, 2010.

Please, take a look for yourselves....

PUBLIC LAW 111-152 [H.R. 4872] MAR. 30, 2010

HEALTH CARE AND EDUCATION RECONCILIATION ACT OF 2010 Sec. 1402.

UNEARNED INCOME MEDICARE CONTRIBUTION.

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Paul Royal

BHG RE / The Masiello Group - Exeter, NH

Seacoast NH Premier Service

Great read. I have been receiving a lot of misinformation on this new tax and it gets tiring to have to dispel the constant rumors. This should have been picked up as a feature in my opinion!

May 30, 2012 12:00 AM

Mari Montgomery

Mari Realty - Huntsville, TX

Mari Realty

Hi Paul,

Thanks for stopping by and for the kind words. It is confusing when the information most readily available is one sided or lop sided. It is always good to go to the public information available, in this case, the law itself to read and draw one's own opinions.

Thanks again and enjoy your day!

May 30, 2012 07:57 AM

Richard Iarossi

Coldwell Banker Residential Brokerage - Crofton, MD

Crofton MD Real Estate, Annapolis MD Real Estate

Mari,

Great explanation of a complex issue. One thing everyone does understand though...it's a new tax that didn't exist before, and why it's in a health care bill is still baffelling.

Rich

May 31, 2012 07:57 AM

Mike Cooper, Broker VA,WV

Cornerstone Business Group Inc - Winchester, VA

Your Neighborhood Real Estate Sales Pro

It's interesting that it is a tax on investors. Investors make up about 80% of my client base. I'm sure I'll be hearing from them at some point. Sadly, investors are pulling our real estate market out of the doldrums. I guess the government thinks they should be punished for that.

May 31, 2012 09:00 AM

Fred Griffin Florida Real Estate

Fred Griffin Real Estate - Tallahassee, FL

Licensed Florida Real Estate Broker

Good exposition, Mari.

The story is completely blown out of proportion and we are all hearing about the "3.8% Medicare Tax" that is coming on "all" real estate transactions.

Nonetheless, it is a tax. Like all taxes, it will grow larger, and it will be levied on more and more people over time.

Hopefully The Supreme Court will find Obamacare unconstitutional.

May 31, 2012 09:07 AM

Hi Rich

It sure is a complex issue. That, in part at least, is the objective. Confusion makes an easy bedfellow of deception

May 31, 2012 11:47 AM

Hi Mike,

Investors represent a major and important part of our business. It would not be good for investors to become even more rare.

May 31, 2012 11:49 AM

Hi Fred,

Also, when there are more people, there are more taxes collected and more money in the coffers. Let's hear it for the "rhythm method" of birth control!!

May 31, 2012 11:51 AM

Dale Baker

Baker Energy Audits and Commercial Properties Inspections - Claremont, NH

New Hampshire Relocation Real Estate Information

Howdy Mari, folks need to let the folks in DC know how they feel about the things they are doing.

May 31, 2012 01:42 PM

Gregory Bain

Mezzina Real Estate & Insurance - Little Egg Harbor, NJ

For Homes on the Jersey Shore

People are stupid. I have had members of the generation proudly show me their Medicare card and at the same time tell me they don't like Obama Care and how he is trying to turn the country into a socialist system. Hello? What do they think the Medicare card is - an entitlement for being born in America?

George Bush brings the country to ruin and now the 1.9 percent job growth is not good enough? Man, three years ago you couldn't find a job - period.

The American people have been brainwashed into thinking it is good for a CEO to make 10 million a year but the Union worker is the one that is responsible for the loss of jobs in America. The twisted thinking has it a crime to be poor and have children but still OK for the corporate executives to steal us blind.

Oh, yeah. Don't forget to demand your Social Security money to "invest" it yourself in the stock market. Morons.

May 31, 2012 01:51 PM

Scott Godzyk

Godzyk Real Estate Services - Manchester, NH

One of the Manchester NH's area Leading Agents

Another rip off from Washington... Did anyone really think healthcare would be FREE? How about the coincidence it starts in 2013 when the new president will be sworn in? Thanks for exposing this matter.

May 31, 2012 11:13 PM

Hi Dale!

Yes sir, that would be a great thing to do. Hope you are having a GREAT day! You always make me smile

Jun 01, 2012 11:39 AM

Hey Gregory. You are very well spoken. Thanks for coming by and sharing your view.

Jun 01, 2012 11:41 AM

Hi Scott, nothing is free, is it? If we all want to eat, how could it be, right?! Thanks for stopping by. I love the Northeast! I am from PA

Jun 01, 2012 11:43 AM

TX Real Estate: Obama Care and the new Real Estate Tax--the REAL deal

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